Could you provide a brief journey of how you arrived where you are today?
Since young, I have obstinately pursued my interests in two fields that are seemingly at odds with each other: first, Arabic and Islamic studies, and second, finance. After undergoing training in Tunis, Cairo and Damascus, I regularly contributed articles and provided translations on different topics related to the Muslim world. Then, following a degree in international relations in Geneva, I rose quickly in Merrill Lynch to become head for the Italian region before going into private practice.
As an independent consultant and after obtaining a Master’s in Europlanning, I have conceived, structured and run projects for public bodies, corporations, legal firms and banks with a keen eye on the emergence of new forms of governance and financial inclusion. The two fields coalesced quite naturally into Islamic finance with the incorporation of ASSAIF.
What does your role involve?
As president of a think-tank, I have a multi-pronged role. I routinely chair or speak at the most important world events on Islamic finance. I also contribute articles or give interviews on different issues of particular interest. I have open dialogue sessions with the conventional sector, such as with the Bank of Italy, the Italian Banking Association and the national banking community in general, and strive to keep ASSAIF at the crossroads for everybody interested in Islamic finance in Italy.
I am currently advising the largest Italian carbon fund for its Shariah compliant investments and working on a project for the incorporation of an Islamic merchant bank funded by eastern and western investors (my old obsession of bridging the two worlds!).
What is your greatest achievement to date?
While I am happy to run the only European consultancy on Islamic finance of international repute, I think that at the end of the day, the greatest achievement is the contribution that ASSAIF is making to improve understanding between the Muslim world and the west. Business and finance has proved to be a powerful tool to create awareness of the thin divide between the Muslim world and European societies.
Which of your products/services deliver the best results?
In the retail segment, first-home financing, where there is great potential for demand, has aroused great interest. In the investment sector, we have made a name for ourselves with the added-value advice for strategic positioning and financial structuring.
What are the strengths of your business?
Resilience, lateral thinking and fast action, compounded by the fact that some of the best and highly motivated brains in Islamic finance — all successful in their own professional ventures — work together in ASSAIF.
What are the factors contributing to the success of your company?
The fundamental factor is that we were involved in Islamic finance well before it became a trendy and fashionable affair! In the late ’80s, I originated one of the first Murabahah commodities-based transactions and, in the late ’90s, had written ‘Pilot Project Jannat al-Ard’, a feasibility and multi-disciplinary seminal study for the creation of a Shariah compliant ‘Mediterranean Development Bank’. It is today being used by a major GCC-based group for its strategic investments in Italy.
What are the obstacles faced in running your business today?
In Italy, we share with all of Europe its administrative, regulatory and fiscal hindrances but in particular, we lag behind culturally and psychologically. These factors could in turn become an opportunity for the establishment of a transnational lobby to sponsor a common European approach to Islamic finance.
Where do you see the Islamic finance industry in, say, the next five years?
I think that Islamic finance has come of age. We, academicians and practitioners alike, have a once-in-a-lifetime opportunity to show the world that a different approach to wealth creation and preservation is possible. One of the fastest areas of growth shall be the European Union, where Islamic finance shall serve the needs of both the Muslims as well as the fast-growing ethical finance sector.
Name one thing you would like to see change in the world of Islamic finance?
Let me name two! The first is the necessity for a change in mindset to favor the creation of Shariah-based products. The second is the necessity for Islamic finance to adequately address the challenge of poverty alleviation by making financial services accessible to the poor. In this respect, greater attention should be paid to Shariah compliant microfinance as a well-suited conduit to channel much-needed resources to Muslims living in deprivation.
Milan-based ASSAIF was established by Italian experts on Islamic finance. The think-tank seeks to create Shariah compliant financing instruments aimed at facilitating the flow of investments from the GCC. For more information, email [email protected] or visit www.assaif.org