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Sun 14 Nov 2010 02:16 PM

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Dubai Islamic Bank CEO takes over as Tamweel chairman

Al Hamli elected after board of directors dissolved; acting CEO also in place at Tamweel

Dubai Islamic Bank CEO takes over as Tamweel chairman
MANAGEMENT OVERHAUL: Abdulla Ali Al Hamli was elected as the new chairman of Tamweels board and Varun Sood appointed as acting CEO in a complete overhaul of management

Dubai-listed Islamic mortgage lender Tamweel appointed Dubai Islamic Bank chief executive Abdulla Ali Al Hamli as its new chairman after the board of directors was dissolved last week, it said on Sunday.

Hamli replaces Sheikh Khaled Bin Zayed Al Nahyan as chairman, according to the statement on the Nasdaq Dubai bourse website.

Mohamed Abdulla Al-Nahdi was elected vice chairman of Tamweel, the statement said.

Dubai Islamic Bank raised its stake in Tamweel to 57.33 percent in September, effectively rendering the mortgage lender a subsidiary of the bank, in a move that was expected to help revive lending in Dubai's property market.

The UAE government said in November 2008 it intended to merge Tamweel and rival Islamic mortgage lender Amlak but there has been little progress.

Shares in the two have not traded since. Tamweel's chief executive Wasim Saifi also resigned last week, in a further overhaul of management at the company, following which Varun Sood was appointed acting CEO.

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