UAE’s Ajman Bank Sacks Chief Executive

Ajman Bank has sacked its chief executive Mohammed Zaqout, less than six months after appointing him to lead the United Arab Emirates’ lender, a bourse statement said on Sunday.

The Islamic bank said it had terminated the services of Zaqout with effect from Sunday, with chief financial officer Seifeldin Abdelkareem becoming acting CEO.

Ajman Bank, one of the smaller lenders in UAE, announced it had hired Zaqout as chief executive on April 8.

The bank, listed on the Dubai Financial Market since 2008, is 25 per cent owned by the government of Ajman, one of the seven emirates of the UAE.