Could you provide a brief journey of how you arrived where you are today?
My Islamic banking journey started in Citibank where I was actively involved in setting up its Islamic banking business in 2001. Prior to that, I had stints with Shell Malaysia and Development and Commercial (D&C) Bank. I hold a Bachelor of Business Administration from Wichita State University, Kansas, and an MBA majoring in International Business from University of Hartford, Connecticut, USA.
What does your role involve?
I joined Standard Chartered Bank Malaysia in 2005 to lead and develop the Islamic banking business. My key roles involve strategic planning and implementation of the plans to ensure continuous growth and development of the Islamic banking business.
What is your greatest achievement to date?
Standard Chartered Bank Malaysia’s Islamic banking business performance in the last three years recorded many achievements and launched many innovative products in the market. As part of the Standard Chartered Group’s overall Islamic finance initiative, we were awarded The Most Improved International Islamic Bank in 2007. We have also launched the new identity of our global Islamic banking business — Standard Chartered Saadiq.
Which of your products/services deliver the best results?
We cater for the mass market. We have been positioning ourselves as a product innovator and integrated services provider. To date, we have a full range of Islamic products covering the retail and corporate business as well as treasury requirements.
In the retail space, both personal and business financing are gaining momentum and our Islamic mortgages are showing stable performance. In the corporate space, we have seen good trajectory in our Islamic trade and supply chain financing program. We are also building our pipeline to the Islamic capital market.
What are the strengths of your business?
The strengths of our business lie in three important factors;
Firstly, our long and established presence in key Muslim markets across Asia, Africa and the Middle East for over 150 years provides us the unique opportunity to understand, structure and deliver Islamic solutions to suit our customers. As a foreign bank, we were first movers of Islamic banking in Malaysia, opening an Islamic banking window in 1993.
Secondly, we are in the forefront of product innovation and the first in the introduction of several markets — ringgit capital raising exercise between Standard Chartered Bank Malaysia and KWSP (Employees Provident Fund), Islamic Murabahah program, Wiqa forward rate agreement with Bank Islam, Islamic profit rate swap with Bank Muamalat and Islamic cross currency derivative with Bank Muamalat.
Third is our brand name Saadiq, which means ‘Truthful’, which has helped us in building credibility among customers and raising our profile in the rapidly expanding Islamic banking market.
What are the factors contributing to the success of your company?
Our extensive footprint in Asia, Africa and the Middle East combined with our local knowledge and international capabilities are key distinctive factors supporting the successful growth of our Islamic banking business. Additionally, we have been given strong support and guidance from our group, our Shariah scholars and the regulators in the development of our business.
What are the obstacles faced in running your business today?
Islamic banking solutions require further explanations and familiarity especially when it comes to more complex structures, for example the Islamic treasury products and structured investment products. We believe that awareness and continuous learning are crucial for the continued growth of the Islamic banking business.
Where do you see the Islamic finance industry, maybe in the next five years?
In my opinion, Islamic finance is evolving and transforming and Malaysia is in the forefront of developing the industry. Rapid development is being driven by greater demand not only from Muslims but also from non-Muslims, who prefer the transparency and accountability of Islamic finance; globalization; and the government’s interest to create a resilient and dynamic financial system. In the next five years, the industry will be in the advanced growth stage. Malaysia has the advantage to lead in building an Islamic services sector that can co-exist and compete with that of conventional. To have this advantage, we need to see changes in human capital, R&D and a standardization body.
Name one thing you would like to see change in the world of Islamic finance?
Better legal framework to support the development of Islamic finance.
Standard Chartered Saadiq is a major international bank with a prominent role in providing Islamic banking products and services.