Could you provide a brief journey of how you arrived where you are today?
I started my career in the Central Bank of Jordan, and then moved to the Housing Bank for Trade and Finance in Jordan. I participated in the establishment of this bank in 1973, where I had numerous positions in the bank in various aspects of the banking business. I became the general manager and a member of the bank’s board of directors from 1997 until April 2004. During my career at the Housing Bank for Trade and Finance as a general manager, I led the development and modernization process, including in the banking, investment and the financial sectors. In 2004, I established Al-Ameen Company for Studies & Consultations in banking and finance and was also responsible for establishing Syria International Islamic Bank (SIIB). In 2007, I became the CEO of the bank.
What does your role involve?
Under my leadership, SIIB has achieved an extraordinary growth through its global leadership role in the Islamic debt capital markets and its ability to cross new frontiers in Islamic corporate finance and launch a range of innovative retail products and services.
What is your greatest achievement to date?
Special attention was paid to making products more transparent and providing services to vulnerable groups. In addition, SIIB drew up policies for financing which helped the various sectors to be more sustainable. The bank achieved in the first half of year 2011 profits of SYP576 million (US$11.6 million) before tax, increasing by over 52% compared with mid-2010, and profits after the deduction of tax about SYP440 million (US$8.9 million) with a growth rate of 50.6% over the same period in 2010. These results reinforce the bank’s position within the Syrian banking sector and its ability to continue to achieve more positive results in the upcoming years.
Which of your products/services deliver the best results?
I think that in comparison with the products provided by other banks in the Syrian market, all of our products provide outstanding results within the private banking sector.
The Syrian International Islamic Bank focuses its business strategy on a very important rule which is to meet the financing requirements of the various economic sectors. We also focus on exploring investment opportunities in the various economic sectors. Our investments are based on a wise analysis of these sectors including their growth, development, the expected future performance and contribution to the economic performance.
What are the factors contributing to the success of your company?
One of the factors is the internal business environment in Syria, where most Syrians prefer to deal under the umbrella of Shariah in their financial businesses.
What are the obstacles faced in running your business today?
The progress of our bank is going well and this is due to the substantial support provided by the board of directors and great efforts by the bank staff.
Where do you see the Islamic finance industry in the next five years?
The growth of Islamic finance is promising but it still rests on building an effective system. The Islamic finance industry is gaining greater confidence in the global financial system, especially after the global financial crisis, which has contributed to the increase of demand for services and Islamic financial products. Islamic banks have been able to prove their ability to attract savings and meet the needs of customers.
Name one thing you would like to see change in the world of Islamic finance.
I hope that the way people look at Islamic banks as charity institutions will change, as they are financial institutions aimed at generating profits according to Islamic laws.