Middle East Confidential

Abu Dhabi Islamic Bank PJSC CEO steps down, COO takes charges as caretaker

Abu Dhabi Islamic Bank has announced the resignation of its Chief Executive Officer, adding that the Chief Operation Officer (COO) will take over as caretaker. The bank did not provide reasons for Mazin Manna’s resignation. COO Sandeep Chouhan has been appointed to serve in the capacity until appointment of a new chief. The resignation occurred following a report of decrease in net profit Q1, from AED600.3 million to AED269.7 million same period last year.

Qatar: another Sukuk program

After bein inactive on the suku market for 2 years, Qatar Islamic bank (QIB) is about to launch a new sukuk program. The bank's board has approved a sum of $1.5 billion for this purpose. According to a spokesman of the bank, the issuance will be managed by HSBC Holdings PLC, Standard Chartered PLC, QInvest LLC and Deutsche Bank AG. The issuance will take place in two tranches of of $750 million. The first one will probably be issued in a month's time.

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