Ithmaar Bank appoints Group CFO

He is responsible for planning, managing and directing the consolidated financial accounting and reporting of the Bank and its subsidiaries and associates: Swiss-based Faisal Private Bank, Pakistan-based Faysal Bank Limited (FBL) and Bahrain-based Shamil Bank of Bahrain, Solidarity (the global takaful company), First Leasing Bank (FLB), and Ithmaar Development Company (IDC).

Khot, an Indian national with more than 20 years of experience in the financial services industry, has taken charge of consolidated financial, regulatory and management reporting, as well as the annual budget process. He will also be involved in supporting the Bank's strategic planning process, and will be providing proactive and key assistance in management decision-making.

"A strong CFO is fundamental to the long-term success of any organization. Ravi will be expected to identify opportunities to create value within the group. His rich background in the financial services industry makes him ideal for this demanding position," remarked Michael P. Lee, CEO, Ithmaar Bank.

"Backed by a solid financial control team, Ravi is not only looking after our financials, but is also playing a key role in compliance issues and strengthening further our corporate governance in accordance with changing international best practice."

Prior to joining Ithmaar Bank, Khot held the position of Vice President, Financial Administration at TAIB Bank. He was trained at PricewaterhouseCoopers, starting his professional career there in 1986, where he became Senior Manager, Financial Services. Among his other positions, Khot was Principal Consultant at i-flex Solutions (an erstwhile Citicorp affiliate). During his career, Khot has been responsible for major overseas assignments in the United States, Latin America, the Middle East and India. Khot holds a Bachelor's Degree in Commerce, with specialisation in financial accounting, from the University of Mumbai and is a Fellow Chartered Accountant of the Institute of Chartered Accountants of India.

With more than US$5.1 billion in total assets and funds under management, the Ithmaar banking group, covers a broad spectrum of Islamic banking and finance products and services, including investment, commercial and private banking, under-writing (equity and other financings), asset management, Islamic financing, investments, private equity (structuring, participation and portfolio management), private and public issue of securities, mergers and acquisitions advice, takaful, equipment leasing and real estate development.

Khot looks forward to the challenges that his new appointment will bring.

"Being at the centre of such a diversified group will undoubtedly bring many challenges, especially as it continues to expand. I look forward to playing my part in growing this dynamic organisation," he said.