Ernst & Young
Kingdom of Bahrain
Could you provide a brief journey of how you arrived where you are today?
What does your role involve?
It is goes without saying that we cannot achieve any of these goals if we do not have a team capable of delivering. As such, my most important responsibility is to ensure the continued quality of our people and the functioning of a close-knit team.
What is your greatest achievement to date?
Which of your products/services deliver the best results?
What are the strengths of your business?
Another important feature that has contributed to our success has been our focus on practical solutions to client issues and requirements. We offer end to end services and as such do not shy away from assisting our clients in implementing the solutions that we have participated in designing. We stand by what we preach.
What are the factors contributing to the success of your company?
A longstanding regional presence in the Middle East is also very valuable for our business. The Middle East practice is an independent professional firm which has operated in the region since 1923 and is a full member firm of Ernst & Young International.
What are the obstacles faced in running your business today?
To mitigate the impact of this we have further refined our compensation packages, recruitment policies and training and development processes. Our branding also helps, as potential employees regard us as the most attractive in terms of E&Y providing them with the right toolkit for the future.
Where do you see the Islamic finance industry, maybe in the next five years?
In order for Islamic banks within the Middle East region and Malaysia to stay competitive with their conventional counterparts, they will be required to develop their operational capabilities to meet the future demand for Islamic banking products and services. This may require Islamic banks to rethink their existing business models, shift their focus on consolidation and strategic alliances and streamline their operations by outsourcing non-core functions to ensure sustained growth.
Thus I foresee continued double digit growth within this industry in the next five years, however with a lot of consolidation and repositioning.
Name one thing you would like to see change in the world of Islamic finance?
Ernst & Young is the oldest and still the most progressive professional services firm in Bahrain. The office has over 160 members of staff and within this staff base, Ernst & Young shows its commitment to and pro-active support of Bahrainization by having over one-third of its professional staff from Bahrain. The high level of professionalism and skill is highlighted by the fact that two senior members of staff sit on national and international boards, namely the Economic Council for Bahrain and the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI).