Published: January 12, 2010
New exec plans to boost business of Islamic bank.
Ajman Bank has appointed Mubashar Khokhar as its new CEO.
Khokhar specialises in establishing new businesses and has experience in both the international and GCC markets.
He started his career at Bank of America and has served in senior executive roles in the banking industry for the past 26 years. His most recent post was as CEO of Badr Al Islami, a subsidiary of the UAE’s Mashreqbank.
As CEO, Khokhar will focus his attention on developing the bank’s strategy and promoting its growth. In a statement, he said: “2009 has been a tough year for all sectors, however Ajman Bank has shown strong growth and continued to develop its credentials and services throughout the year… Today, my primary objective is to step up Ajman Bank’s business development activities within the Islamic banking model and pave the way forward for 2010.”
Acting CEO Ali Alshaqoosh Al Mueen has resumed his post as deputy CEO.
The Ajman-based bank was set up in 2008 and listed on the Dubai Financial Market in June that year.
In its latest financial results, for the third quarter of 2009, the bank lessened its losses by 29% on a quarter-on-quarter basis. Its total assets stand at AED1.75bn.