Former Dubai Islamic Bank head arrested

  • Share via facebook
  • Tweet this
  • Bookmark and Share

The former chief executive officer of Dubai Islamic Bank Saad Abdul Razak has been arrested, Dubai Public Prosecution said on Thursday.

According to a statement carried by state news agency WAM, Abdul Razak was detained in connection with the Deyaar corruption probe on October 1.

Abdul Razak had taken up the post of managing director at government-owned Investment Corporation of Dubai after leaving the bank in 2007. He no longer holds that position, according to WAM.

Police investigations have been underway over alleged financial irregularities by senior executives at Dubai Islamic Bank, the UAE's biggest Islamic bank by market value, and its real estate affiliate Deyaar since April.

Deyaar's former CEO Zack Shanin was arrested for suspected embezzlement in April, while a range of executives at JP Morgan, Tamweel, Istithmar, Nakheel, Sama Dubai and Plantation Holdings have since been questioned or detained over issues relating to corruption.

Dubai Islamic Bank's former vice president for finance structure, Rifaat Othmani, was also arrested as part of the investigation in June.

Related:

Market Performance

Dubai Islamic Bank - UAE
6.51
0.2 3.17 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

1
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams