IslamicFinance.de

Abu Dhabi's Al Hilal Bank has uncovered internal fraud worth more than 600 million dirhams ($163 million). The case is now before the courts and includes several bank employees. A total of 38 bank employees from Asian and European backgrounds were arrested last summer, but the name of the bank was not disclosed then. Police and the central bank have been able to retrieve 625 million dirhams of the money taken. Employees allegedly withdrew funds from dormant customer accounts. Money was then transferred from the Al Hilal accounts to bogus accounts before being withdrawn. Al Hilal is a state-owned Islamic lender with total assets worth 42.7 billion dirhams.