Name: Company: |
David Loundy Vice chairman and head, religion based financing Devon Bank 42 |
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Could you provide a brief journey of how you arrived where you are today? The bank had begun working on Islamic finance, but it was not going very far. Because I had the needed legal skills, I was given the project to see what I could make of it. What does your role involve? I still enjoy structuring Islamic financing transactions, but we need the capital support to fund the fun projects that rise to the level of my desk. We have two Sukuk transactions I documented for which we are awaiting a response from the Shariah board, as well as lining up investor support.
What is your greatest achievement to date? We were presented with a huge challenge — a partly done project that hit one too many obstacles, and we managed to reset it on a new path, get the center built, and meet everyone’s objectives in the process. I went to the grand opening of the community center. Seeing a grateful community moving into its new facility reminds me of why we do this. Knowing the heroic efforts that went into getting the project done, that our client may never recognize, and that none of our competitors could have pulled off, also earns a quiet smile.
Which of your products / services deliver the best results?
What are the strengths of your business?
What are the factors contributing to the success of your company?
What are the obstacles faced in running your business today? The biggest impediment to growth is investor fear of banking/mortgages/the US/real estate/decision making. We have a compelling story to tell. Investors are not listening, they are merely waiting. We have infinite capacity in one small portion of the universe of deals we could be doing — because the transactions “fit the model” of existing large investors. For everything else, there is pretty minimal liquidity available. Where do you see the Islamic finance industry in, say, the next five years or so? I believe that there will be a broader menu of options, much of which may not even be labeled as “Shariah compliant,” but the development of the good stuff will be slow and quiet.
Name one thing you would like to see change in the world of Islamic finance. |