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Emirates Islamic Bank names new CEO

Dubai, September 23, 2011

Emirates Islamic Bank (EIB), an affiliate of Emirates NBD , Dubai's largest lender by market value, has named a new chief executive officer and elected a board of directors, it said in a statement.

Jamal Bin Ghalaita was appointed CEO of Emirates Islamic Bank, after its former chief executive resigned in May and his deputy was appointed acting CEO.

Ghalaita previously held the position of group deputy CEO for Consumer Wealth Management at Emirates NBD.

EIB, which launched in 2004, had been touted as a possible candidate to buy troubled Islamic lender, Dubai Bank. Dubai's government took control of Dubai Bank in May to prevent a collapse from undermining the Gulf Arab state's banking sector.

During a general meeting, the bank's shareholders also accepted the resignation of the board of directors and elected a new board consisting of seven members, six of them from Emirates NBD.

Emirates NBD was formed in 2007 after Dubai's ruler ordered the merger of two local banks.-Reuters




Tags: Emirates Islamic Bank | CEO |

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