Malaysia’s Principal Islamic Asset Management has hired Izad Sallehuddin from Omesti, a local software developer, as its new chief executive officer.
He succeeds Syed Mashafuddin Syed Badarudin, who has moved on to become CEO of local lender Affin Islamic Bank.
Principal Islamic Asset Management is a 60:40 joint venture between US asset manager Principal Financial Group and Malaysia’s CIMB Group.
Principal Financial had US$6.95 billion of global Islamic business assets under management as of end-August.
“Izad will lead our team to provide clients in both public and the private markets with holistic Islamic investing solutions,” says Munirah Khairuddin, global head of Islamic business at Principal Financial, adding that his “fresh perspective and extensive experience will be integral to our growth plans and the support we deliver to our clients”.
Apart from Omesti, where he was chief operating officer, Izad has also had stints as CEO of state-owned asset manager Urusharta Jamaah, and chief investment officer of state-owned venture capital firm Penjana Kapital.
