UAE: The Penal Court of Dubai has cleared Dr Saleh Malaikah, the former vice-chairman and managing director of Islamic Arab Insurance Company, widely known as SALAMA, of all charges, including embezzlement of company funds and damaging the interests of the company, IFN has learned. According to the court ruling, SALAMA was unable to prove the allegations against Dr Saleh.
In a filing on the Dubai Financial Market in October 2022, SALAMA announced that the Public Prosecution of Dubai had referred Dr Saleh to be charged with embezzlement. Prior to the filing disclosure, Rusd Bank, represented by Dr Saleh who chairs the bank, had taken legal action against the Islamic insurer regarding a loan.
