JPMorgan Chase & Co. (JPM) has named former UBS AG (UBSN) banker Hussein Hassan to head global Islamic finance as the biggest U.S. lender strives to boost its share of an industry whose assets are set to double by 2015.
New York-based JPMorgan said Hassan, previously global head of Islamic structuring for UBS, would focus on clients in countries including Saudi Arabia and Malaysia, according to an e-mailed statement today. Malaysia hosts the world’s biggest market for Islamic bonds, or sukuk, while Saudi Arabia boasts the world’s biggest share of Shariah-compliant assets.
“As we have observed a significant increase in the demand for Shariah-compliant banking products, we have decided to invest in high-caliber people, systems and technology,” Sjoerd Leenart, JPMorgan’s senior country officer for the Middle East and North Africa, said in the statement.
JPMorgan Hires UBS Banker Amid Quest for Bigger Islamic Slice - Bloomberg
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