KUALA LUMPUR (Aug 16): Mohamed Rafe Mohamed Haneef, group chief executive officer (CEO) of MBSB Bhd (KL:MBSB), has taken up an additional role as the CEO of its Islamic banking unit MBSB Bank Bhd effective August 19.

He succeeds Nor Azam M Taib, who stepped down as MBSB Bank CEO on June 30. MBSB announced the appointment in a filing with the local stock exchange on Friday.

MBSB is the holding company of MBSB Bank Bhd, Malaysia’s second-largest standalone Islamic bank.

The appointment confirms an article by The Edge weekly on August 12, which quoted sources as saying that Mohamed Rafe could assume the role of CEO at MBSB Bank in addition to his current position at the listed entity.

The move would “reduce a layer of hierarchy” in the group, increase operational efficiency and allow for faster decision-making at the MBSB Bank level, The Edge quoted a source as saying at the time.

Mohamed Rafe holds a Bachelor's degree in law from International Islamic University Malaysia and a Master's degree in international finance and securities law from Harvard. He is also a member of the Malaysian Bar and the New York State Bar.

He was appointed MBSB group CEO on July 1 last year after the RM1.01 billion merger between MBSB and Malaysian Industrial Development Finance Bhd (MIDF).

Prior to his current role, Mohamad Rafe was CIMB Group Holdings Bhd CEO of group transaction banking.

Shares of MBSB settled half a sen lower to 80.5 sen, valuing the banking group at RM6.62 billion. The counter is up 13.3% this year.