Managing Director & CEO
Mufaddal Khumri is a seasoned Islamic Banker with more than 25 years of commercial banking experience that covers Business Strategy, Digital & Technology, Corporate Banking, Retail Banking and Wealth Management, Payments, Treasury and Risk functions. He has established and headed two Islamic Banking Windows in United Arab Emirates (UAE) for Abu Dhabi Commercial Bank (UAE’s third largest commercial bank) and for National Bank of Ras Al Khaimah (UAE’s leading SME and payments bank). He started his career with ICICI Bank Ltd, India’s second largest private sector Bank as Management Trainee in 1997. Prior to becoming a Banker, he was a columnist for Business Standard, a financial newspaper in India.
During his work tenure in UAE, he also launched two Islamic Finance Companies in UAE, with a combined capital base of USD 162 million. Among these companies, he served as Managing Director of Abu Dhabi Commercial Islamic Finance (ADCIF). Whilst at ADCB, he has handled the India Millenium Deposit portfolio of USD 1 Billion. Additionally, he has worked extensively for the IPO Business in UAE handling more than 20 large IPOs wherein ADCB collected more than AED Billions of subscriptions including leverage investments. The Islamic business at ADCB was more than USD 6 Billion.
Prior to joining MIB, Mufaddal was the Head of Retail Business in UAE for Saudi National Bank, Saudi Arabia’s largest Bank, based out of Dubai, UAE. In National Bank of Ras Al Khaimah, he also served as Director of Retail Banking & Payments Business, which was in addition to his responsibility as Head of Islamic Banking which included the SME and Corporate Banking portfolio. The Retail business in National Bank of Ras Al Khaimah had a gross revenue of more than USD 700 Million.
Whilst at ICICI Bank played a key role in furthering the Non-Resident Indian Business. He was deputed to the Middle East in early 2000 where he worked with banking partners across all GCC countries for remittances, payments, and investments. He was instrumental in setting up money2india remittance portal and creating alliances with banks and exchange houses across GCC to facilitate staff deputation and strategic alliances.
Mufaddal has obtained master’s in management studies and Bachelor of Commerce from the University of Mumbai. He has also completed Fintech course from University of Oxford, UK and attended various Islamic Finance seminars and forums as a speaker.
Mufaddal held representations in the UAE Banking Federation (UBF), Islamic & Retail Banking Committee. He also held membership status in Islamic Finance Advisory Council at Dubai International Finance Centre. He regularly speaks at Banking forums and seminars across various verticals. He regularly writes for Islamic Finance publications and has co-authored a book” Assassinations that altered the course of history” published by Magna Publishing Company. He occasionally posts his thoughts on mkhumri.com, albeit not regularly.
He is an enthusiastic extrovert and loves being amongst people. A team player to the core, he is a strong proponent for inclusivity at work and loves working with a cross section of people across various ethnicities, nationalities, and skill sets. He has an intrinsic love for gastronomy and the culinary arts. He is a bibliophile at heart, overtly dedicated to books and enjoys being immersed in classical music and Urdu poetry.
