DFSA Alert: Unauthorized Firm

ALERTS

Al Hail Islami Finance Co. Ltd. Falsely Claims to be Authorised by the DFSA

11 Oct 2018

 

 

The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public about a fraudulent advance fee scam promoted by Al Hail Islami Finance. The company falsely claims to be located in the Dubai International Financial Centre (DIFC) and falsely uses the name of the DFSA in its scam.

Al Hail Islami Finance falsely claims on its website (https://alhailislamifinanceltd.com/) that:
• it is authorised and regulated by the DFSA; and
• its office is located in the DIFC.

Al Hail Islami Finance is not, and has never been, authorised or regulated by the DFSA.  Further, Al Hail Islami Finance does not hold a commercial licence from the DIFC Registrar of Companies to operate a business in or from the DIFC, and it appears that it has no office located in the DIFC.

Al Hail Islami Finance informs its consumers that it:
• specialises in investment management, project funding, and leasing bank instruments;
• offers services like fund raising, public leasing, investment management, and loans; and
• requires payment of advance “notary and registration” fees in the amount of USD3,750 for loans.

The scammers provide consumers with false documents including fictitious loan approval letters, acceptance letters, loan agreements, and false bank confirmation letters. The false documents, which fraudulently use the name of the DIFC and a UAE bank, can be viewed here.

The DFSA advises that:
• Al Hail Islami Finance is a fake DIFC company.  The DFSA strongly advises that individuals do not respond to any communication regarding the scam, and under no circumstances should they send any money to any party involved in the scam; and
• the scammers have used the name of the DFSA and the DIFC without any authority.
The DFSA has a page on its website dedicated to Alerts in relation to scams, including scams which misuse the name of the DFSA and/or the DIFC.  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

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

Link:

DFSA Notice

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