Could you provide a brief journey of how you arrived where you are today?
After graduating in the early nineties, I worked for a fund management company based in Texas, US, where I set to become an expert in MENA markets and dedicated a career in pursuit of a dream to bring asset and fund management into the region but with a twist. The twist was to specialize in regional equity markets that no one had been looking at from a regional perspective.
In 2000, the dream became a reality when I joined Shuaa Capital which later on became the leading regional investment banking name pioneering the MENA asset class.
There, I acted as both the fund manager and head of asset management, raising assets under management from US$18 million in 2001 to over US$1.8 billion in 2008 while managing some of the best performing funds in the region.
Then, in 2008, I founded Gulfmena Alternative Investment, a MENA specialist asset management company based in the Dubai International Financial Centre (DIFC).
In September 2010, Gulfmena and Qatar First Investment Bank (QFIB), one of the fastest growing Islamic investment banks in the region, announced a strategic partnership to establish a standalone, one-stop Shariah compliant asset management company which will be the first of its kind in the region.
The new company will begin operations before the end of the year and will launch a unique debut product that will suit qualified investors such as high net worth individuals, family offices and institutions.
What does your role involve?
In principle, I will have three roles within the new Shariah compliant asset management company. I will act as a fund manager on MENA related equity strategies; as company’s chief investment officer to insure that we have the right managers, investment processes and risk management in place and, strategically develop the company’s products and services expanding the business model to become the Islamic investment community’s total solution provider.
What is your greatest achievement to date?
I think that anyone who survived the last two years and is still in business today considers it as his or her greatest achievement. For us, we started Gulfmena in the midst of the credit crunch and not only survived it but also managed to raise over US$50 million in assets.
We also forged an alliance with QFIB to start a new Shariah compliant asset management company which had been a personal dream and therefore, my greatest achievement to date.
What are the strengths of your business?
Our long term track record in managing money in the region; our ability to scale a business from a client perspective supported by a team that has worked together closely which combines more than 70 years of investment experience; very influential and active partners and last but not least; our alliance with QFIB.
What are the factors contributing to the success of your company?
Our deep knowledge of the investment universe and the landscape of the asset management industry in the region; the hidden opportunities and our drive to unlock those opportunities by offering true investment solutions to both conventional and Islamic investors, driven by their needs.
What are the obstacles faced in running your business today?
Like any new concept or pioneering idea there is always room for error. There is a large gap between the asset management world especially on the Islamic side and the natural client. To bridge this gap, the successful model, especially one that is driven by client’s needs, will require having the right product development, distribution and servicing strategies.
While it is probably easier to achieve on the conventional side, it is entirely different on the Islamic side and this is where the challenge lies and where a certain degree of trial and error might be needed.
Where do you see the Islamic finance industry in, say, the next five years or so?
I think the industry will continue growing beyond the next five years serving more than one billion Muslims around the world. I see the industry over US$2 trillion in five years growing more than 25% year-on-year.
Name one thing you would like to see change in the world of Islamic finance.
The lack of standardization within Shariah criteria makes it difficult for investors and institutions to use the same methodology for distribution when compared to the conventional universe. While there is AAOIFI and other standards already in place yet, the fact remains, that each institution has its own Shariah board and uses its own Islamic criteria.