Dubai Islamic faces $650mn legal battle in Bahrain

Dubai Islamic Bank, the emirate’s largest Shariah-compliant lender, faces a $650mn legal battle in Bahrain with four businessmen who it accuses separately of fraud in Dubai, legal documents show.

Bahrain resident Charles Ridley and business partners Ryan Cornelius, Erin Nil and Arthur Fitzwilliam have filed a civil suit in Manama requesting that Dubai Islamic compensates them the sum of 245.5mn Bahrain dinars ($651mn), according to the plaintiff’s attorney Ahmed Jasim Abdulla and a court filing.

The Bahrain civil case comes after prosecutors in Dubai charged Ridley and his fellow plaintiffs in the Bahrain claim with alleged fraud of $501mn.