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
6.87
0.03 0.44 (%)
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
Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Shuttered banks, ATM queues and $77 daily limits: Greece plunges into crisis

Breakdown in talks between Athens and its creditors plunged the...

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

Malaysia fund's $4.5bn rescue may weigh on Abu Dhabi's IPIC

International Petroleum Investment Co came to the aid of Malaysia...

Debt market beckons as Saudi bourse opens to foreigners

Debt market beckons as Saudi bourse opens to foreigners

Corporate bond issuance in the kingdom is the most active in...

Most Discussed