The Bank has created a new function, namely Group Chief Risk Office and appointed Mr. Masarrat Husain to head it. Mr. Husain joins ADIB's senior management team with over 30 years of experience with Citibank and Samba Financial Group in the Middle East, Africa and Europe.
Prior to joining ADIB, Mr Husain was the Deputy Chief Risk Officer of Samba and a member of the Board of SambaCapital. During his banking career, Mr Husain has held many roles where his responsibilities included business as well as risk management, with focus on all facets of banking. Mr Husain was also an active instructor at various credit courses conducted by Citibank and Samba and is continuing this by running training sessions on risk management at ADIB for all staff.
Mr. Tirad Mahmoud, CEO of ADIB, said: 'I am delighted to welcome Masarrat to our team at ADIB. Risk Management is a core area of concern for any bank and the strengthened focus that we are giving to this both in terms of investment and hiring world-class experts illustrates the commitment that ADIB is making to ensure ADIB adopts global best practices.'
Mr. Husain and his team will be responsible for proactively monitoring and evaluating all risks undertaken by the bank in its operations in the key regional and global markets. Mr. Husain will also be responsible to upgrade the bank's risk management process as well as the implementation of Basel II, the International Banking Accord designed to ensure all banks have world-class risk management processes that cover risk assessment, measurement and monitoring and improved disclosure policies.
Mr. Husain said: 'I am excited about joining ADIB as it represents a significant opportunity and a challenge for me to help the bank's efforts to implement best-in-class standards in a part of the world which is experiencing unprecedented growth. I am looking forward to be part of ADIB's new management team which is committed to maximising the company's tremendous potential.'
Abu Dhabi Islamic Bank strengthens its risk management function with major hire
Abu Dhabi Islamic Bank (ADIB), the UAE's leading Islamic Bank, has announced its latest set of development aimed at enhancing its risk management practices, as part of its ongoing focus on applying highest international standards across its operation.
- United Arab Emirates: Monday, July 21 - 2008 at 13:26
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Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Amiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999. The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles. ADIB commenced its operations with a paid-up capital of Dhs1bn, where the founding shareholders include Members of the Ruling Family, The Abu Dhabi Investment Authority and Prominent UAE.ADIB's mission is to become the premier universal Islamic financial institution, operating in accordance with Shari'a principles, by focusing on customer needs, offering innovative products and services, motivating their employees, while maximizing investors and shareholders' returns. ADIB aims to develop a corporate culture that revolves around satisfying customers' needs and to provide them with quality, cost-effective and Shari'a compliant financial services.
ADIB prides itself on its values which reflect the Bank's commitment to the Islamic Shari'a, and are thus the guidelines of the Bank's practices to adhere to the principles of Islam. ADIB's value structure consists of Transparency, Quality, Innovation, Professionalism, Social Responsibility and Empowering Their Staff.
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, July 21 - 2008 at 13:26 UAE local time (GMT+4)
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