Dubai – Mubasher: UAE-based financial institution Emirates Islamic Bank has appointed Farid Al Mulla as its new CEO who commenced his duties on 5 September 2023.
Al Mulla succeeded Salah Amin, a banking veteran who retired after nearly 35 years of service to the Emirates NBD Group, the parent entity of Emirates Islamic Bank, according to a press release.
Chairman of Emirates Islamic Bank, Hesham Al Qassim, who is the Vice Chairman and Managing Director at Emirates NBD, said: “With a thirty-two-year industry track record including as Emirates Islamic’s current Head of Consumer Banking and Wealth Management, and respected reputation in Shari’a banking, Farid is the ideal leader for Emirates Islamic as it embarks on its next growth phase.”
Al Qassim added: “We extend our deepest thanks and appreciation to Salah Amin for his exemplary leadership since becoming Emirates Islamic’s Chief Executive Officer in 2018 and for his longstanding service to the Emirates NBD Group.”
Farid, is serving as the current Head of Consumer Banking and Wealth Management at Emirates Islamic Bank, where he played an instrumental role in the bank’s strong profitability and income results, especially during the first half (H1) of 2023, as well as its continued digital transformation.
From his side, Shayne Nelson, Group CEO at Emirates NBD and board member of Emirates Islamic Bank, said: “Farid’s track-record of success including at Emirates Islamic and reputation as a Sharia banking leader means he is extremely well-positioned to continue Emirates Islamic’s growth trajectory.”
Nelson added: “That will be achieved by delivering on our strategy, focusing on continued expansion across critical segments like consumer, corporate, and [small and medium-sized enterprise] SME while pioneering new products as demonstrated by Emirates Islamic’s recent issuance of the UAE's first dirham Sukuk."
It is worth noting that Emirates Islamic Bank generated its highest-ever half-yearly net profit results in 2023 after achieving AED 1.21 billion during the January-June period.
