Rasmala Investment Bank Limited and the DFSA Impersonated in a Scam
11 Mar 2018
The Dubai Financial Services Authority (DFSA) warns the financial services community and the public of a scam in which the scammers falsely claim to be an Authorised Firm, based in the Dubai International Financial Centre (DIFC) and regulated by the DFSA.
The scammers approach investors for funds for investment purposes, and promise a “welcome bonus” of at least 30% depending on the type of account opened by the investor. The table below sets out the names of the account types, the minimum for each account type and the welcome bonus promised by the scammers:
In doing so, the scammers impersonate a legitimate DIFC incorporated and DFSA regulated Firm – namely, Rasmala Investment Bank Limited (RIBL) – by:
• using the name “Rasmala Islamic European Investment Bank”, which is similar to “Rasmala Investment Bank Limited”;
• establishing a fake website in which the words “rasmalabank” appear. The fake website is also similar to RIBL’s actual website; and
• using Twitter accounts and links in which the words “rasmalabank” appear.
In addition, the scammers also use fraudulent documents containing the DFSA’s logo, without the authority of the DFSA. Please click here to view an example of such a document.
The DFSA informs you that “Rasmala Islamic European Investment Bank” is not and has never been:
• licensed or authorised by the DFSA;
• incorporated in the DIFC;
• licensed or registered by the DIFC Registrar of Companies; or
• licensed or registered by the DIFC Authority.
The scam referred to above is a fraud. The DFSA strongly advises you not to respond to any communications from “Rasmala Islamic European Investment Bank” or relating to this scam, and under no circumstances should you send any money to the scammers.
The DFSA has a page on its website dedicated to alerts which it has issued about scams. All alerts issued by the DFSA may be accessed by going to: ALERTS
The DFSA has also issued warnings and guidance about the common types of scams, including Advance Fee scams, perpetrated on consumers. For more information on these scams please go to: HOW TO AVOID BEING SCAMMED
The DFSA encourages consumers to refer to the list of regulated Firms and Authorised Individuals licensed by the DFSA that is available on the DFSA’s PUBLIC REGISTER
If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the Dubai International Financial Centre (DIFC), DFSA or a DFSA regulated Firm, you should direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: COMPLAINTS