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Economy

IFCB council suspends cooperation with IMAN Invest and does not issue a conclusion on the company's integrity

IFCB council member Mahmud Usmon said the council suspended its partnership with IMAN Invest after reviewing suspicious transactions. According to him, a commission of financiers, lawyers and a Sharia auditor concluded that the company's management disposed of entrusted funds in violation of Islamic finance, and that returning part of the money to investors is currently impossible.

Aziz Karimov
2 min read
Economy

UAE regulator examines AIX Financial Consultations amid investor complaints and payment delays

The UAE Securities and Commodities Authority (CMA) reported an examination of AIX Financial Consultations' activities following information about delayed or missed payments to investors. The DIFC Courts are hearing a claim against the affiliated company AIX Secure SPV Ltd for a total of about $10 million, according to the Financial Times. The company says only a portion of its products is affected and promises a restructuring.

Javlon Tursunov
3 min read