Bank's board ignored fraud, chief says

DUBAI // Dubai Islamic Bank's chief executive testified in the Criminal Courts yesterday that the bank's board of directors were "indifferent" when findings of fraud were brought to them in 2007. Abdullah al Hamli told Judge Hamad Abdel Latif that no immediate action was taken on the allegations. Seven people are charged in the case, two of whom are former employees of the bank. All have pleaded not guilty.

"I was present when the findings of the fraud claims were presented to the board of directors," Mr al Hamli said. "Their reaction shocked me; they were indifferent to the findings. They did not take immediate legal action which infuriated me. They are supposed to do so when it's an amount like US$500 million [Dh1.8bn]." Mohammed Mustafa Hussein, the director of the financial audit department of Dubai Government, appeared for the first time yesterday in the DIB case.

The defence's request that Mr Hussein provide the full documentation that led to his findings was granted by the court. amustafa@thenational.ae

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

On Instagram: @WithHopeUAE

Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”

While you're here

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