Could you provide a brief journey of how you arrived where you are today?
I started my career with Mashreqbank, Colombo (formerly known as Bank of Oman), as a banking assistant in 1990 and then joined Amana Investments. In 2005 I joined People’s Leasing Company to set up the Islamic finance unit. I am currently the senior manager and head of the Islamic unit.
What does your role involve?
I am responsible for developing viable business values, propositions and solutions to operate the unit as a separate strategic business. I also established the company’s Shariah supervisory board.
Furthermore, I recruited and trained the staff to better cater for the community.
What is your greatest achivement to date?
With the introduction of Islamic finance by People’s Leasing Company in 2005, it was a privilege to expand the Islamic banking concept in Sri Lanka to other conventional institutions as well. When People’s Leasing’s Islamic unit came into operation, Islamic finance was new in Sri Lanka. As a leader in the market, it was a success for me as all the other institutions were keen to follow us by seeing the profitability and the growth potential of this segment under our distinctive strategies.
Which of your products / services deliver the best results?
Our product range includes Murabahah, Mudarabah, diminishing Musharakah and Ijarah. Products like the Ijarah and vehicle Murabahah account for the highest proportion of our total portfolio. There are other products like the fixed Mudarabah investment and Mudarabah savings account for minors and senior citizens. We also offer Wakalah transactions to meet working capital financing needs.
What are the strengths of your business?
We have dedicated staff and the strong support of our parent company, People’s Leasing Company. At People’s Leasing, we transact with retail as well as corporate customers. Our credit approval is quicker that others in the industry and we cater to all segments of the society.
What are the factors contributing to the success of your company?
To win the game, it is not adequate just to know the rules; one should know to play it better than anyone else. Our Islamic unit is backed by a highly competent and experienced team of professionals and a Shariah supervisory board truly committed to developing the concept and capable of structuring Islamic facilities.
An increase in new entrants has made the competition more vigilant and the dynamic environment has made it more challenging.
What are the obstacles faced in running your business today?
Some of the obstacles include finding suitable experienced staff in Islamic finance and also the dearth of in-house Shariah advisors. We have also encountered some problems with regards to the legal and tax issues of Islamic finance in Sri Lanka.
Where do you see the Islamic finance industry in the next five years?
I believe that the Islamic finance sector is poised to grow in Sri Lanka. There are more avenues to explore and innovations are way ahead as the Islamic finance market is not fully tapped.
Therefore it is certain that Islamic finance can capture a significant portion
of the target market in the near future due to its unique features and operations.
Name one thing you would like to see change in the world of Islamic finance.
Timely innovations should be in place for growth to be sustained.
Hence, in Islamic finance, we should strive to develop more custom-made products to cater to various customers’ needs which will enhance the growth of the industry.