Tamweel deputy head arrested

Authorities in Dubai have arrested Abdullah Nasser Abdullah, the deputy chief executive of Tamweel, the country’s largest Islamic mortgage lender in a widening corruption and financial misappropriation inquiry, a senior company official has confirmed.

“All we can confirm is that he was arrested on Tuesday. You will have to wait for the company statement,” a senior Tamweel official said.

A senior Dubai police source confirmed Mr Abdullah’s arrest. He is the latest suspect to be held in a widening investigation. Adel Al Shirawi, the vice chairman of Istithmar World and the former chief executive Tamweel along with Feras Kalthoum, the chief financial officer of Istithmar World are both under police custody.

Dubai is currently on a corporate clean up drive and Mr Abdullah’s arrest is an indication the ongoing investigation into Tamweel, which is 55 per cent held by the public, will not come to an end any time soon. Dubai Government-owned Istithmar World has a 22 per cent stake in Tamweel while Dubai Islamic Bank owns 19.98 per cent of the firm. Some of DIB’s senior executives are already under investigation on charges of bribery and financial corruption.

A Tamweel spokesman told The National that it would issue a statement on the matter later today.

The National