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Citi appoints new Islamic banking head

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Points of Essence:

  • Citibank appoints Mudassir Amray to head its Islamic banking office in Asia Pacific. Effective November 1, Amray will take over from Rafe Hanif who left recently and will be responsible to develop consumer and corporate Islamic banking products.

By Edward Russell |  22 October 2008

Mudassir Amray takes over as Citi’s head of Islamic banking for Asia-Pacific.

Strengthening its position in Islamic banking, Citi has appointed Mudassir Amray as head of Islamic banking Asia-Pacific. Previously with Citi Pakistan, Amray will be based in Citi’s Singapore and Kuala Lumpur offices and will develop consumer and corporate Islamic banking products.

Amray will assume his new position on November 1. He replaces Rafe Haneef who left Citi during the summer, and will report to Farhan Faruqui, Citi’s corporate and commercial bank head for Asia-Pacific, and to Samad Sirohey, who is CEO of global Islamic banking.

“Islamic banking is a priority for Citi in Asia and we will continue to build on the strong track record of innovation for our clients across the region,” says Citi’s spokesman in Asia, James Griffith.

Bringing expertise from the Middle East to Southeast Asia’s Islamic finance market is a good move by Citi. As differences in Shari’ah – Islamic law – interpretation crop up between Malaysian and Middle Eastern markets, Amray’s region-wide experience will be valuable in creating products that bridge these divides.

Citi has been involved in over $2 billion worth of Islamic finance transactions since it entered the sector in the mid-1990s. At the end of 2007, worldwide Islamic finance assets were valued at $700 billion.

Source: http://www.asianinvestor.net

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Written by Suapi Shaffaii

October 23, 2008 at 11:54 pm

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