Name: |
Muhammad Shoaib Ibrahim
Managing director and CEO First Habib Modaraba Karachi, Pakistan 46 Pakistani |
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Could you provide a brief journey of how you arrived where you are today? What does your role involve? What is your greatest achievement to date? The business of FHM has always been backed by valuable expertise in the field of fund management. My biggest achievement is that I am attached with the Habib Group. At present, FHM has the highest equity and assets size in the Mudarabah sector in Pakistan. During my tenure as chairman of the Modaraba Association of Pakistan, the Mudarabah sector was allowed several new Shariah compliant products. Three previous model agreements were replaced with a new one in accordance with prevailing market practices after a gap of almost 20 years. The religious board had also granted permission for insertion of the words “an Islamic financial institution” below the name Mudarabah. Which of your products / services deliver the best results? What are the strengths of your business? What are the factors contributing to the success of your company? Our broader policy objectives are to create value for certificate holders on a sustainable basis, to maintain high asset quality, and to follow good governance and best business practices. High quality customer service is an integral part of our philosophy. The main components of the success are excellent teamwork across all levels.
What are the obstacles faced in running your business today? High lending rates also slow down credit demand and are impeding the growth of the industry and financial services. Accordingly, the heightened credit risk transpired in significant increase in non-performing financing which are associated with weak asset quality indicators.
Where do you see the Islamic finance industry in, say, the next five years or so? Pakistan’s investment scenario is fast taking a new direction particularly in Islamic finance. Businesses and individuals are looking for new ‘riba-free’ Islamic ways of investment and financing. With this development, I would safely say that in the next five years, the growth of the Islamic finance industry will be manifold particularly in Pakistan.
Name one thing you would like to see change in the world of Islamic finance. |