Former Dubai finance chief resigns from DIB

Nasser al-Shaikh, the former finance director of Dubai, has resigned from the board of directors of Dubai Islamic Bank, a spokesman said on Monday, one day after Shaikh resigned as chairman of Deyaar Properties.

In the wake of the news, Dubai Islamic shares reversed gains to trade down 1.15 percent at 12.52pm UAE time as the general Dubai index was slightly negative.

Shaikh was replaced in May as head of Dubai's Department of Finance after spearheading the launch of the emirate's $20 billion bond programme in February, a move aimed at easing worries that state-linked companies could default on debts.

Shaikh remains chairman of Islamic mortgage lender Amlak and is an assistant to the director of the ruler's court for foreign affairs. (Reuters)

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