Could you provide a brief journey of how you arrived where you are today?
Following my graduation in engineering and actuarial science, I started my career at a local Belgian Bank, KBC bank. Given my background, I had a natural interest in financial engineering and structured products. This was also the major focus of my work when I joined Deutsche Bank in 2001. As I saw an increasing demand for Islamic products, I came up with one of the first such products for Deutsche Bank. Soon after, I was entrusted with the task of turning Deutsche Bank’s ambition to become the leading bank in Islamic finance a reality.
What does your role involve?
I am regional head of (conventional) Middle East structuring in the global markets division of Deutsche Bank, and global head of Shariah structuring. While Sukuk are the most prominent of our work, we are also involved in providing other innovative solutions for client needs, such as derivatives, structured products, private equity or acquisition financing. I am also involved in typical management and representation activities for Deutsche Bank.
What is your greatest achievement to date?
Next to having three lovely children (all boys!) and a lovely wife, as a non-Muslim, I am particularly proud of leading a team of ambitious and capable people in the fast-growing and exciting Islamic market with a product offering that is broader than that of any competitor.
Which of your products/services deliver the best results?
Deutsche Bank has been innovative in developing a diversity of financial instruments to clients, in particular in Islamic finance. Our excellent structuring capabilities translate, inter alia, into successful Sukuk launches, innovative structured products and new Islamic derivative solutions. Our Islamic products range from conservative to more liberal products, giving Muslims a choice.
What are the strengths of your business?
The real assets of a bank are not those that appear on balance sheets, but rather its people who are in and (sometimes late) out daily. Deutsche Bank has been particularly successful at attracting highly gifted individuals who have created a product selection that, in my opinion, is the broadest in the market.
What are the factors contributing to the success of your company?
Deutsche Bank is one of the first true international investment banks to have committed itself deeply to Islamic finance. As such, it has built up unrivaled competence and goodwill and has become one of the premier investment banks in Islamic finance. It combines excellent investment banking skills with a thorough understanding of the region and of Shariah, which makes it well-equipped to service client needs.
What are the obstacles faced in running your business today?
A business can only grow if we find sufficient talent and finding or building on that talent is not easy. I am also a little concerned about some trends I see within the Islamic business industry: Some participants act as if the industry has already almost achieved its ultimate goal while I think we are still far off. I compare it with a marathon runner who looks back after 5km and thinks he did well. We should look forward and be humble as we still have 37km to go.
Another concern is that the ultimate goal of Islamic finance is to offer an alternative to conventional finance — one that is based on solid principles and not just Islamic in character, but also has a global ethical element. To reach that goal, many market niches such as derivatives and acquisition will still need to be worked on and it will be necessary to have a pragmatic view. To get this right, the underlying principles need to be right but so does the execution process. I am more comfortable with a Murabahah transaction linked to the London interbank offered rate than with a Murabahah that has no link to Libor but where the constructive possession of the underlying asset is less clear.
Where do you see the Islamic finance industry, maybe in the next five years?
The strong development of the Islamic finance industry in the recent past has taken many industry participants by surprise. While Sukuk are today dominating the Islamic finance landscape, more developments can also be expected in other areas such as Takaful and private equity. Generally, prospects for the development of the industry are bright and promising.
Name one thing you would like to see change in the world of Islamic finance?
The widespread notion that Islamic finance is for Muslims only should give way to the more appropriate understanding that Islamic finance is an intriguing concept that also offers attractive financing and investment opportunities for the conventional investor, whether he is Malaysian, Arab, American or Japanese. The ultimate goal of all market participants should be to offer a solid alternative to conventional finance for a wide range of clients and not simply a niche market for the conservative Islamic market.
Deutsche Bank is a leading global investment bank with a strong and profitable private client franchise