MIB appoints new chairman, CEO

Maldives Islamic Bank (MIB), on Tuesday, announced the appointment of Kazi Abu Muhammad Majedur Rahman as the bank’s Chairman, and Mufaddal Idris Khumri as the Chief Executive Officer (CEO).

Majedur Rahman was appointed chairman on Monday, October 31. He is replacing Najmul Hassan, who served as MIB’s chairman since 2012.

Majedur Rahman has been a member of the MIB’s board since October of last year. Despite his appointment as chairman – he will also continue to serve as an independent director of the bank.

He is a seasoned banker and a proficient capital market professional with experience in the field spanning over four decades. He has worked in strategic business transformation, operational and credit risk management, consumer banking, trade finance, treasury, audit, fintech, HR, governance and stakeholder relationships in Bangladesh, Middle East, Africa and Australia.

Namely, he has served as the Managing Director of Dhaka Stock Exchange Limited, Managing Director, CEO of Premier Bank Limited, Country Head of Bank Alfalah Limited, Chief Risk Officer, Additional Managing Director of AB Bank Limited and Deputy Managing Director of PDC Finance in Bangladesh.

At present, he also serves as A. K. Khan & Company Limited Group’s CEO.

Mufaddal, a seasoned banker with over 25 years of experience in key business and support roles including retail banking and product management, was appointed CEO on Tuesday.

He has over 17 years of experience in Islamic banking, with a proven track record in areas of consumer and corporate banking, treasury, wealth management, takaful and Islamic product management.

Mufaddal began his career as Management Trainee at ICICI Bank Limited, India, in 1997. Before he joined MIB, he served as the Head of Retail Assets Business of Saudi National Bank, based in Dubai, UAE, Director of Retail Banking at National Bank of Ras Al Khaimah, UAE and in various management capacities both in India and abroad such as Head of Islamic Banking, Senior Vice President, Assistant General Manager, Product Manager, Chief Manager, Director and Head of Retail Banking.

In his time at UAE – Mufaddal established and headed two leading Islamic Banking Divisions fortwo leading banks in the country; Abu Dhabi Commercial Bank (ADCB) Islamic Banking Division and RAKBANK Islamic Banking. He also launched two Islamic finance companies in UAE – with a combine capital base of USD 162 million. Among these two companies – he served as the Managing Director of Abu Dhabi Commercial Islamic Finance (ADCIF).

Mufaddal holds a Masters in Management Studies and Bachelors of Commerce from University of Mumbai. He has also completed Fintech course from University of Oxford, UK and attended various Islamic finance seminars and forums as a speaker.

He held representations in the UAE Banking Federation (UBF), Islamic & Retail Banking Committee and membership status in Islamic Finance Advisory Council at Dubai International Finance Centre.

Commenting regarding his appointment, Mufaddal said that it is privilege to be associated with MIB; the pioneer of Islamic banking in the Maldives.

“I look forward to working closely with our customers, shareholders, the Board of Directors and staff members. Our focus would remain to enhance customer service, progress on our digital footprint and offer solutions spanning retail, payments, trade and corporate banking. We will aggressively work to increase our business. In all our endeavors we will always remain guided by Shari’ah and strive to enhance Islamic Banking in the Maldives,” he had said.