The banking industry in the Middle East has been going through an unprecedented period of development as innovative technologies and products help financial giants offer customers access to services in new ways.
With so much of the industry sitting on the bleeding innovative edge, it was difficult to pick just 30 leaders. CEO Middle East used a variety of metrics in picking its Innovators, including market size, digital implementation and technological collaboration.
It is important to note however, that this list is far from exhaustive, and that the CEOs leading the banking industry across the region should be celebrated for expanding access to financial services and helping empower the Middle East’s growing economy.
Abdulaziz Al Helaissi
Group CEO
Gulf International Bank (GIB)
Bahrain
With over 31 years of banking and regulatory experience, prior to his appointment at GIB, Al Helaissi was the deputy governor of the Saudi Arabian Monetary Agency (SAMA) where he was responsible for overseeing SAMA’s regulations and supervision of the country’s entire banking, insurance and financing sectors.
Prior to SAMA, Al-Helaissi held senior leadership positions with various banking institutions in Saudi Arabia including JP Morgan Chase, the Saudi British Bank, Arab National Bank, and Saudi Hollandi Bank. He has also been a member of several major corporate boards in Saudi Arabia including that of the Tadawul Stock Exchange.
A pan-GCC bank
A pan-GCC universal bank established in 1975, GIB provides corporate, institutional, global transaction and investment banking; treasury and asset management; and meem, the world’s first fully-digital Sharia-compliant retail bank.
Today, GIB employs over 1,000 professionals across its offices around the globe and is owned by the governments of the six GCC countries and the bank’s principal shareholder is the Public Investment Fund of Saudi Arabia, with a majority stake of 97.2 percent. GIB posted a 62 percent increase in profit for the first quarter of 2022, and its profits reached $12.8m, against $7.9m in the same period a year earlier, according to a statement.
Abdulfattah Sharaf
CEO, Middle East, UAE & International Markets
HSBC
UAE
In addition to his current role, Sharaf is also a board member of HSBC Bank Oman, HSBC Private Banking Holdings (Suisse) SA (PBSU) and HSBC Private Bank (Suisse) SA (PBRS). Previously, he was the CEO – Personal Financial Services, Middle East and North Africa, and responsible for all of HSBC’s retail banking business in the MENA Region.
He was also a board member of HSBC Bank Middle East, HSBC Saudi Arabia, and Etisalat. Previously, he was the CEO of NBD Securities, a subsidiary of Emirates NBD. He is currently a member of the higher board of the Dubai International Financial Centre (DIFC), a board member of the Noor Dubai Foundation, member of the Mastercard MEA advisory board, and board member of the Emirates Golf Federation.
HSBC becomes the first international GCM
Dubai Financial Market (DFM) announced that HSBC has become the first international General Clearing Member (GCM) to join the market, enabling the bank to provide clearing and settlement services to its customers worldwide and to other DFM trading members.
The introduction of GCM service on DFM by HSBC is part of a wider collaboration programme between the two entities aimed at enhancing market infrastructure and connectivity with international and institutional investors.
Abdulla Mubarak Al Khalifa
Group CEO
Qatar National Bank (QNB)
Qatar
Al Khalifa joined QNB in March 1996, and has held several posts in the company, including chief business officer and executive general manager. His two decades of experience spans across finance, risk management, business, mergers and acquisitions (M&A), sales and marketing, and strategic planning. Al Khalifa has served as board member for telecoms firm Ooredoo since 2018 and is also the chairman of QNB Capital, the investment banking arm of the
QNB Group.
Aligned with National Vision 2030
Founded in 1964, QNB financed the construction of Doha International Airport in 1966, and has supported several national milestones in Qatar’s development.
Internationally, QNB opened its first branch in 1976 in London, followed by Paris, and today, has a presence in Egypt, Turkey and Hong Kong. Net profit for the three months ended March 31, 2022 reached $1bn, an increase of 9 percent compared the same period last year.
QNB is the official Qatari bank of the FIFA World Cup 2022 and the sole supplier of ATMs at the eight FIFA World Cup Qatar 2022 stadiums. QNB employs over 27,000 people across 1,000 locations and has acquired a 40 percent stake of the UAE’s Commercial Bank International (CBI), 20 percent in Togo-based Ecobank, and 38.6 percent stake in Jordan’s Housing Bank for Trade and Finance.
Abdulwahab Issa Alrushood
Acting Group CEO
Kuwait Finance House (KFH)
Kuwait
With over two decades of banking experience, Alrushood has held several key leadership roles at Kuwait Finance House (KFH), including the role of general manager of the Kuwait Treasury.
Between 2002 and 2013, he also held numerous leadership positions in the Treasury Department. Alrushood has been KFH’s acting Group CEO since October 2020 as well as the group chief treasury officer since 2015.
In addition to his roles, he is also a board member at KFH, Bahrain, and a board member of Aviation Lease and Finance Company (ALAFCO). He represents KFH at the General Council for Islamic Banks and Financial Institutions (CIBAFI) in Bahrain and is a member of the advisory board.
The first Islamic bank in Kuwait
KFH was the first Islamic bank to be established in Kuwait in 1977, and today, it has a presence in Bahrain, Saudi Arabia, UAE, Turkey, Malaysia and Germany.
With 526 global branches, the bank employs 13,000 people. With market value at $29.8bn and profits at $1bn, Kuwait’s General Authority for Investment owns over 24.1 percent of KFH, while the General Authority for Minors Affairs owns 10.48 percent, and the General Secretariat of Awqaf owns 7.3 percent.
Adel Abdul Wahab Al Majed
Vice chairman and Group CEO
Boubyan Bank
Kuwait
With over 40 years of banking experience, in addition to his current role, Al Majed holds the position of chairman at Kuwait Banking Association, non-executive chairman at BLME Holdings and vice chairman and Group CEO at Boubyan Bank, and is also on the board of Bank of London & The Middle East. Prior to this, he was appointed the chairman of United Capital Bank and deputy CEO and general manager at National Bank of Kuwait.
In accordance to Sharia banking
With a market value of $9.9bn and assets at $24.1bn, Boubyan Bank provides retail banking, corporate banking and wealth management services in accordance with Sharia law. The bank’s subsidiaries include investment arm Boubyan Capital, insurance company Boubyan Takaful, and real estate services company Boubyan National.
In December 2021, the bank signed an agreement with the DIFC FinTech Hive to launch an accelerator programme that aims to support the growth of Kuwaiti startups. Boubyan Bank offers comprehensive knowledge in a financial environment conducive to the development of profit-friendly and risk-mitigating Islamic products and instruments. Its Islamic banking and financing models include Mudarabah (profit-sharing and loss-bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost-plus), and Ijara (leasing).
Adel El Labban
Group CEO
Ahli United Bank Bahrain (AUB)
Bahrain
The Group CEO since 2000, El Labban is a senior international banker with extensive experience in the financial services sector. He helped spearhead AUB’s regional expansion strategy through several acquisitions over the years.
In his role, he is responsible for the management of the commercial, retail and private banking and wealth management businesses of AUB as well as its subsidiaries, affiliates and strategic investments in Bahrain, the UK, Kuwait, UAE, Iraq, Egypt, KSA, Oman and Libya. From 1990 to1999, he steered the Cairo-based Commercial International Bank (CIB) to become Egypt’s largest private sector bank and its most profitable financial institution with diversified interest in investment banking, private equity and bank assurance.
Formed in May 2000 by a merger between United Bank of Kuwait and the Al Ahli Commercial Bank, AUB has a market value of $11.5bn. 18.9 percent of AUB is owned by the Kuwaiti Public Institution for Social Security and Bahrain’s Social Insurance Organisation owns a 10.01 percent stake.
Headquartered in Manama, AUB has acquired Citi’s consumer banking business in Bahrain. The transaction includes the retail banking, credit card, and unsecured lending businesses, but excludes Citi’s institutional businesses.
Adnan Chilwan
Group CEO
Dubai Islamic Bank (DIB)
UAE
Dubai Islamic Bank (DIB) is the world’s first Sharia-compliant player and the largest Islamic bank in the UAE. A leading authority in Islamic banking and finance, Chilwan is a key figure in the progression of Islamic finance whose extensive banking career spans over two decades with both reputed conventional and Islamic banks in the region.
Establishing Islamic banking and finance as a global norm rather than being considered as an alternative, he has been the recipient of several accolades for his noteworthy efforts in the financial and services industry.
Steering Islamic finance
DIB became a member of UAE Trade Connect, a commercialised blockchain platform co-created by Etisalat Digital, Avanza Innovations, and multiple banks in the UAE in February 2022. In August 2021, DIB announced that it is increasing its foreign ownership limit from 25 to 40 percent, with the biggest shareholder the Investment Corporation of Dubai (ICD) holding 28 percent share.
Recognised as a formidable force in Islamic finance and one of the most progressive institutions in the world today, with assets of in excess of $80bn and a market capitalisation of over $9bn.
DIB boasts a workforce of more than 10,000 employees across a network of branches in the UAE as well as growing international operations in Asia, Middle East and Africa.
Ahmad Abu Eideh
CEO
Invest Bank
UAE
Established in 1975 as a public shareholding company with $898.4m in share capital, Invest Bank is a commercial bank with branches in Abu Dhabi, Al Ain and Dubai. The Sharjah government invested in the bank in 2019 as a strategic partner with the objective of realising long-term value from Invest Bank’s profitability as a commercially-strong institution across the UAE.
Eideh has over 30 years of corporate and investment banking experience and has held roles in both regional and international banks, including HSBC, ABN AMRO, and held the position of CEO of Standard Chartered Bank in Jordan. Prior to his current role, he was the CEO of United Arab Bank.
Multi-currency payment system
As part of its commitment to providing innovative means to improve customer experience, in June 2022, Invest Bank launched a multi-currency payment service via the Buna platform which is the Arab Regional Payments Clearing and Settlement Organisation, a centralised cross-border payment system owned by the Arab Monetary Fund.
A step that aims to enhance Invest Bank’s role in developing the regional cross-border payments sector, this integrated system provides clearing and settlement services for payments in multiple currencies in the Arab region. Payments settlements are done instantly for transfers to beneficiary banks participating in the platform.
Ahmed Abdelaal
Group CEO
Mashreq Bank
UAE
With over two decades of experience in senior roles across banking verticals spanning across international and regional banks, Abdelaal brings extensive experience across banking products and services that covers a wide range of disciplines.
Also, he incorporates hands-on knowledge of solutions across areas of both corporate as well as banking. Just some of these areas include trade finance, contracting and real estate finance, payment and cash management and also investment banking including DCM, ECM, project finance, advisory, Islamic banking, portfolio management, as well as experience with structured trade, global market products, and working capital solutions.
About Mashreq Bank
One of the UAE’s best performing banks for over five decades, Mashreq Bank has an expanding footprint across the Middle East with a strong presence in the financial capitals of the world with international offices in Europe, Asia, Africa and the US. Mashreq Bank was founded in Dubai, in 1967, and can be traced to humble origins as the oldest bank in the UAE. Today, Mashreq celebrates over five decades of excellence, and has emerged as one of the leading financial institutions in the UAE.
Investment in fintech
Developing a robust digital identity by enabling hybrid work cultures in the office space, Mashreq Bank is also scaling up digital initiatives such as its the API developer portal for its partners as well as is enhancing its NeoBiz digital banking solution for its customers. And aligning with the burgeoning fintech scene in the region, Mashreq Bank has announced a $10m investment in Cashew, a leading ‘buy now, pay later’ service provider to consumers in Saudi Arabia and the UAE.
Launched in 2020, Cashew has over 200 retailers on the platform and is currently doing approximately $1m per month in transactions. As the first investment of its kind from a traditional bank in a fintech company in the region, Mashreq will integrate the option for Cashew Payments on NEOPAY, which is the payments subsidiary of Mashreq.
Ala’a Eraiqat
CEO
Abu Dhabi Commercial Bank (ADCB)
UAE
In January 2004, Eraiqat joined ADCB, the third-largest lender in the UAE, and held several senior posts before taking over the helm as CEO in 2009, in addition to becoming a member of ADCB’s board of directors before he resigned from the board in 2021. Prior to this, he has held senior roles at Standard Chartered Bank and Citibank, amongst others.
He is also the chairman of Al Hilal Bank and chairs several subsidiaries and committees of ADCB, including Abu Dhabi Commercial Properties, Abu Dhabi Commercial Engineering Services, the ADCB Management Executive Committee and the ADCB Management Risk and Credit Committee. He also serves on the board of Abu Dhabi National Hotels.
According to reports, ADCB reported a 32 percent increase in Q1 2022 profit on higher net fees and commission. The lender reported net profit of $391.55m for the three months to March 31. In April 2022, UAE Trade Connect (UTC) announced that ADCB has joined its consortium of leading UAE banks utilising its blockchain platform to help de-risk trade finance.
UTC is the fintech blockchain platform of e& enterprise, from e& (formerly known as Etisalat Group) and is the first commercialised blockchain platform to come out of the UAE.
Elham Yousry Mahfouz
CEO
Commercial Bank of Kuwait (CBK)
Kuwait
Initiating her banking career around 35 years ago as a credit analyst, she has worked with numerous Kuwaiti financial institutions in top-executive positions. This includes as general manager in New York, acting general manager of international banking, and in December 2010, Mahfouz held the role of general manager of international banking. She took on the responsibility of deputy CEO in April 2012 and was later appointed as the CEO in 2014.
About Commercial Bank of Kuwait (CBK)
Established in June 1960, CBK is one of Kuwait’s largest financial institutions operating through corporate and retail banking, treasury and investment banking segments. CBK is a key player in country’s economy and had contributed $33.5m to a CBK Fund to support Kuwait’s efforts to fight the pandemic.
As a lead financier of loans to multiple construction and infrastructure projects in Kuwait, CBK reported a net profit of $72.4m for Q1, mainly attributed to relatively improved business environment resulted in loan loss recovery and lower provision charge than comparatives of last year, CBK offers fund management services through its Tijari Funds division. It has stakes in Cham Islamic Bank, as well as Boubyan Bank, while Al Sharq Holding co-owns 23.9 percent of CBK.
Fahad Bin Abdullah Al Khalifa
Group CEO
Masraf Al Rayan (MAR)
Qatar
Following the announcement of the merger of Masraf Al Rayan (Al Rayan) and Al Khalij Commercial Bank (Al Khaliji) in January 2021, Al Khalifa was appointed as the group CEO.
The merger has positioned MAR as one of the largest Sharia-compliant banks in the region, well positioned to accelerate Qatar’s progress toward Vision 2030.
With over 25 years of experience, Al Khalifa is a senior banker who embarked upon his career with the Qatar Central Bank (QCB) in 1994 and then shifted to Qatar National Bank (QNB) Treasury group, where he held the roles of the group treasurer and GM Group Corporate and Institution Banking, before he joined Al Khalij Commercial Bank as the group CEO. He is also on the board of Al Rayan Bank.
The first green Sharia-compliant deposit
MAR is aligned with Qatar’s plans to minimise 25 percent of its carbon footprint by 2030 as part of its climate change action plan, MAR has officially launched the country’s first green deposit in compliance with Sharia law. The deposit is dedicated to financing ESG programmes. Clients seeking to embark on a green approach to their businesses can allocate money to these sustainable deposits to finance different ESG projects.
Georges Richani
Group CEO
Al Ahli Bank of Kuwait (ABK)
Kuwait
With over 37 years of banking experience in treasury and capital market investment management as well as international credit, and more, Richani joined ABK in November 2020. Prior to this, he played a pivotal role at the National Bank of Kuwait (NBK) and from 2012, Richani was appointed as the CEO of the group of overseas branches and subsidiaries.
NBK offers a wide range of financial and banking services and products across all its markets in Kuwait, Egypt and the UAE, with operations spanning four continents, across in 15 countries. Richani is a member of numerous senior-level management committees at NBK and has served as a board member of several subsidiaries.
About ABK Group
For the last several years, ABK is established as a leader in infrastructure financing in Kuwait which is a key component of Kuwait Vision 2035. ABK endeavours to deliver speed and convenience through its network in Kuwait, Egypt and the UAE.
Headquartered in Kuwait City, ABK was established 55 years ago and provides a full suite of services in retail banking, wholesale banking and investment services. ABK continues to enjoy strong credit ratings and has been ranked as one of the top 10 safest banks in the Middle East.
In 2015, ABK expanded into Egypt and now has a presence in most of the Egyptian governorates through its network of branches and offers services to retail, corporate, as well as SME customers.
Graham FitzGerald
CEO
Al Masraf
UAE
ppointed CEO in May this year, FitzGerald, who was the former president and CEO for HSBC Philippines, performed various leading roles in the HSBC Group.
He held key positions in global relationship management, lending and transaction management, regional operations and corporate banking. FitzGerald also performed his duties in New Zealand, United Kingdom, Hong Kong and the UAE where he worked as regional COO and then regional head of corporate banking for commercial banking business in the Middle East and North Africa region.
As a testament to FitzGerald’s financial expertise, Farhat Omar Ben Gdara, chairman of Al Masraf, said he will play a lead role in the bank’s digital transformation strategy.
Hana Al Rostamani
Group CEO
First Abu Dhabi Bank (FAB)
UAE
With over 20 years of experience in banking and financial services, Al Rostamani previously held the position of the deputy group CEO and head of personal banking at FAB, the UAE’s largest lender by assets. The only female group CEO of a major UAE-headquartered bank and publicly listed corporation within the UAE, under her leadership, FAB has expanded internationally throughout the Middle East with the acquisition of assets such as the Egyptian division of Bank Audi, a Lebanese bank.
She also chairs FAB Private Bank Suisse, member of the IMD Foundation Board and the Mastercard Advisory board, and also sits on her family business AW Rostamani Group’s board of directors.
FAB collaborates with ICON Training and Coaching
In collaboration with ICON Training and Coaching and on specific programs with Yale SOM executive education, FAB has launched the Institute of the Future (IFAB), a global think tank and thought leadership platform which focuses on policy sharing, information sharing, and agenda setting. The goal of IFAB is to boost the UAE’s position as a global financial hub by equipping industry leaders with the tools, knowledge, and insights to enhance their business performance, individual performance and of the performance of the overall sector.
Hisham Al Rayes
Group CEO and Board Member
GFH Financial Group
Bahrain
Hisham Alrayes holds over two decades of experience in banking and finance, and joined GFH Financial Group in 2007. Prior to this he was a member of the senior management team at Bank of Bahrain and Kuwait (BBK), a commercial bank in Bahrain.
Alrayes helped drive the development of GFH’s regional and international investment strategy, managing the bank’s liabilities as Chief Investment Officer prior to his appointment as Group CEO in 2012.
In addition to his role as Group CEO, Alrayes also chairs and holds a number of directorships in financial, industrial and real estate companies including Esterad Investment Company, Khaleeji Commercial Bank and GFH Capital.
About GFH
GFH Financial Group is headquartered in Bahrain Financial Harbour and was founded in 1999. The bank is also listed on four stock exchanges in the GCC, including the Bahrain Bourse, Boursa Kuwait, Dubai Financial Market (DFM), and, as of May 2022, the Abu Dhabi Securities Exchange (ADX).
In the first quarter of 2022, the company reported $19.1 million in net profit, an 18.5 percent increase year-on-year. The group also reported that its total assets had grown to $8.1 billion in the first quarter, with Alrayes commenting that the company’s growth “was enhanced by the diversification of its business activities, supported by the Group’s commercial bank alongside asset management activities.”
Isam Jasem Al Sager
Vice chairman and Group CEO
National Bank of Kuwait (NBK)
Kuwait
With his diversified and vast experience of over 35 years at NBK, Al Sager has helped lead the bank’s transformation to become a preeminent regional institution with an international presence in 16 countries and around $79.1bn in assets.
Al Sager had been in the role of deputy group CEO since 2010. In 1978, he embarked upon his banking career at NBK, transitioning from a relationship officer in the corporate banking group to rising the ranks in 1987 as the head of domestic credit and marketing. On an upward trajectory, in 1992, he was appointed as the general manager of retail and wholesale banking group and continued to climb the ranks to reach the position he is in today.
Upskilling the youth
NBK launched its seventh cohort of the leadership development programme High Fliers as part of its drive in talent development, in cooperation with IE Business School, Madrid. One of the top leading business schools in the world founded in 1973, IE Madrid is a key global learning centre. The training programme covers several modules including: building a culture of excellence, measuring and managing performance, high-performance teamwork, amongst others.
Jean-Christophe Durand
CEO
National Bank of Bahrain (NBB)
Bahrain
With nearly 40 years of international and regional banking and finance experience in senior leadership roles in the banking and financial services sector, Durand served as BNP Paribas’s regional CEO for the Middle East and Africa Region for Corporate and Institutional Banking and Asset Management.
In December 2016, he was appointed into his current role at National Bank of Bahrain (NBB); with 29 operating branches, NBB also has a presence in KSA and the UAE. He holds several board positions locally and regionally including Gulf Air and Bahrain Telecommunications Company (Batelco).
He is also the deputy chairman of Batelco’s Executive Committee Nomination, Remuneration, Donations and Corporate Governance Committee. Additionally, he is the chairman of the French Chamber of Commerce and Industry in Bahrain (FCCIB), vice chairman for Umniah Telecommunication Company in Jordan, and a director for Bahrain Institute of Banking and Finance (BIBF).
Established in 1957, NBB is Bahrain’s first locally-owned bank with the largest network of 27 branches and over 100 ATMs in Bahrain, and 23 operating branches in three operating countries, namely Bahrain, KSA and the UAE. As a result of its strategic development plan to expand its presence in the Islamic Banking market, NBB is a majority stakeholder (78.81 percent) of Bahrain Islamic Bank (BisB).
Naif Al AbdulKareem
CEO and Managing Director
Bank Aljazira
KSA
With over 21 years of experience in the banking sector, AbdulKareem was appointed in late 2020 to his current role. Previously, he served on the boards of HSBC Saudi Arabia and SABB Takaful in various leading positions, including as a member of the board of directors of SIMAH and HSBC Saudi Arabia; chairman of the board of directors of SABB Insurance Agency; deputy managing director of Personal Banking and Wealth Management at SABB; and as a member of the board of directors and the executive committee of Sanid and SABB Takaful.
A Sharia-compliant bank
Bank Aljazira partnered with JCB International of Japan to allow JCB acceptance throughout its POS and ATM network in the kingdom. JCB Cards are a major global payment brand and a leading payment card issuer and acquirer in Japan, used by more than 140 million cardholders and accepted at about 37 million locations globally.
This partnership aligns with Saudi Payments, the national foundation of digital payments that aims to accelerate the transition to a society less dependent on cash, in line with the aspirations of the Financial Sector Development Programme (FSDP) towards achieving the goals of Saudi Vision 2030 as well as with the Saudi Central Bank’s strategy.
Nasser Al Awadhi
Group CEO
Abu Dhabi Islamic Bank (ADIB)
UAE
With more than three decades of banking experience, Al Awadhi is a seasoned practitioner in Islamic finance, having held several senior strategic, commercial and leadership roles. He was appointed on January 9, 2022 to his current role, and previously he served as the group chief of consumer banking, since March 2018 at Dubai Islamic Bank.
He also held the role of head of strategic relationships at Dubai Islamic Bank from 2014 to 2018 and prior to that from 2011 to 2014, he was the head of business development at Tamweel Company.
About ADIB
The second-biggest Sharia-compliant lender in the UAE, ADIB has an international presence in six markets, including KSA; Egypt, where it has 70 branches; the UK; Qatar; Iraq; and Sudan. Headquartered and listed in Abu Dhabi, ADIB – over the last two decades – has demonstrated a consistent track record of growth with assets now totalling $37bn.
As part of ADIB’s vision to become the world’s most innovative Islamic bank and to boost open banking within the UAE (which offers customers more control over their financial data), ADIB recently launched its new ADIB API Developer portal to enable fintech developers to build their own applications and new products that interact seamlessly with ADIB’s platforms.
Raheel Ahmed
CEO
RAKBANK
UAE
A seasoned banker with over three decades of banking experience across Europe, Asia, Middle East and Africa, prior to his current role, Ahmed was a member of the executive committee and the chief product and analytics officer at Barclays UK where he was responsible for the strategy and commercial performance of the personal banking products.
Previously, Ahmed was in the role of regional head of Consumer Banking for Middle East and Africa in Dubai’s Standard Chartered Bank. Under his leadership, in quarter 1, 2022, RAKBank announced a consolidated net profit of $59.9m, an increase of 93.1 percent compared to the first quarter of 2021.
UAE’s first digital onboarding platform for SME loans is launched
Through RAKBank’s new Quick Apply portal, a first in the region, SMEs will be able to apply for business loans, term and working capital finance and asset-based finance. SME customers can obtain instant in-principal approval followed by the fund’s disbursal in just a few days, without having to visit a branch or sales office.
Aligned with the bank’s strategy to enhance its customer experience through convenient digital solutions, this follows the recent enhancement of its SMEsouk platform for existing and budding entrepreneurs to set up their business, and is a one-stop digital marketplace for all SMEs.
Rassem Zok
CEO MENA
Standard Bank MENA
UAE
With headquarters located in Johannesburg, South Africa, Standard Bank Group is a public company that has been in the industry for 160 years and operates in 20 African countries, with over 49,000 employees worldwide. In his current role, Zok heads their Dubai International Financial Centre (DIFC,) branch of Standard Bank of South Africa Limited.
Offering banking and financial services to individuals, businesses, institutions and corporations in Africa and abroad, the bank has had a presence in the UAE since 1997, originally through a representative office in Dubai. Today, it has a well-established corporate and investment banking offering and is regulated by the Dubai Financial Services Authority (DFSA).
Supporting South Africa’s drive to energy security
Standard Bank has successfully supported three new independent electricity generation projects signed in South Africa’s 2,000MW Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), together with British International Investment. The largest hybrid projects completed on the African continent, the projects are aligned to Standard Bank Group’s environmental, social and governance (ESG) framework, which was captured in the launch of its Climate Policy in March this year.
In the policy, Standard Bank commits to achieving net-zero carbon emissions from its own operations for newly built facilities by 2030, for existing facilities by 2040, and in its portfolio of financed emissions by 2050.
Saeed Al Ghamdi
Managing director and Group CEO
Saudi National Bank (SNB)
KSA
Prior to his current role at Saudi National Bank (SNB), a bank that resulted from the merger between the National Commercial Bank (NCB) and the Samba Financial Group, Al Ghamdi was the chairman of the NCB with over three decades of experience in leading positions in the Saudi financial and banking sector.
Here, he steered digital transformation and optimised its operational efficiency to make it a leading financial institution in KSA. He serves on the board of the Real Estate General Authority and Misk Foundation and is a member of the consultative board of the College of Industrial Management at King Fahd University of Petroleum and Minerals.
A positive performance
For Q1 2022, SNB reported a 32 percent increase in net profit as total net profit for the period ending March 31, 2022 reached $1.2bn, compared to $906m in the same period last year. Clients’ deposits were higher by 44.2 percent from the previous year’s $111.6bn, amounting to $160bn, while total assets expanded by 53 percent to SAR921bn ($245.4bn).
Attributed to higher operating income, the positive performance has been reported as resulting mainly due to growth in foreign exchange income, banking service fees and foreign exchange income, amongst others.
Shayne Nelson
Group CEO
Emirates NBD
UAE
A veteran banker with an extensive career across several sectors of the banking industry, prior to joining Emirates NBD, Nelson held the role of CEO of Standard Chartered Private Bank in Singapore for three years and was also the chairman of Standard Chartered Saadiq Islamic Advisory Board and a board member of Standard Chartered Bank (China).
His other high-profile positions in the banking sector include Regional CEO of Standard Chartered Bank Middle East and North Africa for five years based in Dubai; chairman of Standard Chartered (Pakistan), and chairman of the Banking Advisory Council to the Board of the Dubai International Financial Centre.
Collaboration with APIX
Emirates NBD partnered with fintech platform, APIX Singapore which will provide access to over 1,000 fintechs in the Asia-Pacific and their real-time APIs. Launched by The ASEAN Financial Innovation Network (AFIN), APIX is the world’s first cross-border, open architecture API marketplace for collaboration between fintechs and financial institutions in which participants can integrate and test solutions with each other via a cloud-based architecture.
As a part of the strategic partnership, Emirates NBD will also gain access to APIX’s catalogue of member APIs and API connectors and tools, to support rapid design and prototyping of new products.
Sunil Kaushal
CEO
Standard Chartered Africa and Middle East (AME)
UAE
In addition to his current role, Kaushal is also a member of Standard Chartered’s global management team, the bank’s highest executive body. Prior to this, he was the regional CEO of Standard Chartered South Asia and CEO India.
He has been with the Group for nearly 24 years and has approximately 34 years of banking experience in diverse markets across North Asia, South East Asia, South Asia, Middle East and Africa. Within the Group, Kaushal has held senior roles across wholesale, retail, SME banking and country management.
He has served as the CEO of Standard Chartered Bank in Taiwan, the head of corporate banking in the UAE, and the head of originations and client coverage in Singapore, global head for small and medium enterprises and new ventures in Singapore.
He also led the acceleration of Standard Chartered’s digital transformation in the AME Region, with the launch of digital banks across nine key markets across Africa. The bank also digitised its wealth management offering and has grown accounts by around 700,000. The successful establishment of these digital banks through Kaushal’s leadership have served as a testament to the bank’s growing digital footprint in the region and presence as a leader in digital banking technologies.
He joined MoneyTap as a global advisor in March 2021, one of the leading fintech companies in India. Prior to joining Standard Chartered in 1998, Kaushal held various positions in investment banking, corporate finance and commercial banking and foreign exchange at NatWest Markets, SocGen-Crosby, and American Express Bank in Mumbai. He holds a Bachelor of Commerce degree from Bombay University, and a postgraduate qualification as a Chartered Accountant from the Institute of Chartered Accountants of India.
Rising numbers
Standard Chartered Bank reported its highest operating profit in the AME region since 2015. With the region reporting a 3.5 percent jump in operating income to $2.45m in 2021, while operating profit surged to $856m in 2021. Its Africa business witnessed growth steered by SCB’s consumer, private and business banking expansion and pipeline conversion.
SCB also expanded its presence in KSA to provide project finance, capital markets and cash management support to promote trade and investment, as well as expanded its digital banking network in Pakistan.
Tareq Al Sadhan
President and CEO
Riyad Bank
KSA
With a foray into Riyad Bank in 2018 as a senior executive vice president and the chief financial officer, Tareq Al Sadhan’s current appointment was issued in April 2019 by resolution via Riyad Bank’s Board of Directors. Al Sadhan initiated his career with KPMG Saudi Arabia where he rose through the ranks across a span of 18 years to eventually become one of KPMG’s youngest partners, and later as the CEO/managing partner and the chairman of the advisory committee.
Ensuing his role at Riyad Bank, in KSA’s public sector, he held roles including deputy governor for supervision at the Saudi Central Bank (SAMA), advisor to the chairman in the Saudi Fund for Development (SFD), in addition to the acting director general at the General Authority for Zakat and Tax (GAZT).
About Riyad Bank
Riyad Bank successfully closed a $750m Additional Tier 1 sustainability Sukuk, making it the first sustainable AT1 Sukuk globally. To structure this transaction as a sustainable Additional Tier 1 Sukuk, Riyad Bank has published its debut Sustainable Finance Framework in line with the International Capital Market Association’s green, social and sustainability principles.
The framework covers a diverse range of eligible sustainable activities which are linked to Riyad Bank’s ambition to become a regional ESG leader as it looks to drive green and social development in the Kingdom in line with Vision 2030.
Tony Cripps
Managing Director and CEO
SABB Bank Saudi
KSA
With over 30 years of experience across management roles in institutional banking, treasury, information technology and more, prior to his current role at SAAB, Cripps held the role of the CEO of HSBC Singapore and was appointed to the board of HSBC Singapore in 2016. He was also appointed as HSBC group general manager in 2016, before he joined SABB as in his current role in May 2021. He has also previously held such roles as CEO of HSBC Australia and CEO of HSBC Philippines.
SAAB Bank enhances payments capabilities
In May 2022, SABB and HSBC signed an MoU to develop new foreign exchange services and real time payments capabilities for SABB’s business in Saudi Arabia. Foreign currency transactions surged in KSA as expatriate personal remittances in 2021 reached their highest since 2015, while remittances made by Saudis increased nearly almost 35 percent.
A key component of SABB’s five-year growth strategy is enhancing payments capabilities while payments technology innovation is a vital aspect of Saudi Vision 2030 and the financial sector development plan’s efforts to move the kingdom towards being a less cash based society.
Enabling international payments and cross-border convenience for customers, this MoU will further increase cooperation between HSBC and SABB.
Vince Cook
CEO
National Bank of Fujairah (NBF)
UAE
Headquartered in Fujairah, National Bank of Fujairah (NBF) offers retail and commercial banking services ranging from consumer loans and financing for industrial, foreign trade, and construction projects. Under Cook, the NBF has announced the launch of the exclusive Technology Academy for 2022 in partnership with the Port of Fujairah.
A unique initiative launched by NBF that aims to provide intensive training to UAE students in the field of IT, programming, and the application of the emerging digital capabilities, NBF Technology Academy aims to empower students with the knowledge and skills to fulfil their ambitions in their career path while contributing to the country’s economic growth.
Supporting startups with innovative products
For the first three months ending March 31, 2022, NBF has recorded a 43.7 percent year-on-year increase in net profit, equalling $16.4m while in Q1 2022 net profit increased 143.3 percent from Q4 2021. IN Q1 2022, NBF announced the launch of the NBF Lite Bank Account for startups and small and medium enterprises (SMEs) operating in the country. Catering to the needs of co-working businesses and flexi-desks in certain free zones, the Lite Account provides exclusive banking services which foster networking and identifies growth opportunities.
Waleed Abdullah Al Mogbel
CEO
Al Rajhi Bank
KSA
Founded in 1957, Al Rajhi Bank is among the most established financial institutions in Saudi Arabia. Al Mogbel started his career with Al Rajhi Bank in 2007 and was appointed to his current role in January 2020.
With over 20 years of banking experience, he is a board member with expertise in risk management, banking, accounting, management, and financial audits. For over 50 years, Al Rajhi Bank has played an integral role in serving its citizens, financing its growth and contributing to Saudi development. Today, the company is one of the largest joint stock companies in the kingdom.
Moving towards digital transformation
With segments in retail, treasury, investment services, corporate, and brokerage, Al Rajhi Bank received the approval towards completing an acquisition of Ejada Systems Company, according to Saudi Arabia’s General Authority for Competition’s approval.
An information technology services provider in MENA, Ejada Systems Company enables its clients the ability to maintain and boost its competitiveness through transformational technical solutions. A strategy initially launched by Al Rajhi Bank in 2020, the completion process came as an extension to this.
According to Al Rajhi Bank’s release, as a result of the process, the bank has fully acquired the company after obtaining the required approvals from regulatory entities. With the latest technologies, the bank endeavours to build its digital capabilities that will contribute to its digital transformation and provide the best financial solutions.
Waleed Khamis Al Hashar
CEO
Bank Muscat
Oman
Embarking upon his career with Bank Muscat in 2004, Al Hashar has been in his current role since 2019. He is also a member of the board of directors of the Oman Centre for Governance and Sustainability, the College of Banking and Financial Studies, and the Oman Banks Association. Heading a team of 3,800 people and with over two decades of banking, as well as oil and gas experience, he has held senior positions in several firms.
About Bank Muscat
Oman’s largest bank by assets, Bank Muscat has the largest network of branches and electronic channels in Oman, with branches in KSA, Kuwait and representative offices in Dubai (UAE), Iran and Singapore.
A member of the Bank Deposits Insurance Scheme (BDIS) through which all deposits in the bank are insured up to $51,900 and is a member of Mala’a (Oman Credit and Financial Information Centre), which was established by Royal Decree as an independent organisation with financial and administrative independence under the supervision of the Central Bank of Oman.
According to reports, first quarter 2022 net profit rise of Bank Muscat rose by 2.4 percent to $125.5m, while net interest income from conventional banking and net income from Islamic financing reached $213m for the first three months of the year.