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Dubai: Dubai Islamic Bank, the Gulf's third-largest bank that complies with Islamic law, on Wednesday announced a police investigation into a former employee would not impact the bank's financial position.
The statement came after media reports its former vice-president for structured finance Rifat Usmani and six others were under investigation for corruption charges. "Dubai Islamic Bank advises that there is an investigation by the Public Prosecution in Dubai of a former employee of DIB, Rifat Usmani and others," the lender said in a statement on the bourse website.
The case follows a recent probe into alleged financial irregularities at Dubai Islamic Bank's affiliate, Deyaar. "We are yet to determine what the charges are against him," Usmani's lawyer, Michael Diaz said from Florida on Tuesday.
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