The Bank Rakyat, a long-term established Islamic cooperative bank in Malaysia, gets a new chairman after the previous chairman was sacked last month.
The Entrepreneur Development Minister Mohd Redzuan Yusof appointed Noripah Kamso as the new chairman effective immediately. She was the former CEO of CIMB (Commerce International Merchant Bankers) that is the Principal Islamic Asset Management Sdn Bhd.
After the suspension of the former chairman Shukry Mohd Salleh on Nov. 26 due to his participation in the audit report of 1 Malaysian Development Berhad, Malaysia’s state-owned investment fund which came under scrutiny for criminal and regulatory investigations, the Entrepreneur Development Ministry was looking to fill the chairman position of the bank.
Kamso was appointed as the chairman because of her credentials as the CIMB’s Islamic adviser. Moreover, as a member of BIMB Investment Management Bhd, she has also been the former chairman of the Islamic Finance Industry Council and the Malaysia US Chamber of Commerce based in Washington D.C.
Redzuan also appointed Wan Suraya Wan Mohd Radzias a board member of Bank Rakyat. Other appointments will soon follow as and when they are finalized, he added in a statement.