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Skip Navigation LinksHome :: Back Issues :: Fraudsters manipulate share price of Dubai Islamic Bank

October 2005

Fraudsters manipulate share price of Dubai Islamic Bank

by Kathryn Wells

The UAE's financial regulator, the Securities and Commodities Authority, announced on September 6 that the case of two individuals and a brokerage suspected of manipulating the stock price of Dubai Islamic Bank (DIB) had been referred to the judiciary.


The UAE's financial regulator, the Securities and Commodities Authority, announced on September 6 that the case of two individuals and a brokerage suspected of manipulating the stock price of Dubai Islamic Bank (DIB) had been referred to the judiciary. The regulator added that it would make a recommendation on punishment to the justice ministry, while the SCA's executive director, Abdullah Al Turaifi, announced that "the people who took part in the manipulation or took advantage of the manipulations in the market will be completely stopped from trading in the financial markets".

According to the SCA, initial...


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