The CEO of Al Rayan Bank Sultan Choudhury has decided to step down with immediate effect after serving the Islamic bank for 15 years.
The reason for Mr Choudhury’s departure has not been disclosed.
Ahmed Abdisheikh, who is the COO at Masraf Al Rayan — the bank’s parent company — will serve as interim CEO, subject to regulatory approval, until a permanent candidate has been employed.
Mr Choudhury has been with Al Rayan Bank since it launched in 2004 and became CEO in 2014.
He said: “I would like to thank the board and executive management teams of both Masraf Al Rayan and Al Rayan Bank (UK) for their unwavering encouragement.
“I would also like to thank my colleagues, past and present, for their hard work and dedication and support during my time at the bank.
“I’ve been honoured to play my part in the success of Al Rayan Bank and I look forward to watching the bank continue to develop in the future.”
Al Rayan Bank’s chairman, Simon Moore, added: “On behalf of the shareholders and board of directors of Al Rayan Bank, I sincerely thank Sultan Choudhury for his commitment and dedication to the bank.”