GLOBAL: France-domiciled Al Rayyan II French Property Fund worth EUR400 million (US$516.57 million), offered by Dubai Islamic Bank (DIB) and managed by Qatar Islamic Bank, is expected to be served legal action by investors.
Investors claim that they have not received any form of dividends, audited financial statements or any other information with regard to the fund since 2009, according to Arabian Business.
DIB is currently asking for investors’ approval in adding another two years to the fund’s maturity.