Islamic lender Ajman Bank hires Zaqout as new CEO

Executive vice president of personal banking at unlisted Al Hilal Bank to take helm at UAE-based bank

United Arab Emirates-based Islamic lender Ajman Bank, has hired Mohammad Zaqout as its new chief executive, following the resignation of its acting CEO.

Zaqout, executive vice president of personal banking at unlisted Al Hilal Bank, will start as CEO from April 21, subject to approval from the UAE Central Bank, Ajman Bank said in a filing to the Dubai Financial Market.

Reuters reported earlier on Monday that acting CEO Mohamed Amiri had quit, to be replaced by Zaqout.

Ajman Bank shares ended 0.6 percent lower on the Dubai bourse. Its shares have risen 88 percent in the past year on speculation institutional investors were eyeing a stake.

Amiri's last day at the bank was April 4 and day-to-day management of the lender is now being handled by its chief financial officer and chief risk officer, sources said.

Another source at the bank confirmed that Amiri had resigned. The sources were speaking on condition of anonymity as the information is not yet public.

No reasons were given for Amiri's resignation.

Ajman Bank, listed on the Dubai Financial Market since 2008, is 25-percent owned by the government of Ajman, one of the seven emirates that make up the United Arab Emirates.

Amiri, who was named acting CEO in 2012, had joined the bank in October 2010, having worked with HSBC Holdings, Dubai Islamic Bank and Dubai Bank previously.

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Posted by: ajman fan

good for ajman bank...good time is about to start for them i guess

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