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Dubai Islamic Bank sets aside cash amid fraud probe

Tue, 2009-03-10 17:48 — IslamicFinance.de

Adam Schreck wrote on 10 March on Associated Press that Dubai Islamic Bank sets aside cash amid fraud probe and that it has foreclosed on a real estate project after court papers indicated the bank was the victim of a half-billion dollar fraud. In a statement, Dubai Islamic Bank said it had exposure of about USD 330 mn to a company named CCH linked to some of the suspects in the court papers.

Source: 

http://www.forbes.com/feeds/ap/2009/03/10/ap6148003.html

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