Could you provide a brief journey of how you arrived where you are today?
I was appointed deputy minister of commerce and industry in 1993. I have been the secretary general of Kuwait’s manpower and government restructuring program since 1995. My passion and belief that Islamic finance is the main tool of development and economic integration among the Islamic countries led me to join the International Islamic Trade Finance Corporation (ITFC) as CEO in 2007.
What does your role involve?
The ITFC is the culmination of a 30-year pioneering commitment by the Islamic Development Bank (IDB) to develop and expand intra-trade among OIC member countries. I have to ensure ITFC’s adherence to high standards of performance in order to achieve its objectives.
We execute trade finance operations in member countries which have developmental impact on their economies. We also carry out activities and events in the areas of trade promotion, facilitation and capacity building for the expansion of trade. Furthermore, we have launched an initiative jointly with the World Trade Organization, United Nations Development Programme and other international organizations regarding Aid for Trade Road Map for countries covered by the United Nations (UN) special program for Central Asian economies. My role here is to oversee and ensure that all these initiatives and processes hit the mark in the most efficient manner.
What is your greatest achievement to date?
The greatest achievement is that ITFC has successfully approved, since its first operations in 2008, more than US$8 billion for OIC member countries despite the challenges of the worst world financial crisis. Going forward, ITFC also crossed a major milestone last year with the completion of its strategy map and is now poised to implement the same through the development of initiatives under various themes.
Which of your products/services deliver the best results?
We have a wide range of innovative products, customized to serve different segments of our target market. A few examples of the products are direct financing, line of financing, two-step Murabahah financing, and structure trade finance. Additionally, our trade promotion function focuses on trade facilitation, capacity building and development of strategic commodities in OIC member countries.
What are the strengths of your business?
The strength of an organization stems from three main factors — people, products and customers. We have a highly qualified team of dedicated employees. We also have a high level of customer satisfaction. Despite the recent financial crisis, ITFC was still able to retain all the existing customers and add several new ones to our portfolio in 2010.
In addition, ITFC provides tailor made Islamic financing products to cater for customer needs. Our unique strength is that we are supported by all OIC member countries and the IDB.
What are the factors contributing to the success of your company?
We have over 30 years of experience in trade finance and trade cooperation and promotion, and have strong technical expertise in structuring trade finance operations as originator and arranger.
We are dedicated to providing access to funds by filling the market gaps in trade finance in countries with no or little access to international markets. We are a financier of record through our strong presence, leverage and strategic partnership with many international, regional and local financial institutions and banks.
We play the role of a catalyst in the enhancement of intra-trade through a variety of programs to develop capacities of member countries. We have an international geographic presence, and focus on long-term relationships with our customers.
What are the obstacles faced in running your business today?
The major obstacle faced by us was the global financial meltdown that nearly decimated the world economy in 2008. The timing of the crisis was most unfortunate for us as it began at the same time as ITFC’s launch of operations. It created challenges in the market and caused a steep decline in the LIBOR rate, which in turn forced us to exert tremendous efforts to reach the pre-crisis level of performance. Fortunately, due to the Islamic nature of our financing we have been relatively less affected by the crisis.
Where do you see the Islamic finance industry in, say, the next five years or so?
Islamic finance is cutting its way to become a leading solution for banking, as it is gaining more popularity and respect internationally. I also see ITFC as being recognized as the provider of trade solutions for OIC member countries’ needs. We will continue to enhance trade to improve lives in our member countries.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see Islamic finance gain a wider international and geographic recognition.