KUALA LUMPUR (Sept 26): Izad Sallehuddin has been appointed chief executive officer and non-independent executive director of Principal Islamic Asset Management Sdn Bhd, a joint-venture between Nasdaq-listed Principal Financial Group and CIMB Group Holdings Bhd.

In a statement on Tuesday, Principal said Izad will be responsible for driving business growth and overseeing Principal Islamic's business strategy, operations and product development.

Izad has over 15 years under his belt working in leading global financial institutions such as UBS and Citigroup.

“Prior to joining Principal, he was chief operating officer at Omesti Bhd. He has a successful track record in managing fundraising activities, as well as managing and rehabilitating assets of government-linked companies.

“He was formerly an independent non-executive director of AmIslamic Funds Management Sdn Bhd and also served on the investment committees of AmFunds Management Bhd and AmIslamic Funds Management Sdn Bhd,” the financial services company said.

It noted that he has also held key leadership positions, including as CEO of Urusharta Jamaah Sdn Bhd and chief investment officer of Penjana Kapital Sdn Bhd.

Izad served as CEO of Urusharta Jamaah between April 2019 and July 2020.

As of August 2023, Principal’s global Islamic business assets under management stood at approximately US$6.95 billion (RM32.6 billion).