Qaanitah Hunter- Cii News – July 9, 2012

The recent controversy involving FNB Islamic Finance has nothing to do with Absa Islamic Finance, according to the latter bank.

Last week the Shari’ah board at FNB Islamic Finance resigned while the former CEO of Absa Islamic Banking, Amman Mohammed, took up his new position as the strategic head of FNB Islamic Finance.

The former head of the Shari’ah board,  Mufti Ebrahim Desai, said they resigned because of the change in management at the bank prior to Muhammed’s appointment.

The FNB Islamic Finance board has now been replaced by the Shari‟ah Supervisory Compliance Oversight Committee.

Business as usual at ABSA

Head of Absa Retail and Business Banking, Arrie Rautenbach said business continues as usual for Absa Islamic Banking.

“Mr. Amman Muhammed decided to pursue his career outside Absa for personal reasons,” Rautenbach said in an email to Cii News.

When asked whether the appointment of Muhammed as head of FNB Islamic Finance and the subsequent resignation of the Shari’ah board, reflect policies of Absa Islamic Finance, he said they cannot comment on speculation ‘nor discuss matters relating to other institutions’.

Rautenbach also went on to assure the public that they remain committed to delivering world-class Shari’ah compliant financial solutions.

“Absa Islamic banking was rated the best Islamic financial institution in non- GCC Middle East/Africa, by Global Finance 2011. For the 3rd year, Absa Islamic Banking was named the Best Islamic bank in SA for 2011 by Islamic Finance News,” he said.

Yusuf Suliman has now become the acting head of Absa Islamic Banking and is also the head of Shari’ah advisory.

Suliman told Cii News that he can assure the public that Absa Islamic Banking is completely Shari’ah compliant.

qaanitah@ciibroadcasting.com