KUALA LUMPUR, 30 January 2018 – Al Rajhi Bank Malaysia (ARBM), a wholly owned subsidiary of the world’s largest Islamic bank, Al Rajhi Bank, Kingdom of Saudi Arabia, today, announced the appointment of Mr. Muhammad Afaq Khan as its new Chairman and En. Johari Abdul Muid as Independent Non-Executive Director effective 2 November 2017.
Mr. Afaq, who was an Independent Non-Executive Director to the Board, since 5 September 2016, brings with him close to thirty years of experience as an Islamic banking professional. With a proven track record of building global business, Mr. Afaq has also won several Islamic Banker of the Year awards and other accolades, recognising him as a pioneering and influential Islamic banker. He led the first Sovereign Sukuk for the Government of Malaysia and has served on the Board of Amanah funds and on the investment management committee of the funds.
Previously, Mr. Afaq served as Group CEO of Islamic Banking, Standard Chartered Bank (Saadiq), where he contributed efforts in winning over 200 industry awards for the institution. Prior to that, he was part of the senior management in HSBC Group to establish the Islamic Banking business. He served as Global Head of Asset Finance and Advisory of HSBC Amanah and successfully developed the Islamic strategy for Capital Markets, Corporate Finance for HSBC Group. Mr. Afaq specialises in building businesses and charting new territories in Islamic Banking including opening up new geographies and creating first-in-the-world Islamic Banking deals. A key player in developing Islamic Banking regulations across geographies and with industry bodies, Mr. Afaq holds a Masters in Business Administration with Major in Finance from University of Western Illinois.
En. Johari brings with him over thirty years of experience in financial services ranging from Banking, Investment and Social Security management. Previously, En. Johari served as CEO & Managing Director of RHB Banking Group and prior to that as Deputy CEO of EPF Pension Policy & Strategic Planning. En. Johari also served in CIMB for over 20 years as the Head of Treasury Division and Head of CIMB Securities respectively.
En. Johari specialises in credit management in both retail and corporate sector. En. Johari is a fellow member of the Chartered Institute of Management Accountant (CIMA).
“We are pleased with the appointments of Mr. Afaq Khan as the Chairman of ARBM Board and En. Johari to the Bank’s Board of Directors. Their wealth of experience and expertise will contribute towards the strategic growth and positioning of the Bank as a key player in Islamic banking and in creating value for our stakeholders,” said Steve Chen, Chief Executive Officer, Al Rajhi Bank Malaysia.
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