DUBAI -- The former chief executive of Dubai-based Islamic mortgage lender Tamweel is being held by police here as part of a financial probe, a law-enforcement official said.

The former executive, Adel Al Shirawi, was arrested after a case was filed on Aug. 5, according to the police official, who declined to be identified. Mr. Shirawi hasn't been charged, the official said.

According to Dubai Public Prosecution records seen by Zawya Dow Jones, Mr. Shirawi and Feras Kalthoum, a former head of investments at Tamweel, are being probed as part of an alleged 'embezzlement and mistrust' investigation. Dubai Public Prosecution officials declined to comment on the details of the probe. Mr. Kalthoum was arrested earlier this month, but hasn't been charged, a Dubai Public Prosecution official confirmed to Zawya Dow Jones. ....