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CIMB appoints ex-HSBC head to Islamic finance arm

CIMB appoints ex-HSBC head to Islamic finance arm

(15 December 2015 – Malaysia) CIMB Group Holding, Malaysia's second-biggest bank by assets has appointed 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, was named chief executive of CIMB Islamic Bank and the Group Islamic Banking Division effective January 4 2016, CIMB Group Holdings said in a statement to the bourse.

Haneef, who has 15 years’ experience in the Islamic finance market, will take charge 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.

Haneef will replace Badlisyah Abdul Ghani who resigned from CIMB Islamic in July.

The lender, the region's fifth-largest by assets, reported net interest income of 2.42 billion ringgit (A$770 million) for Q3 2015 - its highest since December 2013 - driven by growth in operating income.

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