Barclays Finance Chief Resigns Earlier on Health Reasons

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August 19, 2013 by apicomely

Ethica Launches Master Class Series to Teach AAOIFI’s Islamic Finance Standards

15, when Tushar Morzaria, 44, will take over the post . Whilst I am saddened that his health has forced this decision on him sooner than either of us would have wished, I respect his decision and wish him well in the future, Barclays Chairman David Walker said in the statement. He has successfully navigated Barclayss finances through one of the most difficult periods in its history. Lucas, the last of former Chief Executive Officer Robert Diamond s senior managers to depart, is leaving ahead of a planned 5.8 billion-pound ($9 billion) rights offering, which stands to be the biggest by a U.K. bank since Lloyds Banking Group Plc (LLOY) s 13.5 billion-pound sale in 2009. CEO Antony Jenkins , 52, is selling the shares after financial regulators identified a 12.8 billion-pound capital hole at the bank.

Barclays CFO Chris Lucas

AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions and the de facto standard in 90% of the world’s Islamic finance jurisdictions. Ethica’s spokesperson said, “Professionals want practical knowledge, not theory. Learning AAOIFI standards from a practitioner who has years of experience of actually working inside an Islamic financial institution gives one an immense advantage over untrained and uncertified peers. Competition for the fewer jobs available in the current Islamic finance market means that we are seeing more professionals turn to institutes for practical knowledge, certification, and career advancement.” The Dubai-based institute’s clients include large institutions like Mashreq Bank which trained 1,000 employees using Ethica, Abu Dhabi Islamic Bank, and La Trobe University.

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