Iqbal Khan is the banker who founded HSBC Amanah, the Islamic finance division of HSBC, and led it from 1998 to 2006. In 2009 he founded Fajr Capital, a private equity firm backed by sovereign investors from Abu Dhabi, Brunei, Malaysia and Saudi Arabia. His career shows how Islamic finance moved from niche banks into the mainstream of global finance, according to his Fajr Capital profile.
Quick facts: who is Iqbal Khan?
| Born | India, 1957 |
| Education | Aligarh Muslim University: MA in Political Science and International Relations, BSc in Physics and Chemistry |
| Known for | Founding CEO of HSBC Amanah (1998 to 2006); founder of Fajr Capital (2009) |
| Fajr Capital backers | Abu Dhabi Investment Council, Brunei Investment Agency, Khazanah Nasional, MASIC |
| Recognition | Euromoney Outstanding Contribution to Islamic Finance (2006); Royal Award for Islamic Finance (2012) |
What was his path into Islamic finance?
Khan studied at Aligarh Muslim University in India, taking a science degree and then a master’s in political science and international relations. His early banking career ran through Dean Witter, the International Investor Consulting Group in Bahrain and Citi Islamic Investment Bank, one of the first Islamic units set up by a large Western bank.
That mix is worth noting. He worked inside conventional investment banking and inside early Islamic structures at the same time, which gave him a view of both what global banks could offer and what Islamic finance clients actually needed.
What did he build at HSBC Amanah?
In 1998 HSBC set up Amanah as its global Islamic finance division and Khan became its founding chief executive. He ran it for eight years. The model was to offer Shariah-compliant products through the infrastructure of a global bank rather than through a standalone Islamic bank, so clients could reach Islamic products in many markets under one brand.
His work there earned him Euromoney’s Outstanding Contribution to Islamic Finance award in 2006, the year he left.
What is Fajr Capital?
Khan founded Fajr Capital in 2009 as a principal investment firm focused on Islamic markets. Its distinguishing feature is its shareholder base: the Abu Dhabi Investment Council, the Brunei Investment Agency, Malaysia’s sovereign fund Khazanah Nasional and the Saudi group MASIC. Khazanah took a 25 percent stake for 150 million US dollars, and the firm launched with roughly 700 million dollars of capital.
The firm invests its shareholders’ capital directly in businesses rather than lending or trading. Its leadership page lists Khan as its founder.
What other roles has he held?
Beyond his firms, Khan has advised governments including those of Brunei, Malaysia, Saudi Arabia, Singapore, the UAE and the UK on Islamic finance. He has also taken part in World Economic Forum work, where he is listed in the WEF people directory. In 2012 he received the Royal Award for Islamic Finance, presented in Malaysia, and he has also received a Lifetime Achievement Award presented by Sheikh Mohammed bin Rashid Al Maktoum.
Why does his career matter for Islamic finance?
His two ventures map two stages of the industry. HSBC Amanah showed that a global bank could distribute Islamic products at scale. Fajr Capital showed that sovereign funds from different Muslim-majority countries could pool capital into a single Islamic investment platform rather than acting separately.
For founders, the takeaway is about where Islamic finance capital comes from. Much of it sits with sovereign and quasi-sovereign investors, and Khan’s career is a long case study in how to work with them.
FAQ
Iqbal Khan was the founding chief executive of HSBC Amanah when HSBC launched it in 1998, and he led it until 2006.
Its backers include the Abu Dhabi Investment Council, the Brunei Investment Agency, Khazanah Nasional and MASIC.
Euromoney’s Outstanding Contribution to Islamic Finance award in 2006 and the Royal Award for Islamic Finance in 2012, among others.
Explore more people shaping Islamic finance in our Portraits section.
