Could you provide a brief journey of how you arrived where you are today?
My career with Noor started when I was entrusted by the Dubai government in 2007 to set up a world class financial services organization that provides a comprehensive range of Shariah compliant products and services. Prior to that, I served as the chief executive of Sharjah Islamic Bank, during the transformation of a conventional bank into a fully Islamic one.
I also spent time on the board of the Dubai Financial Market (DFM), and Dubai International Financial Exchange (DIFX), currently NASDAQ Dubai and served as the chief operating officer of the Dubai International Financial Centre.
What does your role involve?
I oversee all operational and strategic aspects of the Noor Investment Group. This entails overseeing the activities of all functions at Noor Islamic Bank (NIB) and its sister company Noor Takaful, and to ensure that everything is aligned to our overall strategy in terms of brand recognition, growth and sustainability. I am responsible for steering the organization to be the most respected and admired face of contemporary Islamic finance.
What is your greatest achievement to date?
Setting up the Noor Investment Group, with both NIB and Noor Takaful, has been my greatest challenge and achievement thus far, and I am proud to say that in such a short period since inception in 2007, the Noor brand has developed in leaps and bounds, establishing a strong foundation on the Islamic banking and Takaful stage.
Which of your products / services deliver the best results?
Our treasury and cash management products have achieved strong results. We have been extremely active on the global Murabahah syndications scene, successfully closing syndications beyond our local borders for two Turkish banks.
In NIB’s retail banking division, the Noor ‘Addvantage’ account has been particularly successful, as is our fully enabled Arabic mobile internet banking service, the first in the UAE. The bank has also been able to attract non-Muslim customers in the country. Last but not least, Noor Takaful’s motor Takaful product has gained significant popularity.
What are the strengths of your business?
NIB is just three years old, but despite its youth, both the consumer and corporate banking divisions, and the capital markets team in particular, have attracted many accolades and awards. Noor Takaful was launched in the midst of the global crisis, yet it has earned a good share of the local market already and again it has gained global recognition. A key element of our success is to constantly question and evaluate the conventional wisdom, while seeking to pioneer a level of differentiation, all to the benefit of our clients and their peace of mind.
What are the factors contributing to the success of your company?
We set out in 2007 with the aim of redefining the banking experience. Driven by our core principles of simplicity and meticulous focus on our customer’s experience and requirements, coupled with our unconventional approach and employees’ dynamic attitude, we were able to build a reputation for impeccable financial products and services guided by the Shariah.
What are the obstacles faced in running your business today?
The immediate obstacle would be the shortage of core Islamic finance professionals; most candidates come from the conventional sector with conventional routines, making it difficult to differentiate offerings. This void is not being addressed proportionally, with the fast pace and growth of the Islamic finance industry.
Another obstacle is the outflow of liquidity in the market as a consequence of the crisis, where even the most risk averse organizations were not able to maintain a healthy liquidity base.
Where do you see the Islamic finance industry in, say, the next five years or so?
Islamic finance companies face the question of will they match the expansion efforts of conventional banks; and will they be able to truly set new precedents to help them surpass conventional banks? Since the financial crisis, conventional banks have been actively striving to mend reputations and expand service offerings, in an attempt to further diversify and increase appeal.
We need to triple our efforts to target a much bigger portion of the global Muslim population. We also need to aggressively tap into the non-Muslim segments and raise awareness levels of this new alternative banking method. Islamic and conventional banks operate within the same global marketplace and face similar challenges, however, Islamic finance faces unique challenges and opportunities that any nascent industry would.
Name one thing you would like to see change in the world of Islamic finance.
Experts have already highlighted the immediate need for an official global Islamic finance watchdog. Another critical element holding back the industry is the scarcity of internationally recognized core Islamic finance professionals.