Wahed creates a risk and audit department headed by industry veteran Umer Suleman

We are proud to announce the creation of a Risk and Audit Department, which will be headed by risk veteran and General Manager of Wahed’s UK operations, Umer Suleman. 

Suleman has a wealth of experience and a proven track record of over 15 years of regulatory, risk, and strategy consultancy roles. During his seven years at HSBC, he oversaw the risk management and expansion of the bank from 9 countries to 25 in just one year, ensuring that all locations adopted the Global Standards of Financial Crime Compliance. 

In his new role, Suleman’s responsibilities will include managing Wahed’s risks, deploying appropriate risk-transfer strategies, and working with the Compliance Department on international regulations and financial policies. 

“Creating a dedicated risk function is a strong indication of growth and sophistication, as Wahed manages the complex and often interconnected risk parameters of its various operations across different jurisdictions,” said Musa Abdul-Basser, Chief Legal Officer & Global General Counsel at Wahed. “With Umer’s qualifications and experience, he was the natural choice to head our risk operations.”

As Chief Control Officer and Chief Risk Officer for various global organisations, Suleman implemented fit-for-purpose risk frameworks throughout his career in traditional and digital financial services. He has also earned qualifications at the postgraduate level in governance, risk, and compliance. This experience, coupled with his commitment to lead an ethically-focused fintech, makes him an ideal leader for this critical role. 

“I look forward to leading this new team and implementing a ‘3 Lines of Defence’ risk management model that provides structure around internal controls and compliance. It’s important that this structure reflects the global nature of our business today but can also be adapted as we continue to scale. We need to have flexibility in the way we manage our risks to reflect the changing nature of the organisational environment and diversity of users, without compromising on our key risks.” said Umer Suleman, Global Risk and Audit Department Head at Wahed.


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