Could you provide a brief journey of how you arrived where you are today?
After obtaining a B.Soc.Sc (Hons) degree at the University of Cape Town in South Africa, I completed a post graduate diploma in accounting and was admitted as a chartered accountant in South Africa. I am also a qualified chartered financial analyst. I started my career in financial services by working for Deloitte & Touche in London and South Africa. I then joined a prominent asset management firm in Cape Town where I worked in a senior position. I had a vision of providing Shariah compliant investment management services, and in 1997 I founded Oasis. Our products are subject to Financial Services Board regulations in South Africa, while our Irish operations are subject to the Irish Financial Services Regulatory Authority. I am a registered portfolio manager with the Financial Services Board and am a member of the Finance Minister’s Collective Investment Scheme Advisory Committee.
What does your role involve?
I am both CEO and chief investment officer (CIO) of the Oasis Group. As the CEO, working in conjunction with my board of directors, I am responsible for the strategic direction taken by the business and ensuring that our systems and processes are modern, effective and efficient. As the CIO, I am responsible for the functioning of our investment department to ensure that we achieve superior returns at lower than market risk when managing our clients’ assets.
What is your greatest achievement to date?
My greatest achievement was to start Oasis. That meant we could protect and grow the capital of our clients so that their living standards were transformed. For some clients, the prospect of retiring in penury has instead been turned into a reality where they can retire comfortably and enjoy little luxuries such as going on holiday. We have also had a beneficial impact on people who are not our clients, as our charitable trust has provided assistance to people in such places as Kosovo, the Asian tsunami countries and most recently Haiti, as well as in South Africa. I am very proud to have introduced Shariah compliant investment products to Muslims in South Africa, and we are continuing to broaden our range until all investment requirements have been met. This includes a project to deliver Shariah compliant long term insurance products, which is about to gain regulatory approval.
Which of your products/services deliver the best results?
We have a variety of products tailored to individual risk profiles and investment needs, so it is difficult to say at any one time which has the best performance. The best measure of our success is that we were the only South African asset management company that was in the Top Three for three consecutive years in the awards that recognize the stars of the collective investment or unit trust industry in the country. Our flagship Oasis Crescent Equity Fund has returned 1,303.3% in rand terms since inception in 1998 or 26% per annum, outperforming the benchmark, which grew by 516.5% or 17.3% per annum to the end of December 2009. Our global mutual fund has returned 103.6% (8.1% annualized) in US dollar terms to the end of December 2009 compared with a 9.8% decline over the same period (-1.1% annualized) for the Shariah compliant global equity funds benchmark.
What are the strengths of your business?
The main strength of our business is the strong ethical backbone on which it is built, and the way that this set of ethics is shared among the team at Oasis. This results in a sustainable business model with no debt and adequate capital to grow our business. Our most prized capital is the excellence of our people. This excellence is also reflected in our world class database system. Our rigorous asset selection process is also unique and ensures that we consistently achieve superior returns at lower than market risk.
What are the factors contributing to the success of your company?
The main factors are the dedication to our vision to provide first class investment products to both the Muslim and conventional markets that meet the highest regulatory standards. We have a dedication to client service, and the intellectual capital and world class operating systems to ensure consistent performance.
What are the obstacles faced in running your business today?
The major obstacle facing our industry currently is the shrinking in the savings pool after the 2008 crisis. This means that our retail clients remain risk averse despite the recovery in global equity markets during 2009.
Where do you see the Islamic finance industry in, say, the next five years or so?
In five years I see the industry as increasingly being part of the mainstream, offering superior returns to all people who want to invest in ethical products. There is a rising acceptance of Islamic finance products and we believe that with the Oasis product range we have a global brand.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see the elimination of “regulatory arbitrage”. If you offer a Shariah compliant product then that product should be held to the highest standard globally and there should be no attempts to accept less stringent standards. Much work has gone into the AAOIFI and IFSB guidelines and these should be adhered to. It is extremely short-sighted to try and adopt a less demanding process, as the end result will be a lack of public trust in the integrity of the products. At Oasis we have always been a firm proponent of setting and upholding the highest standards.