Mohamed Rafe Mohamed Haneef

CIMB Islamic outlines #growth #plans

In this interview CIMB Islamic Bank CEO Mohamed Rafe Mohamed Haneef talks about the bank's achievements in Malaysia and its growth plans. The most significant segment for CIMB Islamic Bank is retail banking. When Haneef joined the bank, consumer banking’s contribution was between 40 and 45%, while at the end of June it was almost 60%. The bank came up with an embedded model which enables both CIMB Islamic and the conventional side from CIMB Group to tap the same talent. CIMB operates on two separate licences, but out of the same branches, as relationship managers offer both Islamic and conventional banking options. According to Haneef, the bank plans to focus on the Asean region first before eventually building inroads into the Middle East beyond 2018. CIMB Group’s Islamic Asset Management is in close contact with the Securities Commission (SC) and plans to contribute to the development of Sustainable and Responsible Investing (SRI).

CIMB Islamic CEO says Dana Gas’ case is a dud, won’t hurt market

According to Mohamed Rafe Mohamed Haneef, CEO of CIMB Islamic Bank, Dana Gas’s case will leave the global Islamic finance industry relatively unaffected. Dana Gas said it no longer considered its two securities due in October as compliant with Islamic principles under UAE law. Unlike Malaysia, most Arab countries have no centralised Shariah boards to approve deal structures. In Haneef's opinion, Dana Gas’s case will probably be dismissed, as the sukuk agreement is subject to laws in both the United Arab Emirates and the U.K. A U.K. court is due to issue a ruling on Dana Gas' attempt to extend an injunction preventing sukuk holders from taking action regarding the debt. The company has proposed restructuring the notes on terms that are less advantageous to investors and plans to explain the legal action on a conference call with investors on July 6.

HSBC Amanah ex-CEO to head CIMB Islamic

The former chief executive officer at HSBC Amanah Malaysia Bhd, Mohamed Rafe Mohamed Haneef, will soon head CIMB Islamic Bank Bhd. In a statement today, CIMB Group Holdings Bhd said Rafe will assume his new post on Jan 4 next year as CEO and executive director of CIMB Islamic Bank and CEO of Group Islamic Banking Division. CIMB group CEO Tengku Datuk Seri Zafrul Aziz Tengku Abdul Aziz said that Rafe brings with him experience in business and functional positions in three global banks, an international asset management company and a legal firm. Rafe holds a bachelor’s degree in law from the International Islamic University Malaysia and a master’s degree in International Finance and Securities Law from the Harvard Law School.

HSBC Amanah on rural expansion drive

Islamic banks in Malaysia and Indonesia are opening new branches in rural areas as they target the newly rich in Southeast Asia’s largest Muslim nations. HSBC Amanah Malaysia Bhd added 22 outlets in the last three years, bringing the total to 26 across the country. PT BRI Syariah, a unit of PT Bank Rakyat Indonesia, will set up 94 branches in 2013 to meet demand in smaller cities. The bank predicts its shariah-compliant savings will increase 73 per cent to a record 19 trillion rupiah (US$1.9 billion). Besides, increasing savings may help spur demand for sukuk as banks look to invest their funds and boost returns.

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