Ahmad Bassam’s role as CEO of Noriba Investing includes acquiring a broker-dealer/investment bank in the US and converting it into a fully Shariah compliant firm.
Could you provide a brief journey of how you arrived where you are today?
Although it seems like a long journey, it was just two years ago when the idea of creating a Shariah compliant ‘etrade’ for retail investors came to my mind.
At the time I was doing some consulting work in Central Asia and the Middle East. Having some experience in Islamic finance, I noticed a frustrating problem—Muslim investors are always having to compromise on their values when it comes to investing.
Shariah compliant investing seemed to be only available to the ultra-wealthy and not readily accessible to everyone else.
I knew that the time had come to democratize Islamic finance and the best place to start was in the US. I shared the idea with a colleague at the time, Zeina Zeitouni, the vice-president of development at my previous firm, who was working on creating the first Islamic housing finance program for Afghanistan and she was immediately intrigued by the concept.
Since then, she joined the team and became a founding member and the head of marketing for what is now Noriba Investing. Within a month of that initial meeting, we put our thoughts together and within three months made the move back to Los Angeles to establish the brokerage, and the rest is history.
What does your role involve?
My role has included everything from acquiring a broker-dealer/investment bank in the US and converting it into a fully Shariah compliant firm to establishing key strategic partnerships and alliances, capital raising and signing joint ventures to business development.
What is your greatest achievement to date?
Our greatest achievement to date is the ability to build a strong foundation and survive and launch in a tough environment.
We are operating in a highly complex and regulated space of financial services and have managed to maintain a start-up attitude that is focused on innovation and customer advocacy throughout it all.
I am proud to say that we are here for every investor big or small who seeks to invest in a Shariah compliant manner.
We started with very little capital and were able to acquire an investment bank, hire a Shariah board, develop proprietary technology and build a stellar team.
Which of your products/services deliver the best results?
Our online investment platform designed for retail investors has generated the most interest globally. This is the first online Halal trading platform serving both retail and institutional investors.
Our focus is to consistently meet and adapt to the needs of our customers.
What are the strengths of your business?
Our team and our clients. They have and will continue to lead our success and growth in the future.
What are the factors contributing to the success of your company?
We could not do this without the dedication and perseverance of our team and the passion and confidence of our clients and shareholders in our mission and purpose.
What are the obstacles faced in running your business today?
We face obstacles that stem from regulatory issues to lack of products for retail investors. The biggest obstacle that the Islamic finance industry shares is the lack of attention to the retail investor.
Any bank, any small or big investment firm, will take the time to create great Shariah compliant products for their high net worth (HNW) clients, but does not give the time of day to the retail investors.
Where do you see the Islamic finance industry in the next five years?
I can’t tell you exactly where the Islamic finance industry will be in five years, but I believe Noriba Investing will be one of the largest Shariah compliant securities platforms in the world.
Our current partnerships allow us to offer access to over 80 market destinations in over 19 countries around the world.
Our clients can trade from Tokyo to London, from China to Belgium and from Hong Kong to New York.
Name one thing you would like to see change in the world of Islamic finance.
More focus on the retail clients around the globe. Retail clients’ investment and religious needs are similar to HNW clients.