Dubai Prosecutors Indict Several for Bribery, Fraud (Dubai Islamic Bank)
On March 10, 2009 · In Abu Dhabi, Dubai, Dubai Islamic Bank, Emirates, Islamic Banking, Shariah Banking
Shariah-Compliant Finance is often represented as “ethical” investing. It looks like the ethics were thrown out at Dubai Islamic Bank.
It seems that several executives with Dubai Islamic Bank defrauded their employer out of $791 million.
Note that the attorney for one of the defendants says that his client “has not violated any applicable laws in the country.” Seems like a pretty weak defense right from the start. No word as to whether these men will be tried in a Shariah court.