Arab investors mull legal action over $516m fund
Arab investors in a €400m (US$516m) French property fund operated by Dubai Islamic Bank (DIB) are seriously thinking about legal action because they have received neither any dividend nor audited financial statements on the fund's status for the last three years. The launch of the Al Rayyan II French Property Fund took place in 2005. It is managed by Qatar Islamic Bank (QIB) on behalf of DIB. The fund was used to invest in several income-producing properties in France. Initially, a yearly return of around 8% was given to the investors.