Standard Chartered Saadiq has appointed Rehan Shaikh as its newest Chief Executive of its Global Islamic Banking business, strengthening the group’s capabilities in the region, according to a recent Reuters report.
Standard Chartered Saadiq provides financial services in Bahrain, Bangladesh, Indonesia, Malaysia, Pakistan and the United Arab Emirates.
In his new role as its Chief Executive, Mr. Rehan will help foster and develop the growth of the bank’s Islamic Banking business across its core markets, whilst supporting Standard Chartered’s overall bid for profitability. He will be assuming the role from Sohail Akbar, who was serving as the Interim Chief Executive of the Islamic banking operation.
Earlier this month, Standard Chartered made waves after it announced it would cut approximately 15,000 jobs to help jump-start its retail transformation strategy. The news came after the bank also reported its sagging Q3 2015 revenues that yielded an unexpected -$139 million loss.
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The announcements were obviously unwelcome news for shareholders, which were reflective in an outright share price capitulation, having plunged over double digits this month.
Mr. Shaikh joins Standard Chartered from Dubai Islamic Bank, where he previously served as its Senior Vice President (SVP) and Business Head of Transaction Banking. This is not his first stint with the lender, as he also worked at Standard Chartered in Pakistan between 1998 to 2007.
According to Sunil Kaushal, Standard Chartered’s Regional CEO, Africa and Middle East, in a recent statement on the appointment, “Islamic finance is an integral part of the business at Standard Chartered and we continue to see growing demand from clients in many of our markets. Rehan’s in depth knowledge of our footprint markets and corporate banking experience will be invaluable in building our Islamic Banking proposition as the Bank positions for future growth.”
“I am excited to return to Standard Chartered where I have had many good memories. Standard Chartered is well positioned to participate in the continued growth of the industry as demographics across our footprint indicate the greater demand for Shari’ah-compliant products and services. I look forward to working with the teams in supporting the financing and investment needs of our clients globally,” noted Mr. Rehan in an accompanying statement.