Amana Bank announces biggest shareholder’s new nominee on Board

Friday, 20 January 2023 00:00 - - {{hitsCtrl.values.hits}}

Amana Bank Plc has announced the appointment of the new nominee on the Board of its biggest shareholder of IB Growth Fund (Labuan).

The new member of the Board is Mohammad Hassan who has been appointed as a Non-Executive, Non-Independent Director.

Islamic Corporation for the Development of the Private Sector (ICD), being the Fund Manager of IB Growth Fund (Labuan) LLP, which holds a 23.65% stake in Amana Bank Plc.

He fills the vacancy created by the resignation of previous nominee Paul Ronald Andrew Mercer in November last year.

Hassan has over 10 years of extensive experience across the asset management industry in both equity and fixed income investing. He has a deep understanding and is well-versed in financial statement analysis particularly relating to valuation of equity and fixed income instruments as well as utilising tools such as Bloomberg and S&P Capital IQ to build comparable companies and transactions models.

Hassan is currently attached to ICD, the private sector arm of the Islamic Development Bank (IsDB) Group as the Principal of the Banking Equities Department. As a part of his role, Hassan oversees the private equity portfolio of investee banks spread across eight countries while also involved in reviewing financial models and business plans for potential new investee banks working closely with C-level management of each bank to optimise business strategy in the context of regulatory and macroeconomic developments.

Prior to this Hassan was associated as a Co-Portfolio Manager for ICD’s fixed income funds including the ICD Money Market Fund and ICD Corporate Premium Fund, 2 high-yield income funds currently having more than $ 300 million under management. As part of his Asset Management role in ICD, Hassan was also responsible for many notable fixed income investments and private placements. Prior to joining the IsDB Group, Hassan’s professional career included over five years in Pakistan’s financial sector, including holding the roles of Manager – Business Internal Controls and Money Market Dealer in Burj Bank, Relationship Manager in Bank Al-Falah and Relationship Associate at Meezan Bank. Hassan is a Chartered Financial Analyst and holds a Bachelor of Science Degree in Industrial Engineering and Management Science from North Western University, USA.

With the new appointment the Board of Directors of Amana Bank Plc comprises A.A. Akbarally (Chairman), M.T.M. Azmeer (Managing Director/CEO), P.D.R. Hettiaratchi, A.R. Davidson, M.A.R. Chowdhury, S.M.A. Raza, K.M.P.B. Abdullah, S.M.T.H. Subasinghe, O.F. Kassim, M. Adamaly and Mohammad Hassan.