HSBC Amanah chief to head CIMB Islamic banking arm

[KUALA LUMPUR] CIMB Group Holdings Bhd, Malaysia's second-biggest bank by assets, said on Monday it had hired the former head of HSBC's Islamic arm to lead its Islamic banking operations.

Mohamed Rafe bin Mohamed Haneef, who was heading HSBC Amanah Malaysia Bhd, was appointed chief executive of CIMB Islamic Bank Bhd and the Group Islamic Banking Division effective Jan 4 2016, CIMB Group Holdings said in a statement to the bourse.

The move sees Haneef, a 15 year Islamic finance vereran, taking the helm of one of the largest arrangers of sukuk or Islamic bonds at a time when the market seeks to expand into new markets and attract a wider range of issuers.

Mr Haneef will replace Badlisyah Abdul Ghani who resigned from CIMB Islamic in July, and CIMB Group has been looking for a suitable replacement since the resignation.

The lender, the region's fifth-largest by assets, reported net interest income of 2.42 billion ringgit (S$783.57 million) for the third quarter through September - its highest since December 2013 - driven by growth in operating income.



BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to