IslamicFinance.de

Al Rajhi Bank #Malaysia outgoing chairman Datuk Seri Dr Nik Norzrul said his successor would continue with the plan to expand the bank’s operation, targeting neighbouring markets like Singapore and Indonesia. Nik Norzrul has been with Al Rajhi Bank since the bank established its wholly-owned subsidiary in Malaysia in 2006. He has been a board member of Al Rajhi Bank Malaysia since 2006 and its chairman since 2015. Today the bank has assets worth a total of RM9bil, compared with RM291mil in 2006. In the retail segment, the bank continues to see growth in the demand for current account/savings account services. In the corporate segment, Nik Norzrul said Al Rajhi Bank Malaysia was working on strengthening its presence targeting owner-led enterprises as well as SMEs.

Al Rajhi Bank Malaysia (ARBM) has received approval from Bank Negara Malaysia (BNM) for the appointment of Steve Chen Thien Yin as its new chief executive officer (CEO). As CEO, Chen is responsible for the overall operations of ARBM’s business to maximize company growth as well as to take on the responsibility in developing strategies to drive the Islamic banking and finance business of ARBM. Prior to joining ARBM, he was the chief operating officer (COO) for Corporate and Structured Finance at one of Malaysia’s largest local banks, Hong Leong Bank Berhad. Chen has held senior positions in various international foreign banks including J.P. Morgan, Royal Bank of Scotland, and Standard Chartered Bank.

Al Rajhi Bank Malaysia has appointed Syed Maqbul Quader as Chairman effective Nov 6, 2013. Syed Maqbul, 64, has served as an independent non-executive director of the bank from Aug 1 this year. He holds a Bachelor of Commerce from Dhaka University and has over 40 years' experience in the banking industry. He was involved in establishing the Corporate Banking Group at Al Rajhi Bank in Saudi Arabia and also the Offshore Banking Unit of Chase Manhattan Bank in Bahrain. According to Al Rajhi Bank Chief Executive Officer Datuk Azrulnizam Abdul Aziz, Syed Maqbul's international exposure in particular will be highly relevant for the bank in its aspiration to be the preferred Islamic financial services bank.