DUBAI, UAE: Farid Al Mulla has been named as the new Chief Executive Officer of Emirates Islamic, one of the UAE’s leading Islamic financial institutions. He will take over from Salah Amin, who is retiring after serving the Emirates NBD Group for nearly 35 years.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates Islamic, said: “We are delighted to welcome Farid Al Mulla as our new Chief Executive Officer for Emirates Islamic. Farid has a proven track record of 32 years in the industry, including his current role as Head of Consumer Banking and Wealth Management at Emirates Islamic, and a respected reputation in Shari’a banking. He is the ideal leader for Emirates Islamic as it enters its next phase of growth.”

Hesham Abdulla Al Qassim also said: “We thank Salah Amin for his outstanding leadership as Emirates Islamic’s Chief Executive Officer since 2018 and for his long-term service to the Emirates NBD Group. Salah is leaving behind a remarkable legacy, as evidenced by Emirates Islamic’s record half-yearly results. We wish him all the best in his well-earned retirement.”

Shayne Nelson, Group CEO of Emirates NBD and Board Member of Emirates Islamic, said: “Farid’s success record at Emirates Islamic and his reputation as a Shari’a banking leader make him well-suited to continue Emirates Islamic’s growth trajectory. He will achieve this by executing our strategy, focusing on expanding across key segments such as Consumer, Corporate and SME, and introducing new products such as Emirates Islamic’s recent issuance of the UAE’s first dirham sukuk.”

As Head of Consumer Banking and Wealth Management at Emirates Islamic, Farid has played a key role in the bank’s strong profitability and income results, especially in the first half of 2023, as well as its ongoing digital transformation. He has improved the bank’s digital channels, resulting in a significant 21% increase in online and mobile banking transactions in 2022.

He has also led several effective Emiratisation initiatives, and launched innovative banking solutions for UAE nationals, such as the Emarati Family Savings Account, Emarati Business Account, and the Super Savings Etihad Guest Account.

Farid’s appointment reflects the success of Emirates Islamic’s long-term Emiratisation strategy, which aims to develop UAE Nationals for important executive roles and succession planning.

Emirates Islamic posts total income of AED2.1 billion in 2020