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)