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Thu 11 Nov 2010 12:13 PM

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Tamweel confirms Varun Sood as interim CEO

UAE mortgage lender formally approves resignation of Wasim Saifi in statement to Dubai bourse

Tamweel confirms Varun Sood as interim CEO
Wasim Saifi, former Tamweel CEOs resignation has been formerly approved. (ITP Images)

UAE mortgage lender Tamweel has confirmed Varun Sood is the interim CEO of the company following the resignation of Wasim Saifi in a statement to the Dubai bourse Thursday.

Saifi’s resignation was formerly approved, the company in which Dubai Islamic Bank took a majority stake in September, said in the statement. The firm also announced the appointment of seven new board members.

Sood was the chief executive of Tamweel’s home finance division. He was appointed to that role in February 2008 having previously served as chairman of the mortgage lender’s Audit and Risk Management Committee.

On Tuesday, the Islamic mortgage lender reported a net profit of AED7.34m ($2m) in the third quarter, a fall of 29 percent compared to AED10.3m for the same period in 2009.

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