Dubai: Dubai Islamic Bank (DIB), yesterday said its current group chief executive, Saad Abdul Razak, who joined the bank in December 2001, will assume a new role with the Government of Dubai.
Khaled Al Kamda has been appointed Managing Director of the bank.
Dr Mohammad Khalfan bin Kharbash, Minister of State for Finance and Industry Affairs and chairman of DIB, said: "Over the past six years, Saad has engineered an outstanding growth story at the bank and has cemented DIB's position as the region's leading Islamic bank."
The bank's financial results have registered unprecedented growth, and this is reflected in a 10-fold growth in net profit: from Dh160 million at the end of 2002 to Dh1.56 billion by the end of 2006.
During the same period, assets have increased more than 300 per cent, reaching Dh64 billion by the end of 2006.
The vice-chairman of the Board of Directors of UAE mortgage company Tam-weel and Dubai World-owned investment company Istithmar, Al Kamda is currently a member of the Board of Directors of DIB as well other companies.
Saad Abdul Razak said: "Both professionally and personally, the past six years at DIB have been a challenging experience, and I have enjoyed carrying out my responsibilities at the bank. To be able to steer the bank and position it among the pioneering frontrunners of the fast-growing Islamic banking sector has been immensely satisfying."