Could you provide a brief journey of how you arrived where you are today?
During Mayfair Pacific Financial Group’s visits to the Middle East starting from 2006, we noticed the growth potential of Islamic finance. In 2008, we launched the first ever Mayfair Islamic Greater China SP (MIGC) which provides alternate Shariah compliant investment opportunities in the Greater China region, covering China, Taiwan and Hong Kong. We continue to speak and participate in different Islamic finance forums worldwide.
What does your role involve?
My role involves company management including strategic planning, marketing and fund management.
What is your greatest achievement to date?
The launch of the MIGC in 2008.
Which of your products / services deliver the best results?
MIGC continues to outperform the Islamic benchmark, provide quality investment opportunities in Greater China, and help to improve risk adjusted return on our clients’ portfolios.
What are the strengths of your business?
Our business strives to offer clients total investment solutions via full discretionary investment management services covering investments in all major asset classes in both developed and emerging markets; and for both conventional and Shariah compliant investments. We are a one-stop platform. Not only do we manage in-house products, we also collaborate with strategic partners and offer investment management services to third party funds.
What are the factors contributing to the success of your company?
With strong support of the Hong Kong government promoting Hong Kong as an Islamic financial centre, we have taken the lead in launching the first Islamic Greater China equity fund. Government representatives are aware and fully supportive of our role as one of the leading Islamic finance players in Hong Kong.
Our professional management team comprises of seasoned professionals who command proven track records and a wide range of industry knowledge and experience. We focus not only on conventional investments but also Islamic products.
Also, leveraging on the long-established Greater China network, we have further extended our footprint through our affiliates, strategic partners and distribution networks to the Gulf Cooperation Council, the UK, Japan, and ASEAN countries. This provides us with the best platform to explore cross border investment opportunities.
What are the obstacles faced in running your business today?
After the 2008/09 financial crisis, overall investment sentiment weakened and local investment regulations have become more stringent. This has further discouraged investors’ appetites on both Islamic and conventional funds, and other investment vehicles.
Typical investors view Islamic funds as religious funds which cater only for Islamic investors. To overcome this, Mayfair Pacific participates in different forums explaining the principles and benefits of Islamic investments as an alternative to conventional funds; and emphasize that Islamic funds are suitable to all investors, regardless of religious background.
There is still room for the Hong Kong government to bring in better Islamic guidelines and impose tax incentives to attract more Islamic industry players, Islamic banks and financial institutions, Islamic legal professionals, Islamic investment expertise and Islamic investors from overseas.
Where do you see the Islamic finance industry in, say, the next five years or so?
There continues to be a huge potential growth for Islamic finance in Asia. For example, Ningxia Islamic Bank opened in North West China in 2009 and the Economic and Technological Cooperation Office of the People’s Government of Ningxia Hui Autonomous Region has recently appointed Mayfair Pacific as their chief representative to promote their Islamic investments. With further awareness of the Islamic world, we expect more countries to become more confident in exploring and accepting Islamic products as an alternative to conventional funds.
We also foresee a growing pool of talent and expertise in Islamic financial development. The Hong Kong University School of Professional and Continuing Education and the Chinese University of Hong Kong have been providing Islamic finance courses to professionals, and related topics are also covered in some MBA courses, not to mention other professional bodies.
Name one thing you would like to see change in the world of Islamic finance.
We would like to see more innovative and dynamic Islamic investment products be introduced to the market. If the implementation of a well defined global financial architecture for Islamic finance in each respective country can be expedited, we will see a broader and faster development of Islamic finance which will encourage more cross border transactions and build up investors’ confidence on the Islamic finance industry globally.