The Islamic Bank of Asia, the Islamic banking affiliate of Singapore-based DBS Bank, has strengthened its Asia and Middle East businesses with two senior appointments.

Harish Parameswar joins as managing director and head of investment banking based in Singapore. Parameswar most recently served as founder and managing director of Beacon Advisory International, a corporate finance advisory and private equity firm that targets emerging markets. Before that, he was managing director at Lazard Asia and also served various corporate finance positions at Deutsche Bank and Jardine Fleming in Singapore and India.

In this new role, he will oversee the expansion of the bank's investment banking business in Asia, which includes private equity, advisory, private placement and capital market activities.

Saleh Al Nashwan joins as chief representative for IB Asia's representative office in Bahrain, where he will lead the regional office and coverage of the firm's shareholder and client base across the Gulf Cooperation Council countries. He will work closely with the Singapore head office.

Prior to this post, Al Nashwan was the chairman of MECAP Consultancy and founder and chief executive of Maalem Holding, an investment holding company. He has also assumed senior positions in major institutions in the Gulf area, including Addax Investment Bank, Gulf Finance House and Saudi American Bank. He currently serves as a non-executive director of Nass Corporation, a Bahraini public joint stock firm. 

"[The appointments] reflect our commitment to deliver a first-class Shariah compliant merchant banking platform servicing Asia and the Middle East. Strong client coverage across both regions is essential for us to fully capture our business opportunity," said Toby OConnor, chief executive of IB Asia. 

The Islamic Bank of Asia was incorporated in 2007 with DBS Bank and prominent shareholder investors from GCC countries to strengthen Islamic banking opportunities between Asia and the Middle East. IB Asia operates as a subsidiary of DBS Bank, which owns a 60 per cent stake in the firm.