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.