Elaf Bank, a wholesale Islamic bank headquartered in Bahrain, has announced that its chief executive officer Dr Jamil  El Jaroudi will leave at the end of this month to pursue other opportunities.

Dr El Jaroudi has been with Elaf Bank since its inception in 2007 and spearheaded the opening of its first branch office in Malaysia.

The Board appointed Sohail Niazi, the COO of Elaf Bank, to assume the role of acting CEO, said a statement.

Elaf Bank chairman Paul Mercer said: "Dr El Jaroudi built a solid institution with a very talented and capable team in place. His wealth of knowledge and experience in the Islamic finance industry and his strong leadership capabilities helped steer the team through a period of tremendous change and evolution. This has allowed Elaf Bank to make very positive progress in spite of the challenging economic difficulties witnessed worldwide.”  - TradeArabia News Service