CIMB Islamic Bank CEO resigns

Badlisyah Abdul Ghani will resign as CEO of CIMB Islamic Bank effective Aug 15, CIMB Group Holdings Bhd announced Tuesday.

CIMB Islamic Bank in a filing to Bursa Malaysia said Mohd Shafri Shahul Hamid has been elected as the person-in-charge of the bank.

The board of CIMB Islamic Bank has also agreed for the group nomination and remuneration committee to start the process to identify the next CEO for the bank.

"We respect Badlisyah's decision," CIMB Islamic Bank chairman, Datuk Dr Syed Muhammad Syed A Kadir said.

In a recent Facebook posting, Badlisyah had claimed that banking documents released by the Wall Street Journal (WSJ) allegedly showing 1Malaysia Development Berhad (1MDB) funds going into Prime Minister Datuk Seri Najib Razak's personal accounts were false.

The WSJ report claimed that the transactions amounted to US$700 million (RM2.6 billion).

Badlisyah had also claimed that the Swift code in the document did not match the Wells Fargo Bank's original copy.

Subsequently, Badlisyah admitted his analysis was wrong and what he posted on his Facebook page was his personal opinion.

CIMB Group chairman Datuk Seri Nazir Razak apologised on his behalf in an Instagram post on July 8, and had said Badlisyah should have reserved his comments

Nazir added that an internal inquiry on the matter would be conducted by the bank.