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DIB names Al Falasi senior VP

By Reuters

Dubai Islamic Bank (DIB) has appointed Mohamed Salem al-Falasi as its senior vice president, responsible for the lender's central operations and administration, DIB said in a statement on Monday.

Falasi was most recently the head of direct sales and alternative channels at one of the regional banks, DIB said.

In his new role, Falasi will report to the deputy CEO, chief operating officer.

In January, Dubai-based and Sharia-compliant mortgage lender Tamweel priced a $300 million five-year Islamic bond, or sukuk, which was fully guaranteed by its majority shareholder DIB.

DIB, the United Arab Emirates' third-largest bank by market value, raised its stake in Tamweel to 57.33 per cent in September 2010.