Could you provide a brief journey of how you arrived where you are today?
I always wanted to be an astro-physicist but the economics and practicalities of life made me a banker instead. I started my career with Citibank in Pakistan and then worked in different positions in Greece, Belgium, the USA, Turkey and the UK. I also took a brief detour to work for Bank of America in London as managing director for non-bank financial institutions. Dubai’s reputation attracted me as the place to be, and when I learned about the Dubai International Financial Center (DIFC) value proposition, making the career switch was easier. I am now almost three years into my current position and think of my achievements as only the beginning of the longer journey. DIFC is still in the making, but in a few years’ time it will complement the financial centers of Singapore, London and New York.
What does your role involve?
My mandate is to sell DIFC value proposition for Islamic finance to Islamic financial institutions and to attract them to establish a presence in the center. Since the Islamic finance industry itself is nascent, I am concurrently involved with industry infrastructure building initiatives through the Islamic Finance Advisory Council, which was set up to provide strategy and guidelines to strengthen the industry, products and markets through the DIFC.
What is your greatest achievement to date?
Imparting knowledge, training and developing people around me has always been my personal goal in life. My greatest achievement, therefore, has been to help my staff get up the curve fast and become leaders in their field.
Which of your products/services deliver the best results?
The establishment of our securities exchange – Dubai International Financial Exchange (DIFX) – has boosted the capital market value proposition of DIFC tremendously. We believe that the start of Dubai Mercantile Exchange (DME) will help raise the DIFC profile even further. Also, our regulator the Dubai Financial Services Authority (DFSA) has given DIFC the competitive edge and the distinguishing brand image through its laws, rules and regulations, which are comparable to international standards.
What are the strengths of your business?
Our main strength is based on the 100% support and commitment from Sheikh Mohammed Bin Rashid Al Maktoum, prime minister and vice-president of the UAE and ruler of Dubai, and also the president of DIFC. The creation of DIFC is embedded in the federal laws of the country, after necessary amendments to the constitution of the UAE were made. The diverse and multinational staff which make DIFC what it is today represent the core strength of our institution.
What are the factors contributing to the success of your company?
DIFC provides a common law based jurisdiction (choice of international business) in a region dominated by civil law. Our civil and commercial laws are distinctly different from UAE laws and, therefore, we also provide an independent court system within the DIFC. 100% foreign ownership and a 0% tax holiday for 50 years (renewable) are also important factors attracting foreign companies to establish a presence in the DIFC.
What are the obstacles faced in running your business today?
Obstacles can be redefined as challenges. We face several challenges spanning competitive pressures, resource constraints and a lack of pragmatism when faced by pressure to achieve short-term goals.
Where do you see the Islamic finance industry, maybe in the next five years?
Definitely not where it is today! I believe that Islamic finance has taken off and will achieve new heights within the next five years. We will see a more mature Islamic banking sector; further growth of Takaful and re-Takaful business; and, best of all, the growth and development of Islamic capital markets. I believe that Sukuk will play an important role going forward and derivative-based products will find their way successfully into Islamic finance over this time period.
Name one thing you would like to see change in the world of Islamic finance?
The notion that Islamic finance is for charitable and religious causes only. Islamic finance is a brand within the conventional finance world and provides Shariah compliant products and services for the purpose of earning competitive returns for its shareholders.
The DIFC is the world’s newest international financial centre. It aims to develop the same stature as New York, London and Hong Kong. It primarily serves the vast region between Western Europe and East Asia.
Since it opened in September 2004, the DIFC has attracted high calibre firms from around the globe as well as its region. A world-class stock exchange, the DIFX, opened in the DIFC in September 2005.
The vision of the DIFC is to shape tomorrow’s financial map as a global gateway for capital and investment.
The mission of the DIFC is to be a catalyst for regional economic growth, development and diversification by positioning the DIFC as a globally recognized financial centre.