The former chief executive of Dubai Islamic BankDubai Islamic Bank has been detained as part of a probe into alleged financial irregularities at the bank’s real estate subsidiary, DeyaarDeyaar.

Saad Abdul Razak, who has also left his current post with Investment Corporation of Dubai, was taken into custody two weeks ago as the probe broadens, but the nature of the allegations are unclear, said a person aware of Mr Abdul Razak’s situation.

Mr Abdul Razak who last year left Dubai Islamic BankDubai Islamic Bank to join ICD, the emirate’s holding company for state owned assets, is one of five people under investigation for alleged financial irregularities at DeyaarDeyaar. Dubai public prosecution, which is coordinating the investigation, declined to comment.

The probe, which has yet to bring formal charges against any of those detained, comes amid precipitous declines in Dubai’s stock markets, liquidity injections into the United Arab Emirates banking sector and rising concerns about how the economy will weather a global recession.

Former executives of Dubai Islamic BankDubai Islamic Bank, one of the oldest Shariah compliant institutions in the world, have been among those previously arrested as part of the broader graft investigation.

Police have also arrested executives from other state linked institutions, such as developers Nakheel, Sama Dubai and mortgage provider Tamweel, as the graft probe has flung its net across companies in the emirate’s fast growing real estate sector.

continue reading at             http://www.zawya.com/story.cfm/sid20081016_6911_317/Former%20Head%20Of%20Dubai%20Islamic%20Bank%20Detained

 

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