Could you provide a brief journey of how you arrived where you are today?
I have gained a wide range of experience in many parts of the globe to bring to my current role. This includes both executive appointments in the UK (Nestle), South Africa (Anglovaal) and Australia (Elders IXL) and financial advisory roles in Asia (China, Indonesia, India and the Philippines), South America (Brazil, Argentina, Ecuador and Uruguay) as well as North America and Western Europe. I joined Westminster International Consultants as chief operating officer (based in Riyadh and London) before assuming the present post.
What does your role involve?
Gulf Advisors is licensed by the Capital Market Authority (CMA) to provide advising and arranging services in Saudi Arabia. We have a growing list of clients, both across the Gulf Cooperation Council (GCC) region and in Western Europe. I have two key roles. Firstly, I identify the way forward for the organization so that together we can continue to grow the business in a sustainable manner, meeting the needs of our clients and providing excellent returns to our shareholders. Secondly, I provide ongoing mentoring and support to our team of advisory experts, helping them meet and exceed the needs of all our clients in their activities.
What is your greatest achievement to date?
If I look at my professional life then I can say that it has always been about envisioning client needs, improving understanding of the challenges they face and identifying solutions that uniquely fit their business objectives. It is very important to realize that no matter how brilliantly any mandate had been executed in the past, it can always be improved further. This quest for improvement drives us all forward to achieve new levels of excellence. With this in mind, my greatest achievements will always be embracing change in the drive for continuous improvement.
Which of your products/services deliver the best results?
Our goal is to always add value to our clients’ business by providing them with clear, easy to understand, unbiased and totally professional financial and business advice. Currently, our mandates often require us to assist clients to analyze and restructure their existing business operations so that they can achieve long-term sustainability. We also assist them in raising Shariah compliant funds for both their new business ventures and for the expansion of their current operations. In addition, we are assisting some of the family controlled enterprises in the kingdom to corporatize their businesses, acting as their lead manager and financial advisor for their initial public offering.
What are the strengths of your business?
We only provide totally bespoke services that are targeted to meet the specific needs of our clients. Our team members work together in a collegiate environment that reviews their recommendations so that together we exceed the expectations of our clients. The goal is always to add value to our client’s business.
What are the factors contributing to the success of your company?
As with any financial consulting group, it is the members of our team who envision solutions that create success for our clients. We are fortunate to have Dr Said Saad Al-Martan, a founder of Islamic banking in the GCC, as our chairman. In addition, we have both local and international experts who together bring a wide range of skills and expertise to the business. We ensure that every team member maintains a central focus on making our clients successful. It is this focus that makes us successful.
What are the obstacles faced in running your business today?
One of the key challenges is expanding our already highly skilled advisory team. We are always seeking to attract top-level professional advisers of all ages who have the knowledge and skill to add value to our clients’ business.
Where do you see the Islamic finance industry in, say, the next five years?
The Islamic finance industry has come a long way in a relatively short timeframe. Many traditional commercial banking operations now include some Shariah compliant features. The risk sharing model has much to recommend it to a wide range of investors; although there is little substantive and informed discussion on the risks and benefits of adopting such a model. In a time of financial turmoil in international markets, Islamic finance and banking offer a structure of sound and ethical banking practices without reliance on complex financial derivatives. One question that may be clarified in the next period is whether Islamic finance will soon become a mainstream orthodoxy, with globally accepted standards, or will it remain a more boutique solution applicable in specialized market segments.
Name one thing you would like to see change in the world of Islamic finance?
The industry probably needs internationally agreed standards, formal measurement techniques and globally recognized enforcement systems. To achieve this goal requires the training of additional Shariah scholars who are confident not just in Arabic but also in a wide range of international languages. At this time, there is a global shortage of such scholars. For Islamic finance and banking to grow to its full potential requires greater emphasis on the education and training of a wide range of experts in both finance and Islamic law.