Could you provide a brief journey of how you arrived where you are today?
With several years of experience in conventional banking, I was asked to become head of Islamic finance at Lloyds TSB Bank. I developed and implemented a three-phase growth strategy to take the business to the next level of its evolution. After making a number of changes to the organizational structure, operating model and distribution channels, the business began to grow significantly, doubling in size in its first full year post-changes. I then joined Principle Insurance Holdings, the parent company behind Salaam Halal insurance. As the strategic development director, I was involved with the launch of the home Takaful product, the increase in distribution channels, the brand diversification, the placement of new outsourcing arrangements and the overseas expansion in Europe and the GCC. In addition I provided internal Shariah governance as well as risk and compliance oversight.
As the only person in the UK with executive level experience in both Islamic banking and Takaful, I formed Ijma & Qiyas as a niche management consultancy firm to put this expertise to good use and help grow the Islamic finance industry. Working with some of the leading practitioners in the UK and a global support network, Ijma & Qiyas is well placed as an Islamic finance business partner.
What does your role involve?
I work with financial institutions to help improve operating efficiency, develop new products, improve the customer journey/customer experience, help develop a growth strategy — all competencies which are needed by Islamic and conventional institutions. In addition and specifically for the Islamic institutions, I ensure that regulatory compliance is met and Shariah governance is prevalent within the organization.
What is your greatest achievement to date?
Ijma & Qiyas has worked with some of the biggest institutions and we see each project as a great achievement as it means we are supporting the growth of the Islamic finance industry when it is in its infancy. It is in years to come that, Insha Allah, we hope to look back with a sense of pride and say we helped in the initial development of Islamic finance — and look how the industry has grown!
Which of your products/services deliver the best results?
Reviewing a client’s customer journey/customer experience can be eye-opening for the client as it really highlights bottlenecks and how the business can improve and grow significantly. Also, our Shariah compliance and governance services are helpful to banking institutions as it helps them understand and manage risk from a regulatory perspective as well as the new requirements under Basel II.
What are the strengths of your business?
By understanding the operating and business models of a conventional financial institution, we are able to advise our clients on the changes needed to provide Islamic products that can compete with the conventional ones.
What are the factors contributing to the success of your company?
Ijma & Qiyas is regarded as an Islamic finance business partner to institutions, not just as a consultancy house. Our clients’ challenges are equally our challenges and we work to resolve them together.
What are the obstacles faced in running your business today?
In the aftermath of the difficult economic climate of 2008/9, financial institutions are being faced with new regulatory requirements that they must comply with. This leaves the Islamic finance industry with an engagement problem as institutions are focusing on implementing changes due to regulatory requirements before engaging with a new segment and launching new products.
Where do you see the Islamic finance industry in, say, the next five years or so?
Notwithstanding the difficulties of the economic climate, I see the global growth continuing but at a faster pace. The Muslim population continues to grow at a pace all around the world and at the same time, the understanding of Islamic finance is growing worldwide.
The retail customer base will grow the banks’ liabilities balance sheet and investment funds, which will lead to growth in capital markets products and investment products. Further engagement by AAOIFI and IFSB with IASB will continue to improve understanding and standardization across the world. So in summary, the faster the engagement at the retail level, the faster the industry will grow.
Name one thing you would like to see change in the world of Islamic finance.
Islamic nations should only offer Islamic finance products and not a mix of conventional and Islamic products. This will help the industry grow more than any other single action as all global institutions would then have to develop an Islamic finance capability within their organization.
In addition, and one could argue more importantly, this single action could help promote the ethical nature of Islam itself, thereby giving it a positive standpoint around the globe. The ethical nature of the human-to-human interactions promoted by Shariah is critically visible in Islamic finance. As Muslims, we should always remind ourselves of this and that we are advocates of not only Islamic finance, but Islam itself.