Could you provide a brief journey of how you arrived where you are today?
The journey leading up to where I am today began when my father suddenly passed away, and I was forced to quit university and work to support my family. In the first seven years after this life changing event, I learned the meaning of perseverance and hard work, because I had to work full time during the day and diligently pursue my studies in the evenings.
My commitment and devotion paid off, since I was able to prove my academic abilities, and was granted a full scholarship to continue a Masters and PhD in the US because of my outstanding undergraduate achievements.
After completing my MBA and PhD degree in finance with honors, I returned to the Middle East to work as a consultant, then as an executive, leading to my current role in investment banking today. I earnestly feel that my personal experiences and educational background make me a combination of both — a better consultant and a professional executive.
What does your role involve?
Theoretically speaking, a job description is available for the role of the CEO, which outlines the “ins and outs” of this critical function within an organization. But practically speaking, and as a person who considers himself to be the older brother and mentor to all employees, I believe this role entails thorough planning, execution and monitoring in a manner based on mutual respect and trust in the capabilities of the team, who were initially selected by the CEO.
As the CEO of Elaf Bank, I feel it is important that I function as a “role model” in the eyes of the team by promoting dedication, commitment, integrity and embracing a team spirit in the workplace.
What is your greatest achievement to date?
On a personal career level, it would be having a track record of establishing and growing numerous organizations before finally making the permanent shift ever since 1997 to focus solely on the Islamic finance industry.
On a social level, it would be my involvement in community services on more than one front. But most of all, and praise be to God, it would be building a beautiful family.
Which of your products / services deliver the best results?
At this point in time, I would have to say our financing services for medium-sized facilities deliver the best results for our bank. I would also add to that our ability to offer advisory expertise for specific sectors and fundraising services to a wide range of clients in various target markets.
What are the strengths of your business?
We have a strong, experienced and diversified team that is able to both source and create lucrative business opportunities. Our infrastructure is equipped with all the necessary components needed for seamless business functioning. Our team has the commitment and belief that we will continue to grow and succeed in all our business activities.
What are the factors contributing to the success of your company?
The confidence and support of our shareholders is an important factor contributing to the success of our organization. Furthermore, our professional and understanding board members also play a key role in supporting our strategy, which is an important element to the success of this business.
What are the obstacles faced in running your business today?
The economic slowdown has been the main barrier in running our business today, since we began our activities coincidentally at the onset of the global economic crisis and as a new entity did not yet have a track record.
We hope and anticipate that in general, the current investor’s appetite will become positive and proactive again, because this will have a direct impact on the success and future of our business.
Where do you see the Islamic finance industry in, say, the next five years or so?
Although Islamic finance has survived well in spite of the obstacles and challenges of the current economic climate, its future growth and continued development will depend largely on the nature of innovations that will be introduced to the market, as well as commitment on the part of banks to get into equity participation or quasi-equity deals.
That being said, I do believe that this industry has great potential and will continue to grow and spread on a global level during the next five years or so to reach markets that currently have little or no activity in this domain.
Name one thing you would like to see change in the world of Islamic finance.
The relatively young Islamic finance industry continues to evolve and develop, and I would like to see more commitment across the board to promote and implement only the “true” Islamic finance instruments, as well as nurture the evolution of secondary markets.