I started my career as a young professional with the Islamic Development Bank, under a program designed for aspiring leaders. After that, I worked at a few multinational companies and financial institutions including the Saudi Economic & Development Company, one of the largest conglomerates in Saudi Arabia.
My role is to strategically position the firm as a boutique investment bank and a leading alternative investment house in Saudi Arabia. It is easier said than done as we commenced our operations during the recent financial crisis, when banks were closing down or merging to strengthen their capital. Thus far, we have managed to position ourselves strongly in certain type of transactions, primarily involving family offices, such as corporate restructurings and debt arrangements.
This would be the setting up of Sidra Capital and to witness it developing into a growing firm managed by a qualified team of professionals.
Apart from our advisory services, our Sterling UK Real Estate Fund is currently yielding 7% net return to its investors. Given the risk profile and current market backdrop, this is viewed as a lucrative investment.
The firm has been built upon various key success factors that have enabled us to survive. Most importantly, it was built on team work. Leveraging on that, we have been able to network extensively with various stakeholders including product partners, service providers and investors. Our partnerships have spanned continents including East Asia and Europe.
The firm has been able, through its employees, to project a good impression of itself. This opens up opportunities to develop businesses in such a crowded market. Furthermore, we have also been able to demarcate our target market to avoid multiple coverages by banks and clients who are over-banked, namely private-linked companies and family offices. Such a strategy has allowed us to entrench our position as a growing investment bank by building our track record with private companies.
The geopolitical developments around us are making a lot of investors unsure as to what kind of risks they want to take to grow their wealth, which has inevitably defaulted them into wealth preservation mode rather than growth. Such a temporary mindset does not help us in growing our business.
There have been major changes in the region since the start of the Arab Spring. I think this will have a positive impact on the development of the Islamic financial industry since it will remove the restrictions the old regimes used to impose on the Islamic finance industry.
I would like to see Islamic finance becoming the direct alternative to mainstream banking in all aspects. We are getting there and further consistent push by market practitioners would definitely help in achieving this.