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The Dubai Islamic Bank (DIB) is an Islamic bank in Dubai, established in 1975 by Saeed Bin Ahmed Lootah. It is the first Islamic bank in the world to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the United Arab Emirates .
He began work for Dubai Islamic Bank in 2008, first serving as the Chief of Retail Banking and later as the Deputy Chief Executive Officer. [5] [6] In 2010, he became a founding member of the board of directors for the Sharia-compliant Emirates Real Estate Investment Trust, a joint venture between Dubai Islamic Bank and Eiffel Management.
The Dubai Islamic Bank (DIB) fraud case was a case originally brought in 2008 that involved the alleged embezzlement of 1.8 billion Dirhams (approximately US$501 million or £330 million) by a group of six (originally seven) bank executives and expat businessmen over the period 2004-2007.
Islamic banking, Islamic finance ( Arabic: مصرفية إسلامية masrifiyya 'islamia ), or Sharia-compliant finance [1] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing ...
Dubai, UAE. Website. www.dubaibank.ae. Dubai Bank was an Islamic bank based in Dubai, UAE. The bank was launched in September 2002 and transformed into Shari’a -compliant financial institution with on 1 January 2007. Dubai Bank was part of the Dubai Group, a Dubai Holdings company. On 1 December 2012 the bank was acquired by Emirates NBD.
Dubai Banking Group is the global shari'a compliant financial investor of Dubai Group with assets valued at over USD 10 billion (AED 36.7 billion). The group was established in 2007 when Dubai Islamic Investment Group, founded in 2004, and Dubai Bank , founded in 2002, consolidated their activities to form Dubai Banking Group.
At inception, Deyaar started as the property management unit of Dubai Islamic Bank. Deyaar was later established as a private shareholding company on January 6, 2001, with a paid up capital of AED 18.38 million, and commenced operations on June 1, 2003. In May 2007, Deyaar became a public joint-stock company and was listed on the Dubai ...
Islamic banks often use "parallel" salam contracts and acting as a middleman. One contract is made with a seller and another with a purchaser to sell the good for a higher price. Examples of banks using these contracts are ADCB Islamic Banking and Dubai Islamic Bank. Basic features and conditions of a proper salam contract