Dr Khawla Al-Nobani has over 12 years of experience in the field of Islamic economics in the Gulf, Malaysia and Jordan. She is also a frequent contributing writer with over 500 short articles on different issues of Islamic economics to various newspapers and magazines.
Could you provide a brief journey of how you arrived where you are today?
My interest in Islamic finance started at the time of writing my MBA thesis on Islamic insurance from the Fiqh point of view in1995. That was when I noticed that Fiqh Al Muamalat — the base of Islamic finance — was not practiced as it was intended to be on several fronts.
I was able to exercise my passion to develop the Islamic finance industry when I established an Islamic finance division within BDO Jordan. I continued building the business until the beginning of 2012, when we started to operate under a new brand, Dirayah for Islamic Financial Advisory Services, and the journey continues.
What does your role involve?
My role in Dirayah as the managing partner, and in the community as a member, is to build awareness of the ongoing Islamic finance development process both in theory and in practice. Furthermore, we hold specialized training courses for key players in this sector, where I oversee the development of the courses and work on the development of some other aspects as well.
What is your greatest achievement to date?
It’s difficult to choose from a range of rewarding and inspiring assignments, but I guess what gives me pleasure today is the launch of the Sukuk Act after considerable efforts here in Jordan. It all started with an idea when I took the initiative to share and learn from the experiences of countries that successfully implemented Sukuk in their markets.
Which of your products/services deliver the best results?
On a strategic and industry-wide level, our work with the regulators to introduce new or to update existing regulations and legislation has a profound effect at jurisdictional and global levels. Our work with the Jordan regulators on enacting the Sukuk law in Jordan is a typical example of this, where we managed to create a market that did not exist in Jordan for Sukuk, where the benefits are too many to list.
The other dimension is operational and societal, where our training and human capital development work utilizes leverage where each training course or workshop yields benefits to a number of direct beneficiaries. The benefits are also spread at many levels, where they increase awareness and knowledge among stakeholders.
What are the strengths of your business?
We believe in long-term and sustainable relationships built on mutual trust. We take care of our clients’ business as our business; taking the trust they have placed in us as a serious responsibility. Honest and professional advice is the foundation of our relationship with our client.
What are the factors contributing to the success of your company?
Dirayah believes that it can make a difference in the global Islamic financial industry with the potential to develop a global strategic plan for the future of this industry. In order to realize its ambitions, Dirayah hires top talent with a combination of academic background and professional expertise.
What are the obstacles faced in running your business today?
One of the most important obstacles that we face today is the impact of the global financial crisis on the financial business sector, which resulted in severe budget cuts and a much lower propensity to spend on consulting and training services. The other obstacle is the lack of professionals in this important sector. Many see the opportunities in Islamic finance but more effort is needed to build awareness and change the impressions of Islamic finance and its institutions.
Where do you see the Islamic finance industry in the next five years?
I forecast a dynamic role for Islamic finance to stimulate the Islamic economy in the long run, while on the short-run it will assume its role — theoretical and practical — as an answer to many economic dilemmas the world faces these days: starting with ethical financial standards and practices and ending by achieving justice facing unemployment and poverty.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see a strategic plan for the industry — short and long-term — and would propose the IDB to be the key player in developing this strategic plan, and become more involved in planning the Islamic finance industry’s future.