Elaf Bank, a Bahrain-based Islamic Investment bank announced the appointment of Mr. Helmi Haruna Rashid as the General Manager for Treasury and Capita

Elaf Bank appoints a General Manager for Treasury and Capital Markets
Posted on
Thursday, 4 December 2008, Industry Sector Banking, Country Bahrain, Client(s) Elaf Bank

Elaf Bank, a Bahrain-based Islamic Investment bank announced the appointment of Mr. Helmi Haruna Rashid as the General Manager for Treasury and Capital Markets (“TCM”).
Aside from heading the Bank’s treasury operations, Mr. Haruna Rashid will also manage and lead the TCM team in order to grow the Bank’s investment portfolio as well as developing new Islamic investment and hedging tools.Mr. Haruna Rashid began his career in 1994 at the Central Bank of Malaysia, in the reserve management department. At the Central Bank, he was involved in foreign exchange, fund management and multi-currency portfolio managements. Mr Haruna Rashid later joined CIMB Bank Kuala Lumpur in 2001 as a non-ringgit trader before moving to Standard Chartered Bank Malaysia in 2002 as part of the Asian Fixed Income regional team.In 2005, Mr. Haruna Rashid moved to Bank Muamalat Malaysia as a Senior Vice President and the Head of Treasury & Capital Markets. Bank Muamalat is the second largest full-fledged Islamic bank in Malaysia. At Bank Muamalat, he was involved in the country’s first Islamic Profit Rate Swap and the inaugural Islamic Cross Currency Swap transactions. Mr. Haruna Rashid holds B.A. in Economics from The University of Manchester, U.K.“Elaf Bank is proving once more that it is an avant-garde financial institution when it comes to the selection of its human assets. An international mix amongst Elaf Bank’s personnel fosters better interaction and helps with the development of innovative products in the Islamic Finance industry,” said Dr. Jamil Jaroudi, the Chief Executive Officer of Elaf Bank.“Malaysia and Bahrain were the first two Islamic markets for sukuks. This appointment reiterates Elaf Bank’s mission statement of helping develop the Islamic secondary capital market and project itself as a market maker,” added Dr. Jaroudi.“Like the Middle East, the Southeast Asia, Malaysia in particular, is an active and growing market for Islamic banking and financial products. However, the level of flows between the two regional markets is still small when compared to the size of the two markets. Joining Elaf Bank gives me the chance to build a bridge between the Elaf Bank and the local Islamic banks in Malaysia. It will give me the opportunity to put to use my extensive experience in the Malaysian Islamic market and eventually introduce new concepts and ideas in the Kingdom,” said Mr. Haruna Rashid.

Notes and contacts
About Elaf BankElaf Bank (Formerly known as the Sokouk Exchange Centre Bank - Tadawul) is a Bahrain-based, Islamic, wholesale bank regulated by the Central Bank of Bahrain and operating with an investment banking license (“Elaf” or the “Bank”). Elaf was established in June 2007 with a paid-in capital of USD200 million and an authorized capital of USD500 million.Elaf offers a range of investment banking services to corporate clients, institutional investors, and high net worth individuals encompassing advisory services focused on the debt & equity capital markets, as well as asset management services. The Bank’s primary focus is to originate, structure, and offer financial products that will strengthen the current state of the primary and secondary market for Sukuk.Elaf’s shareholders base include AREF Investment Group, the International Leasing & Investment Company (ILIC), Kuwait Investment Company (KIC - owned largely by the Kuwait Investment Authority, the investment arm of the Kuwaiti government), Qatar Islamic Bank (QIB), Soukuk Holdings, and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group.