Durban - Recently retired chair of KPMG SA, Yunus Suleman, has joined the board of Durban-based Al Baraka Bank.
He believes this fully-fledged Islamic financial institution has the potential to significantly grow its customer base, both within and outside the Muslim community. His appointment as a non-executive director to the bank's board became effective on March 1 this year.
"This is a most exciting opportunity. Huge potential exists to significantly grow Islamic banking in South Africa and into Africa," said Suleman.
"This is a brand which is really well-known, especially within the country's Muslim community and the overall attractiveness of its foreign exchange offering affords us a wonderful opportunity to expand the bank's traditional customer base beyond the Muslim community."
The bank is a subsidiary of the Bahrain-based Al Baraka Banking Group. The Al Baraka Banking Group's president and CEO Adnan Ahmed Yousif is also chairman of the South African subsidiary. Suleman believes this gives the SA operation the potential to extend its reach across the country and beyond its borders.
Suleman also sits on the boards of Tiger Brands and financial services group Liberty.