Could you provide a brief journey of how you arrived where you are today?
Personally, the invitation came in 2006 with an offer to refresh and extend the frontiers of talent and business development in Islamic finance — an offer so challenging that I could not refuse. Organizationally, the Islamic Banking and Finance Institute Malaysia (IBFIM) already had the talents for Islamic finance training, consultancy and Shariah advisory. What was needed was a strategic direction. I thank my predecessor for the good groundwork.
What does your role involve?
The CEO plans strategically, assembles the products and services, motivates the team and sees the execution through. Internalization of the mission is critical. IBFIM’s mission manifests the two ‘Ds’ — Dakwah and dollars. Dakwah means to disseminate knowledge in Islamic finance; while dollars are to elevate the economic prowess of the Muslim world. That has been proven to explain IBFIM’s successful ventures into training, consultancy, Shariah advisory, and knowledge management in Islamic finance sub-sectors in relation to banking, Takaful, capital markets, and wealth management.
Innovations in training and services, and penetrating unlikely places with different systems and beliefs, even in war-torn countries.
Which of your products/services deliver the best results?
Measured in terms of impact on clients rather than on our bottom line, results are equally distributed among all our branches of services. In terms of quantum of works across sub-sectors, it is heavy in banking and capital markets, light in Takaful which comparatively mirrors its relative expansion and penetration rate, but growing in wealth management.
What are the strengths of your business?
People and processes are our strengths. IBFIM serves the industry and the regulators. It has to recruit experienced practitioners for credibility. IBFIM is continually improving its processes with industry quality assurance mechanisms along the way. Our stock-screening methodology is best practice.
What are the factors contributing to the success of your company?
IBFIM’s purpose of being (among others) is to serve its stakeholders. We attribute our success to the recognition and support of the regulators, particularly Bank Negara Malaysia; the industry; and the Malaysia International Islamic Financial Centre. We also thank foreign regulatory bodies, business entities and strategic partners. We are also actively looking for partners in foreign markets.
What are the obstacles faced in running your business today?
I wish I could afford to hire more foreign and local retired practitioners or industry captains, to be with us in going global.
Where do you see the Islamic finance industry in the next five years?
Essentially, there are three forces at work. Institutions practicing dual finance will fervently continue to treat dualism as a strategy. I must admit that this brings the desired commercial results and competitive edge, particularly to corporations. The second force is to practice separate finance, and this will also continue — albeit with constant performance checks against the former. The third force is to take a stand in purified finance, benchmarked only against themselves. All three trends will help increase awareness on Islamic finance.
Name one thing you would like to see change in the world of Islamic finance.
It is not far-fetched to ask for a new paradigm of Islamic finance, fusing with Islamic economics and Islamic entrepreneurship, and being put to practice. I would like to see a refreshed role definition of the Baitulmal in this new scheme of Islamic finance practice. With this new paradigm, perhaps the pursuance of Maqasid of Shariah will become clearer.