ADIB appoints interim chief executive

Abu Dhabi Islamic Bank says chief executive Tirad Al Mahmoud is on medical leave, vice chairman Khamis Buharoon assumes responsibility.

Abu Dhabi Islamic Bank did not say when Tirad Al Mahmoud, the chief executive, would return to the bank. Silvia Razgova / The National

The chief executive of Abu Dhabi Islamic Bank, Tirad Al Mahmoud, is on medical leave.

The biggest Sharia-compliant lender in the emirate said on Thursday that Khamis Buharoon, the bank's vice chairman, will assume responsibilities of the chief executive until Mr Al Mahmoud returns.

A spokesman for the bank was not able to say when Mr Mahmoud would return or the nature of the medical leave.

Mr Buharoon has been a member of the bank’s board since 2007.

“ADIB under Tirad’s leadership has been successful in being a top-tier regional financial institution,” said Jawaan Al Khaili, the bank’s chairman.

“We wish him a safe return. Khamis will assume all responsibilities associated to the CEO until he returns safely. We are confident that Khamis and ADIB’s executive management team will ensure that the bank’s operations will continue as usual until the return of the CEO.”

ADIB said in February that its net profit fell by 4.7 per cent in the fourth quarter of last year as a weak economy pushed provisions for bad debt higher.

Net income fell to Dh455.1 million in the last quarter of 2016 from Dh477.4m in the same period of 2015, the bank said. Credit provisions and impairments for the fourth quarter increased by 1.2 per cent to Dh252.1m from Dh249.3m a year earlier.

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