SINGAPORE (Reuters): The Islamic Bank of Asia (IBA), a unit of South-east Asia's largest bank, DBS Group, has confirmed the resignation of its chief executive.

"We confirm that Vince Cook has resigned from the bank due to personal reasons. His last day is Dec 18," an IBA
spokesman said in response to a Reuters query.

"IBA has no exposure to Dubai World and Nakheel, and the shareholders remain committed to growing the business," she added.

State-owned conglomerate Dubai World and its property arm, Nakheel, shocked global markets last month by asking lenders to agree to a standstill on billions of dollars in debt.

DBS said last month its total exposure to Dubai was about US$1.28 billion (S$1.8 billion), after worries about Middle Eastern debt drove its stock down 3 per cent.

IBA was set up in 2007 by DBS and a group of Middle Eastern investors to provide Islamic banking services to customers in Asia and the Middle East.

DBS owns 50 per cent plus one share of IBA, whose board of directors is headed by Mr Abdulla Hasan Saif, adviser for economic affairs to the prime minister of Bahrain.

The Islamic bank currently operates out of offices in Singapore and Bahrain. IBA said that following Mr Cook's resignation, managing director Tan Jeh Wuan of the Islamic bank's corporate banking and capital markets will be responsible for day-to-day operations.

Mr Eric Ang, DBS' head of capital markets and an IBA director, will provide oversight of the Islamic bank's business.