Amana Capital parts ways with Ahmad Khatib, taps Muhammad Rasoul as CEO

abdelaziz Fathi

Amana Capital, the UAE-based FX and CFDs broker, has looked overseas in making its newest senior appointment, tapping industry veteran Muhammad Rasoul as its chief executive officer.

Rasoul is replacing Ahmad Khatib, who has led the Middle East-focused broker since its inception back in 2010. Mr. Khatib is stepping down for “personal reasons” and will stay on in an advisory role to ensure a seamless leadership transition, the company said.

Ahmad Khatib is parting ways with his dual position as CEO of Amana Capital and Executive Director of 180 Capital. ‎The latter is a holding company that incorporates Amana Capital, Centroid Solutions, and ‎‎514 Capital Partners which are regulated across four jurisdictions in the UK, Dubai, Cyprus and Lebanon. The three brands announced their transformational plan to unite their ‎operations back in December 2017.

Khatib has originally started his career in 1998 as an auditor with KSA-based Arthur Andersen, then joined Arab Bank in Dubai. Other stops include assuming the position of CFO of Dubai TV, CEO of Orion Holding, and also hosted a show called “Bayn Alarkam” on CNBC Arabia.

“As part of the search committee to select a new CEO, I was thoroughly impressed by Muhammad’s industry acumen and approachable persona. Although stepping down from Amana Capital as CEO – an organization that has been my family for over a decade – was a very difficult decision, Muhammad is ideal to navigate Amana Capital through the coming years. I personally look forward to working closely with him,” said outgoing CEO Ahmad Khatib.

The appointment to Amana CEO caps off an impressive career for the New York-based executive, who has more than 25 years of leadership experience in both retail and institutional brokerage industries, with a strong background in forex, futures and OTC derivatives trading.

Previously, Muhammad was CEO at ACM Group Limited (known in the industry as ‘Alpha’).  In 2020, he left the business after it was acquired by Playtech and rebranded as TradeTech, ending a four-year tenure with the company that offers bespoke risk management and trading solutions to B2B clients.

“It is an extremely exciting time for the industry around the globe, but none more so than in the Middle East. I want to thank the founders and Ahmad for their support and their confidence in my capabilities, and not only do I look forward to my new role at Amana Capital and meeting everyone in the organization in person, but to calling Dubai home,” said Muhammad Rasoul.

Prior to his role at Playtech’s financials division, Muhammad had been an instrumental force at GAIN Capital for nearly four years, having joined the broker in May 2012. Over the course of his tenure he has helped promote and strengthen GAIN’s influence across its global business lines.

Under his reign, the US-listed broker has made a number of splashes in the FX industry, including its landmark acquisition of UK spread better and CFDs broker City Index for $118 million.

During his tenure with GAIN Capital, he was responsible for the vision, development and execution of the company’s product strategy across all business lines. Rasoul also led the firm’s institutional business development function, including GAIN GTX and retail partnerships.

Prior to joining GAIN Capital in 2012, he served as the Chief Operating Officer and Executive Vice President of GFT Markets for 16 years, dating back to 1996.

“We are thrilled that Muhammad will be joining the Amana Capital family, and are confident that his plethora of industry experience will prove to be very valuable for the brand as we push forward with our growth trajectory. We also want to thank Ahmad for his dedication and exemplary leadership over his 11 years that made Amana Capital the regional leader it is today,” said Karim Farra and Ziad Aboujeb, co-founders of Amana Capital.

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