Could you provide a brief journey of how you arrived where you are today?
I joined Islamic Bank of Britain when it was first created in 2004. My background is in financial services, and prior to joining IBB I worked at various financial institutions including Merrill Lynch, HSBC and Al Baraka Bank.
What does your role involve?
I am responsible for managing the bank’s retail outlets, which includes its branches and agencies. I also oversee the bank’s online and telephone banking services. My role also includes generating the bank’s deposits.
It is a varied and interesting role, with some of the time spent on the road meeting with customers and developing key relationships. My time on the road also takes me across the country to IBB branches and agencies, helping the bank to develop its community presence.
Which of your products/services deliver the best results?
IBB offers customers the opportunity to manage their finances in a Shariah compliant way. The bank’s savings products allow customers to earn a profit, rather than interest, from their savings. The bank’s home purchase plans allow customers to buy both rental and residential properties without the use of interest.
Our savings products have been market-leading. Similarly, with our home purchase plans, the bank does not charge interest and instead charges a rental amount for the portion of the property not owned by the customer. IBB works hard to ensure this rental rate is competitive against conventional mortgage interest rates.
What are the strengths of your business?
Firstly, IBB is a wholly Shariah compliant retail bank ensuring Shariah compliance is always at the heart of its activities. The bank is also a pioneer and innovator and has worked hard to now offer the largest range of Shariah compliant retail financial products in the UK. A further strength is the bank’s financial stability, with Qatar International Islamic Bank as its parent.
What is your greatest achievement to date?
Being part of IBB from day one and contributing to its achievements since then. The bank has gone from being a start-up in 2004 to an established bank with over 50,000 customers. The bank is considered a pioneer of British Islamic banking. Whilst the achievements have been part of a huge team effort, I certainly feel I have been part of something both important and groundbreaking.
What are the factors contributing to the success of your company?
IBB has been a true pioneer of British Islamic banking. The bank has invested enormously in product development and innovation, whilst ensuring it maintains the highest levels of Shariah compliance. As a result, IBB offers UK consumers a genuine alternative to conventional banking in as many different ways as possible.
I think this underpins our overall success. However, it is the sheer determination to offer the consumer a genuinely Shariah compliant alternative to conventional banking that has pulled all the other efforts together to help deliver success.
What are the obstacles faced in running your business today?
Based on IBB’s experience, there have been two main challenges for the retail Islamic banking industry in the UK. The first is the awareness and education gap leading to a lack of understanding about how Islamic banking products work. To combat this, education and awareness-raising plays a key role in IBB’s marketing efforts. This includes activities such as community roadshows, seminars and events as well as one-to-one briefings with customers to explain the principles and benefits of Islamic banking.
The second challenge has been product development. IBB has taken the lead in this area and currently offers the largest range of Shariah compliant retail financial products in the UK.
Where do you see the Islamic finance industry in the next five years?
The Islamic finance industry is a relatively young one, but its growth has been a huge success story. I think in five years the industry will still be performing well, both in the UK and globally. From a retail perspective, the UK has a growing Muslim population with an equally growing appetite for Islamic retail products.
Name one thing you would like to see change in the world of Islamic finance.
Education is a key issue for the development of Islamic finance. I would like to see more organizations playing an active role in educating the market about the strengths of the Islamic finance industry as an alternative to conventional finance.