Al Rajhi Bank announces new chairman and board member

KUALA LUMPUR: Al Rajhi Bank Malaysia (ARBM), a unit of the world’s largest Islamic bank, Al Rajhi Bank of Saudi Arabia, yesterday announced the appointment of Muhammad Afaq Khan as its new chairman and Johari Abdul Muid as independent non-executive director effective Nov 2.

Afaq Khan, who had been the independent non-executive director of the bank since Sept 5, 2016, brings with him close to 30 years of experi- ence as an Islamic banking professional.

“Afaq Khan, with a proven track record of building global business, has also won several ‘Islamic Banker of the Year’ awards and other accolades, recognising him as a pioneering and influential Islamic banker,” ARBM said in a statement yesterday.

He has also led the first sovereign sukuk for the Malaysian government.

Previously, Afaq Khan also served as group chief executive officer of Islamic banking, Standard Chartered Bank (Saadiq), for which he contributed efforts in winning over 200 industry awards for the institution.

A key player in developing Islamic banking regulations across geographies and with industry bodies, Afaq Khan holds a Masters in Business Administration with Major in Finance from the University of Western Illinois, United States.

Meanwhile, Johari brings with him over 30 years of experience in financial services ranging from banking, investment and social security management.

He previously served as CEO and managing director of RHB Banking Group and deputy CEO of the Employees Provident Fund Pension Policy and Strategic Planning.

Johari also served in CIMB Group for over 20 years as the head of treasury division and head of CIMB Securities.