Could you provide a brief journey of how you arrived where you are today?
I am here today through sheer hard work and determination. I strongly believe in the adage, ‘Success comes from hard work’. Ever since I graduated, I have worked hard to ensure that I gain the right experience, coupled with the need to position one’s self.
In my 23 years of experience, I have worked in various fields including accounting, auditing, banking and finance with international and Gulf regional banks and companies.
What does your role involve?
• Steering the bank in the right direction to achieve the expected returns by the owners;
• Expanding the bank’s network to cover the region, using Malaysia as a hub;
• Developing an understanding of and exploring the right opportunities for Gulf investors;
• Building a brand name that both the Gulf and the region are familiar with.
What is your greatest achievement to date?
Throughout my working life, there have been many achievements but most significant of all is setting up Asian Finance Bank, which has been very challenging and continues to be so.
Which of your products/services deliver the best results?
• We are still in our first year of operations and have yet to introduce a full spectrum of Islamic financial solutions to the Malaysian market.
• We are predominantly an investment and corporate bank, with 70% emphasis on those areas and 30% in retail.
• However, we have managed to roll out the first Islamic Marine Fund in Asia, in addition to other retail products such as mortgage and personal financing.
What are the strengths of your business?
• Our shareholders are Gulf-based, and that gives us the ability to distribute to a wide base of investors.
• Our ability to innovate, for example, the Islamic Marine Fund and FX binding.
• Appetite for business in the region… recently, we obtained a license for a representative office in Indonesia, which will not be the last in our regional expansion plan.
What are the factors contributing to the success of your company?
As you are aware, we are a newly established bank and we are working to identify the right opportunities for our investors. So far, we have succeeded to some extent, in attracting customers to place their confidence in us. I believe we will continue to do so.
What are the obstacles faced in running your business today?
• Lack of qualified human capital, which is a phenomena being witnessed by the industry as a whole.
• Normal teething problems normally associated with start-up operations.
Where do you see the Islamic finance industry, maybe in the next five years?
I believe that Islamic financial services are moved to a higher level thanks to governments that are now encouraging corporate companies to fund their expansions Islamically. In the Gulf, a number of Islamic banks have been set up as a result of excess liquidity, plus there is rising corporate and consumer demand.
Internationally, there are a number of countries wanting to position themselves as an Islamic financial hub, giving an extra push for Islamic banking to go further.
Rising interest from European countries, the US, Japan, China and Indonesia proves that the momentum of Islamic banking is there and we now need to capitalize on this to make the Islamic financing sector a dominant force, or one with a bigger share of the overall financial system.
Name one thing you would like to see change in the world of Islamic finance?
I would like to see not only more innovative products in Islamic finance but also secondary trading of Sukuk and securitization to gain momentum.
Asian Finance Bank (AFB), a full-fledged Islamic bank, commenced operations on the 19th January 2007. It is backed by a consortium of leading Middle Eastern financial institutions, namely Qatar Islamic Bank (70%), RUSD investment Bank Inc of Saudi Arabia (20%) and Global Investment House of Kuwait (10%).
AFB offers a complete suite of Shariah compliant products covering consumer, commercial (including SME and trade finance), corporate, treasury and investment banking. Using Malaysia as a hub, AFB will be expanding into neighboring countries and other parts of the region.