Could you provide a brief journey of how you arrived where you are today?
Since the age of 16, I wanted to be in banking and finance. After graduation, I worked for several major banks based out of London, gaining experience in operations, credit, internal audit and information technology. In 1988, I decided to move into process consulting and eventually set up my own business in 1991. In 1992, I was doing some business process reengineering work in Malaysia for a local bank, when two life changing events happened. Firstly, I met my wife to be and converted to Islam. Secondly, I started looking at some of the work process issues surrounding the implementation of Islamic ‘windows’. The second phase of Islamic finance was just starting in Kuala Lumpur at that time, with many Malaysian banks being encouraged to establish ‘windows’. The rest, as they say, is history. I started building up some skills in Islamic finance, but it was not until I returned to Kuala Lumpur after a spell in Korea that I worked full time in Islamic finance. In 2002, I started doing Islamic finance work at Deloitte, built a centre of excellence, went on to be managing director at Hong Leong Islamic Bank and then acting CEO at Asian Finance Bank. Things came round full circle when I was asked to take on my current global role at Deloitte in February 2009.
What does your role involve?
Fundamentally three things:- a) using my global network and contacts to build business; b) providing thought leadership in Islamic finance and c) mentoring and building strong Islamic finance delivery capability at Deloitte. This involves a great deal of travel, but does allow me to maintain face to face relationships and keep up to date with what is happening around the world.
What is your greatest achievement to date?
My life has been a wonderful adventure. I believe my greatest achievement is maintaining my enthusiasm and passion for everything that I do. My catchphrase is “There is much to do and not a moment to lose”. For the majority of my working life, I have thoroughly enjoyed myself and consider this a great blessing. I enjoy waking up each morning and looking forward to the challenges of the day and the opportunity it provides to learn, share and contribute. In recent months, I have been content in the knowledge that I have contributed to the opening of China’s first Islamic window, published my first book on “Why Islamic finance makes sense” and assisted many young people’s professional development as they study at INCEIF, by sharing real business experiences with them.
Which of your products / services deliver the best results?
I believe that everything that we do in Islamic professional service should make a difference for the client. Therefore it is important to focus on delivering value at all times, whether it be consulting, tax advisory, audit or financial advisory, which are the four key service lines of Deloitte around the world.
What are the strengths of your business?
Relentless pragmatism and anticipation. We have a global network comprised of experienced practitioners with deep technical Islamic finance knowledge providing innovative and market leading advice. We have a Shariah scholar who works in tandem with our dedicated teams that gives us an unrivalled level of Shariah knowledge. This facilitates unique insights into business critical challenges and ensures Shariah considerations are at the centre of our advice. Our Islamic finance services are organized as six distinct propositions that represent multidisciplinary teams with competencies drawn from across Deloitte, organized to deliver a one-stop solution. Our six market focused services are:-
• Islamic financial institution services
• Shariah advisory
• Islamic product development
• Islamic financial advisory services
• Islamic insurance services
• Islamic fund advisory
What are the factors contributing to the success of your company?
Global reach; dedicated professionals who have real “hands-on” experience; being located in key centres of excellence and the benefit of a full time Shariah scholar on our team. As each day passes we get better at “joining up the dots across the globe” and making a difference for our clients.
What are the obstacles faced in running your business today?
The biggest challenges are maintaining momentum and ensuring consistent quality. In particular, articulating the value proposition of Islamic finance, overcoming certain prejudices in the market place and encouraging the entire community that Islamic finance is good for business.
Where do you see the Islamic finance industry in, say, the next five years or so?
Much more widely accepted around the world and making a significant contribution to the global economy and lives of millions.
Name one thing you would like to see change in the world of Islamic finance.
How the rest of the world sees us.