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Mon 18 Aug 2008 01:44 PM

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GM of world's largest Islamic insurer quits

CEO Malaikah, pictured, takes over day-to-day management of Islamic Arab Insurance, no reason given.

The general manager of the world's biggest Islamic insurer, Islamic Arab Insurance Co, has quit without giving a reason for his resignation.

The Dubai-based company, known as Salama, said Parvaiz Siddiq has stepped down in a filing to the Dubai Financial Market on Monday.

CEO Saleh Malaikah will take over day-to-day management of the company, Salama said.

Salama said on Sunday second-quarter profit rose 24 percent on higher income from underwriting and investments.

It said net income rose to 42.9 million dirhams ($11.7 million), or 0.040 dirham a share, from 34.5 million dirhams, or 0.030 dirham, for the same period last year. Its share price on Sunday stood at 2.38 dirhams, a drop of 37 percent on the year so far.

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