Could you provide a brief journey of how you arrived where you are today?
I started my career as a teller at Chase National Bank. Working at some multinational and reputed local banks gave me the opportunity to develop my technical and leadership skills. Then I shifted to Islamic banking, as it has its ultimate goal the betterment of society. My visionary project has been frequently presented in reputed conferences and academic schools. I was also nominated and shortlisted for the ‘Feigenbaum Leadership Excellence’ award in 2010.
What does your role involve?
I am in charge of tailoring and implementing a comprehensive strategic plan for restructuring the Islamic banking sector with its 33 Islamic branches within the 475 branches of Banque Misr.
We actually had to build the capacity from scratch. Initially we focused on developing the communication channels at all levels before tailoring an innovative and comprehensive organization chart that counted mainly on the current resources and enablers of Banque Misr for the sake of minimizing cost and avoiding change resistance. This did not come on behalf of Shariah requirements and market credibility as we also hired a reputed supervisory Shariah board supported by a well known Shariah coordinator.
What is your greatest achievement to date?
Despite playing instrumental roles in setting up and developing Islamic and conventional business with my previous and current employers for more than 28 years in the UAE and Egypt, I still believe that my greatest achievement will not have taken place unless I see my visionary project saving looped segments and protecting others from falling into the loop of greedy consumer lending regionally and worldwide. It is a Shariah compliant visionary project which creates a ‘win-win’ partnership among all concerned parties.
Which of your products/services deliver the best results?
The successful execution of our restructuring plan at Banque Misr is a success story as we have built everything from scratch. Effective communication and awareness campaigns for all enablers within Banque Misr, the rewarding suggestion scheme and the innovative organization chart for the Islamic branches have changed the common perception of the Islamic banking sector at Banque Misr.
Currently, we are planning to launch a new and innovative credit card at Banque Misr which could be a new turn in the Islamic card industry.
What are the strengths of your business?
The main strength of Banque Misr is in its founder’s vision. The founder, Talaat Pasha Harb’s, dream was to launch the first national bank in Egypt that could direct Egyptians’ savings to national projects and help in the economic development. His vision was reflected in the bank’s policies as it shared the risks in its financed projects. Such mode of finance is closer to the core purpose of Islamic banking rather than the current practices of many Islamic banks that do not practise risk sharing and only focus on Murabahah’s mode of finance.
Today, Banque Misr is a leading government bank with a customer base of six million and 470 branches in the country.
What are the factors contributing to the success of your company?
Banque Misr has branches in Europe, the UAE and Lebanon.
If the bank’s lines of businesses are effectively utilized, this could make Banque Misr the best bank not only in Egypt but also regionally.
What are the obstacles faced in running your business today?
Lack of awareness and weak communication channels are the main obstacles that face not only Banque Misr but all governmental entities in Egypt. After the Arab Spring there have been many revolutionary changes in the region.
Where do you see the Islamic finance industry in the next five years?
That depends on the will and the ability of its management to introduce Shariah-based and not only Shariah compliant business models. The current Shariah compliant model represented in Murabahah contracts enjoys a 15-20% growth in the industry.
Name one thing you would like to see change in the world of Islamic finance.
There should be a ‘crystal clear vision’ that could alter the industry from ‘risk shifting’ to the ‘risk sharing’, demolishing its dependence on Murabahah that currently represents more than 90% of the current transactions worldwide.