Beirut: Kuwait’s Alafco Aviation Lease and Finance Co. said on Thursday that Ahmad Alzabin has stepped down from his position as chief executive officer. Abulqassim Abdul Ghaffar, Alafco’s deputy CEO, will act as CEO, the company said in a statement posted on the Kuwait bourse website.

The shariah-compliant aircraft lessor didn’t disclose whether Alzabin has also resigned as chairman. Alafco, which is a unit of Kuwait Finance House, said on Wednesday that net profit for its fiscal first quarter declined 26 per cent on year to 11 million Kuwaiti dinars ($39.1 million).