Islamic mortgage provider Tamweel yesterday ruled out any "negative" impact on its profitability and operations due to the ongoing investigation against two of its former employees.
In a disclosure statement posted on the Dubai Financial Market web site, the company said it was aware of reports of an investigation by the Public Prosecution of the Government of Dubai into potential irregularities by the company's former chief executive officer Adel Al Shirawi, and currently board member, and former head of investments, Feras Kalthoum.
"Tamweel wishes to advise that, to the best of the company's knowledge, this investigation in alleged irregularities is currently limited to the two former employees," the statement on DFM website quoted Sheikh Khaled bin Zayed bin Saqer Al Nehayan, Chairman of Tamweel, as saying.
There is no investigation into the activities of the company itself, said the statement.
Tamweel's chief executive Wasim Saifi told Emirates Business that its "activities continue to progress as planned and nothing will change".
"We cannot provide specific comment on this ongoing investigation, it wishes to restate its full confidence in the judicial system in Dubai and the UAE." The firm, he said, will soon add two more branches to its expanding network in the UAE.