Dubai Islamic Bank

In early July 1999, it is reported that a high-powered US delegation from the National Security Council, State Department, and other agencies is visiting the United Arab Emirates (UAE), Saudi Arabia, and Bahrain to investigate reports that $50 million has been given to Osama bin Laden. Apparently the money mostly comes from rich Saudis and is sent through the Dubai Islamic Bank in a single bank transfer. Journalist Jonathan Randal meets an unnamed US diplomat in Dubai several months later and the diplomat confirms that the transfer took place. Randal asks him why the money is sent in such an easily traceable procedure instead of dividing the sum up into a series of smaller transfers, or even using the nearly untraceable hawala system instead of a formal bank at all. The diplomat merely replies that this was the same question the Maktoum family that rules the UAE asked the US delegation. [Randal, 2005, pp. 211-212] On July 8, 1999, the New York Times reports on this bank transfer, asserting, “The Central Intelligence Agency has obtained evidence that Mr. bin Laden has been allowed to funnel money through the Dubai Islamic Bank in Dubai, which the United Arab Emirates Government effectively controls.” The Times adds, “United States intelligence officials said they had evidence that Mr. bin Laden had a relationship with the bank, which they believed had been arranged with the approval of the officials who control the bank.” [New York Times, 7/8/1999]