Section 27January 26, 1990, Sec./Art. 27

Chief Executive Officer; Other Officers and Employees. - The Chief Executive Officer of the Islamic Bank shall be the Chairman who shall be chosen by the Board of Directors from among themselves. All other officers and employees of the Islamic Bank shall be appointed and removed by the Board upon recommendation of the Chief Executive Officer which shall not be subject to Civil Service Law.

The Chief Executive Officer of the Islamic Bank shall, among others, execute and administer the policies, measures, orders and resolutions approved by the Board of Directors.n particular, he shall have the power and duty: to execute all contracts in behalf of the Islamic Bank and to enter into all necessary obligations by this Charter required or permitted; to report weekly to the Board of Directors the main facts concerning the operations of the Islamic Bank during the proceeding week and suggest changes in policy or policies which will serve the best interest of the Islamic Bank.