In a statement released on Monday, intended to establish clearly its position in the international fight against money laundering, Dubai Islamic Bank confirmed that it has not had dealings with any of those mentioned in the US list of suspected terrorists.
The bank, whose board is chaired by the Minister of State for Finance and Industry, Dr Mohammed Khalfan Bin Kharbash, stressed its long standing commitment to anti-money laundering due diligence, and said that it did not, and had never knowingly done business with individuals or organisations suspected of committing terrorist acts, as Islamic law forbids such dealings.
The statement also pointed to Dubai Islamic Bank's historically good relations with international regulatory authorities, and the fact that the government of Dubai holds a substantial share of its capital, as further evidence of the well-regulated nature of the organisation.
Dubai Islamic Bank announced that in addition to being subject to the full range of regulatory measures, it is audited annually by international consulting firm, Arthur Anderson, and that all dealings outside the UAE are conducted via Chase Manhattan, its well-respected correspondent bank in New York.
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