Could you provide a brief journey of how you arrived where you are today?
After studying Economics at King Abdulaziz University in Saudi Arabia, I joined the teaching team of the university in 1987 as a lecturer in Economics. I later continued my studies at Lancaster University Management School UK, where I successfully completed my MSc and PhD programs in Monetary Economics in 1998 and 2001 respectively. I then returned to King Abdulaziz University as an assistant professor and the head of the accounting department, before joining the National Commercial Bank as a senior strategic economist and chairman of the portfolio management committee. In 2005, I co-founded Gulf One Investment Bank and became the CEO.
What does your role involve?
My role involves providing visionary leadership, strategic orientation, and guidance in the bank’s decision-making process as well as raising the profile of the bank through effective communication with stakeholders, including shareholders, investors, employees, policy makers, media, knowledge hubs, and the local community.
What is your greatest achievement to date?
It is difficult to pick just one of my accomplishments because all of them are interconnected and linked to one objective of promoting a knowledge-based GCC economy that will be strong, competitive, productive, and prosperous enough to create long-term jobs and economic opportunities for all its people. To this end, I will say that my educational endeavour, culminating with the successful completion of my doctorate program, is the key to my subsequent achievements.
Which of your products/services deliver the best results?
All our products/services are contributing materially to the bank’s overall performance. We are making significant inroads in the financing of infrastructure projects, and we have pioneered advisory on the first ever Islamic financed public-private partnership on airport infrastructure (the Hajj Terminal at King Abdulaziz Airport in Jeddah.)
The strengths of the bank lie in its unique business model which is focused on knowledge-based, tailored-made solutions to investment banking. In addition, the bank has a distinctive high caliber investment banking team, comprising of competent, dedicated, experienced, and dynamic individuals with established track records in their fields from all corners of the globe.
What are the factors contributing to the success of your company?
The success of the bank hinges around its core strengths (unique business model and high quality staff), extensive network of relationships across the MENA region, strong links to international partners, and three fundamental values: independence, alignment of interests for the investors and the bank, and building regional capacity. By leveraging its knowledge, expertise, and regional/global networks, the bank provides customized solutions addressing the infrastructure deficit in the MENA region. The innovative financing mechanism employed by the bank makes a huge difference as it finances infrastructure projects across a wide range of sectors with high job and income multipliers.
What are the obstacles faced in running your business today?
The recent global financial crisis, the regional uprising, and the ongoing Eurozone debt crisis have all created uncertainty and eroded investor confidence, which is posing serious challenges not only to our own operations but also to project financing in general in the region. In the aftermath of such crises, enthusiasm for innovative financing mechanisms has waned, and investors are increasingly averse to putting money into unconventional financing instruments.
Where do you see the Islamic finance industry in the next five years?
The ethical nature of Islamic finance, grounded in the fundamental principles of assets-backed, interest-free transactions and the prohibition of speculative activities, encourages effective risk management and transparency, thereby shielding the industry from risks of financial distress associated with excessive leverage and speculative investments that have frustrated the conventional financial system.
Name one thing you would like to see change in the world of Islamic finance.
Harmonizing and simplifying the procedures of processing, approving and certifying Shariah compliant transactions will undoubtedly give a big boost to the Islamic finance industry.