Al Rayan recruits new COO from Citibank

Venkat Chandrasekar named as Sharia finance leader's new Chief Operations Officer

One of the top providers of Sharia-compliant funding, Al Rayan Bank, which recently passed £1bn-worth of assets, has brought in a new Chief Operations Officer to manage its frontline operations.

Venkat Chandrasekar joins after a 13-year stint at Citibank, where his most recent position was leading the European Operations for International Personal Banking and Wealth Management Business in London.

He’ll be based in Al Rayan’s Operational HQ in Birmingham, and reports to CEO Sultan Choudhury with a a remit to “immediately focus on control and governance; operational excellence; speed to market for new products and services; and continuing to train and develop employees”.

Sultan Choudhury, CEO of Al Rayan: “We are delighted to welcome Venkat Chandrasekar, with his track record of operations and business transformation experience, to the team. It is a critical time for the Bank as it continues to transition to an established European banking brand. Venkat’s appointment will act as a catalyst for the changes we have made so far, and help to move us forward in that journey.”

Venkat Chandrasekar: “I am delighted to take up the position of COO of Al Rayan Bank, a role that aligns perfectly with my skill set, personality, and my desire to be deeply involved in business transformation. It’s an exciting time of evolution, both for the bank and the industry in general.

“Every bank wants to embrace the new digital age of banking, but I believe Al Rayan Bank is uniquely positioned to do so. It is not hampered by unwieldy processes and systems, it is a rapidly growing but agile organisation that can make decisions swiftly, it is investing in both the technology and experienced personnel, and, most importantly, it puts the customer at the heart of everything it does. It is only by truly understanding customers that banks can address their needs with the right products and services.”

Here’s Al Rayan’s quick video guide to Sharia-compliant funding: