By Dylan Bowman
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.