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Name: |
Dr Yahia Abdul Rahman
Founder of LARIBA American Finance House-LARIBA California 64 Egyptian/American |
Could you provide a brief journey of how you arrived where you are today? My name was recommended to the World Bank and I was offered to go to Kuwait to become a member of the founding team of the Industrial Bank of Kuwait which is where my banking career began. As for Islamic banking, I met by chance one of the pioneers in Islamic banking at Eid prayer in Los Angeles in 1987. We exchanged ideas and that initiated me to launch American Finance House — LARIBA.
What does your role involve? Now, our mission is to develop a network of financial institutions in the US and around the world that operate according to Islamic jurisprudence and that care about communities to serve all people of all faiths.
What is your greatest achievement to date?
Which of your products/services deliver the best results? What are the strengths of your business? • We do not rent money. We approach each transaction as an investment (using the lease-to-purchase model) instead of lending. We advise you as to whether the transaction is a good investment or it is better to rent. • We never start from an interest rate to calculate your payment. Your payment is based on the market rental value of the property you are seeking to finance. The rental value is determined by mutual agreement between you and us. • We work with clients in a humane and fair way in times of trouble.
What are the factors contributing to the success of your company? What are the obstacles faced in running your business today? Where do you see the Islamic finance industry in, say, the next five years? The business model for Islamic finance is not one of pure profit maximization. An Islamic finance bank which is unprofitable and steadily going out of business is still an Islamic bank providing that it adheres to its overriding strategic objective of conducting all its operations in accordance with the Shariah — it may not be a very good bank, but its credentials as an Islamic bank remain undiminished.
Name one thing you would like to see change in the world of Islamic finance? |