Amray will assume his new position on November 1. He replaces Rafe Haneef who left Citi during the summer, and will report to Farhan Faruqui, CitiÆs corporate and commercial bank head for Asia-Pacific, and to Samad Sirohey, who is CEO of global Islamic banking.
ôIslamic banking is a priority for Citi in Asia and we will continue to build on the strong track record of innovation for our clients across the region,ö says CitiÆs spokesman in Asia, James Griffith.
Bringing expertise from the Middle East to Southeast AsiaÆs Islamic finance market is a good move by Citi. As differences in ShariÆah û Islamic law û interpretation crop up between Malaysian and Middle Eastern markets, AmrayÆs region-wide experience will be valuable in creating products that bridge these divides.
Citi has been involved in over $2 billion worth of Islamic finance transactions since it entered the sector in the mid-1990s. At the end of 2007, worldwide Islamic finance assets were valued at $700 billion.