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Ajman Bank Board of Directors announced today the decision of not confirming the CEO, Mr. Mohammed Zaqout and named on an interim basis Mr. Seifeldin Abdelkareem as the Acting CEO. Mr Zaqout served as the CEO of Ajman Bank and is not confirmed in his position. The decision to part ways with Mr. Zaqout, had been taken by "mutual agreement". We truly appreciate the efforts and leadership of Mr. Zaqout and take this opportunity to thank him for his contribution and initiatives during his tenure with us. All of us here at Ajman Bank wish him the very best for all his future endeavors. In a challenging financial environment, Ajman Bank maintained earnings momentum recording a breakthrough performance with record growth rate of 382% in 2012 year end compared to 2011 year end. The Management stressed, "Generating consistent and quality earnings is a key priority for us as we continue to serve our clients and communities. We have got in place the very best systems, practices, controls and technology managed by an exceptional team to meet the highest standards. We are confident these measures will enable us to capitalize on the right opportunities to deliver superior results while maintaining steady growth in all critical areas." Ajman Bank began its operations in 2008 and is the first Shariah compliant Islamic bank incorporated and headquartered in the Emirate of Ajman. It now operates 11 branches spread across the UAE. The bank provides consumers, corporations, governments and institutions with a broad range of financial products and services, including an array of tailor-made products incorporating Islamic financing techniques.
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