Senior DIFC, Citibank specialist to lead ambitious new unit
IHG Securities, a branch of Dubai-based asset manager International Holdings Group, has announced the appointment of Khalid Yousaf as Managing Director of Islamic Finance.
A renowned and highly-experienced senior Islamic financing and international banking executive, Yousaf most recently developed the Islamic finance proposition for the Dubai International Financial Centre (DIFC).
Yousaf's role within the Islamic finance unit will be to initiate innovative products that both meet and exceed the market's expectations. IHG Securities builds and fosters relationships with world financial institutions by creating innovative ways of raising capital, opening doors to new markets and introducing expertise in new products and enhancing services.
With a solid background at Citibank in London building board-level Islamic banking relationships, Yousaf conceived and managed solutions in trade finance, sale of cash, custody and clearing, securities, equity finance, foreign exchange and commercial loans.
During his time with Citibank in London, Yousaf was credited with boosting the revenue base of Islamic finance products from $12 million to over $25 million.
Yousaf also worked in senior executive positions at Citibank in Turkey, the U.S., Belgium, Greece and Pakistan, where his roles included Country Operations Officer and Vice President. His global banking experience also includes being Managing Director of the Financial Institutions Group at Bank of America in the UK.
Yousaf's knowledge and skills base covers operations, IT, treasury management, risk management, financial control and B2B e-business solution. He says: "Islamic finance is a constantly evolving, vibrant sector. IHG Securities aims to stay one step ahead of developments and offer products and services without parallel in the region and beyond."
His appointment to IHG Securities is a timely one: observers are incredulous at the 15 percent growth rate that the U.S.$300 billion Islamic finance industry recorded last year. Today, over 150 Islamic banks serve clients in Islamic countries, plus the U.S., the U.K. and the Far East.
Together with sector-specific stock indexes such as the Dow Jones Islamic Index and the Financial Times Stock Exchange Global Islamic Index, there are also Islamic mutual funds and mortgage offerings and Sukuk (Islamic bonds) valued at U.S.$25 billion.
IHG Securities CEO, Tim Fulton, adds: "The appointment of Khalid is a much-welcomed addition to the existing team. With Khalid's experience and knowledge this completes a strong and highly-motivated unit which brings to its clients innovative and novel solutions and offerings."
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For further information please contact:
Richard Brown in Corporate Communications
richard.brown@ihg.ae
T +9714 329 2222
F +971 4 329 2999
Issued by International Holdings Group, LLC 8th Floor,
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Dubai,
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© Press Release 2006
