Could you provide a brief journey of how you arrived where you are today?
My journey started with the Financial Sector Masterplan, which was issued by Bank Negara Malaysia (BNM) in 2002. It raised a lot of interest among my clients, particularly those operating Islamic windows. I then had the opportunity to examine some of the Shariah and legal issues by sitting on the Malaysian Accounting Standards Board, Islamic Accounting Working Group.

Being appointed by the Malaysian Central Bank – BNM – as the Malaysian representative on the Islamic Financial Services Board (IFSB) capital adequacy working group in 2003 was really an eye-opener, as I was the only accounting practitioner in the group of regulators. It helped open my eyes to the global perspective on Islamic finance and the passion that drives it. It also helped me to understand better how Malaysia was perceived in the Middle East.

Since then, we have formed an Islamic Finance Group in PricewaterhouseCoopers (PwC) Malaysia, which I head, and have worked very hard internally to explain the concepts, practices and issues to our sister offices around the world. We have also assisted some of our Asean colleagues to audit Islamic financial institutions (IFIs) in their jurisdiction. They are now moving to explain how Islamic finance can co-exist in a conventional framework, in a similar way to Malaysia. This is in addition to acting as a gateway for Middle Eastern companies interested in having a presence in Malaysia.

What does your role involve?
My role involves being the global subject matter expert for PwC, creating awareness and providing technical guidance within the Malaysian firm, educating the global PwC network on issues and opportunities, as well as helping to further Islamic finance in non-converted countries.

What is your greatest achievement to date?
My proudest moment to date was my appointment as the global Islamic leader for PwC worldwide, which in itself is recognition of the work that the Malaysian government and banking sector have done in the development of Islamic finance in Malaysia.

The recognition within the PwC network of PwC Malaysia’s contribution is both humbling and gratifying.

Which of your products/services deliver the best results?
As a professional services provider, it is all about doing quality work, and focusing on Islamic finance helps us to deliver a superior product to our global clients.

We are one of the largest service providers to financial services clients globally, and many of the Islamic banks or operations sit in an essentially conventional framework. So we help to find a global solution, for example Basel II products, to accommodate Islamic subsidiaries and their capital needs. We also look at the accounting and taxation implications of products in Malaysia as, compared to our counterparts in the Middle East, taxation matters in Malaysia can make or break a deal.

What are the strengths of your business?
Like a famous foreign bank, we too are a global firm with a local focus. We also strategically collaborate, particularly now, between the Gulf states PwC offices and the Asean ones.

What are the factors contributing to the success of your company?
The quality of our work and our willingness to invest in people and in new areas of business. For example, the local firm has invested heavily in terms of time and money in enabling us to attend training and courses regionally and globally. We also sponsor a number of initiatives in Malaysia relating to Islamic finance. We are doing our bit to invest in an area important to the national economy. We also help to nurture talent that can contribute to the development of Islamic finance in Malaysia.

What are the obstacles faced in running your business today?
We operate in regulated markets that sometimes lean towards a slower pace of reform to accommodate local players, which we sometimes wish moved faster. However, generally the regulators are supportive.

Where do you see the Islamic finance industry, maybe in the next five years?
The market is growing from being a wholesale market with Sukuk and corporate products to being a more retail-based one with offerings such as Takaful or personal lending products. The offerings need to be more holistic.

Name one thing you would like to see change in the world of Islamic finance?
I would like to see banks and Takaful companies develop more Shariah based products, rather than just being Shariah compliant.

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 140,000 people in 149 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.