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I would like to know if anyone of you has had any problems with DIB/IFS brokers. We have been conned. I copy and paste the letter below that I wrote to 7-days newspaper(twice), it was never published.

I just want to bring up yet another horrible experience we had with a bank, Dubai Islamic Bank. Since D.I.B. is stating clearly that Islamic banking is a fairer alternative to traditional commercial banking this story will make you frown. My fiancée has trusted an employee of I.F.S.(Islamic Financial Services), a brokerage within D.I.B. This guy, Mr. F.(U.A.E. national) opened an investment bank account for my fiancée. My fiancée has to sign though for all transactions (buying and selling stock etc.). Now Mr. F. has bought stock and D.I.B. even gave credit (which my fiancée isn't even entitled to) for Mr. F. to buy stock through my fiancées account without a signature or permission of my fiancée! This is illegal you would think right?! Then we found out that Mr. F. is a friend or relative of the C.E.O. of I.F.S. Isn't that suspicious?? Now he has suffered major losses (we are talking losses of over a million dhs) and nobody in I.F.S. or the bank takes responsibility. On top of all this the bank and I.F.S. are investigating the case and are insinuating that maybe my fiancée has something to do with these illegal actions and have frozen his account!! So he is now suffering further losses as important business deals he has been working so hard on cannot be completed due to lack of funds! For how long they will investigate? When will the case go to court? We don't know. We do know that we will win the case according to the lawyer but in the mean time we are broke! D.I.B./I.F.S. are obviously trying to cover up for Mr. F. and they don't take responsibility at all. Isn't stealing considered 'Haram' in Islamic banking? Our lives have changed so dramatically. We had to sell our car. We even had to postpone our wedding. Nobody seems to care... I just wrote to you to warn others and maybe to find out if other people have had the same experience.

(now maybe Liban understands why I was selling my REAL Rolex)

I haven't used DIB/IFS brokers myself or know anyone who uses them. Brokers I have used have never traded on my behalf or on margin (for me) except once when a broker made an error with a buy order and sold it - without an instruction from me - as soon as they realised.

You said you have a lawyer? Then he/she'll be in a far better position to give advice than me or anyone I know.

There was a case last year (I think) when a client complained about a broker that "guaranteed" he'd make money on the market. Incredible that a broker should say such a thing but I believe the court sided with the client and penalised the broker. I'm not suggesting your case is similar, just wanting to point out that the big boys don't always win.

Yes, our lawyer has said we will win the case but cannot say how long it will take. Also people from DIFC are investigating the case. It's a very serious matter to them.

Anyways, I wasn't really looking for advice. I just want to put it out there, in the open...Or to find maybe someone on the forum who works for this shit bank. Am so angry!!!

dubaidiva wrote:Yes, our lawyer has said we will win the case but cannot say how long it will take. Also people from DIFC are investigating the case. It's a very serious matter to them.

Ah, you were buying shares on DIFX? Yes, I expect they would take it very seriously. I didn't know IFS were brokers there - I see them listed for DFM/ADSM.

ESCA are the regulators for DFM and ADSM. DFSA are the regulators for DIFX.

a) this should be in dubai blacklist not here

b) i love how all these stories now that the market is in a downturn are going to surface. When the market was soaring no one was complaining .. now everyone wants to sue everyone

MaaaD wrote:a) this should be in dubai blacklist not here

b) i love how all these stories now that the market is in a downturn are going to surface. When the market was soaring no one was complaining .. now everyone wants to sue everyone

Thanks for your advice idiot... you don't even know... obviously you haven't read everything I said... We have solid proof that this guy was doing illegal stuff... obviously you don't even have money to invest in anything...very funny

dubaidiva wrote:

MaaaD wrote:a) this should be in dubai blacklist not here

b) i love how all these stories now that the market is in a downturn are going to surface. When the market was soaring no one was complaining .. now everyone wants to sue everyone

Thanks for your advice idiot... you don't even know... obviously you haven't read everything I said... We have solid proof that this guy was doing illegal stuff... obviously you don't even have money to invest in anything...very funny

you freakin retard i never said its advice it was an observation. With this attitude your going nowhere biatch

FC or not?

FC or not?

FC or not?

arniegang wrote:FC or not?

FC or not?

FC or not?

I would take it there but that dipshit doesnt even have access there yet

MaaaD wrote:b) i love how all these stories now that the market is in a downturn are going to surface. When the market was soaring no one was complaining .. now everyone wants to sue everyone

I don't follow DIFX so much but I'm unaware of any significant downturn there (or any significant trading for that matter). But yes, that's a fairly normal reaction in most places when markets bomb.

MaaaD wrote:

arniegang wrote:FC or not?

FC or not?

FC or not?

I would take it there but that dipshit doesnt even have access there yet

Is that directed at me? Am I missing something (I presume FC is Fight Club)?

Just to clarify (had a PM about the abbreviations) ...

DIFX - Dubai International Financial Exchange, trades international stocks Mon-Fri and has little to do with DFM and ADSM sharemarkets. Regulator is Dubai Financial Services Authority (DFSA).

ESCA - Emirates Securities and Commodities Authority is the regulator for the markets in Abu Dhabi (ADSM) and Dubai (DFM) that trade shares for (mostly) local companies. These exhanges have seen drops of 30% and 50% respectively in the past 6 months or so.

Still confused myself whether OP was involved with DFM/ADSM or DIFX stocks.

nah dude we are talkin about double D

MaaaD wrote:nah dude we are talkin about double D

Sorry I called you and idiot and I offended you. It's just that my life has been completely turned upside down, and I would be the last person to complain if the stockmarket goes down and I would have lost money..that's the risk you take. Instead we have been conned into something we have no control over by someone who works for IFS and has contacts higher up and so is protected (Locals) and still works there. Driving his nice car, living his nice life... It's so frustrating.. Our account is frozen.. we have no money untill the court decides we were right!! This has nothing to do with the stockmarket being down. Hope no offence is taken. And I don't have access to FC, which I have no interest in anyway.....

Still is no excuse for your blatant racism towards Lebanese people.

LOL... no comment

Thought so....