DIB CEO is Tamweel chairman

Tamweel, the Islamic mortgage lender, has appointed Dubai Islamic Bank Chief Executive Abdulla Ali Al Hamli, as its new chairman after the board of directors was dissolved last week.

In a statement posted on the Dubai Financial Market, the company said Hamli replaces Sheikh Khaled bin Zayed Al Nehyan as chairman while Mohamed Abdulla Al Nahdi was elected vice-chairman.

In September, Dubai Islamic Bank raised its stake in Tamweel to 57.33 per cent, effectively rendering the mortgage lender a subsidiary of the bank.

Tamweel's chief executive Wasim Saifi also resigned last week, following which Varun Sood was appointed acting CEO.