ALAFCO shuffles board in line with new regulations

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ALAFCO has appointed executive vice-president Abulqasim Redha as its new acting chief executive, after Ahmad Alzabin stepped down from the post.

Alzabin was forced to relinquish the role due to new Kuwaiti regulations prohibiting the posts of chief executive and chairman to be held by the same person. He retains his role as chairman of the Kuwaiti leasing firm.

The board reshuffle came after ALAFCO posted a net profit of Kuwaiti dinar (KD) 11 million ($39 million) for the first quarter of 2012/13.