Could you provide a brief journey of how you arrived where you are today?
Well, I started my career in civil engineering after having completed my undergraduate studies in the UK. I soon realized that being an engineer was something that I was not cut out to be and I moved into finance. My first job was in conventional banking at an international bank in Colombo and I joined the stock brokering fraternity thereafter.
I took a couple of years off to pursue a Masters degree in Australia after which I returned to Sri Lanka and entered the field of Islamic banking and finance. I have since stayed in this field for the past 13 years.
I spent the first decade in the group that pioneered Islamic finance in Sri Lanka, the Amana group of companies, being involved in the start-up of many of their ventures and also serving on the boards of some of these companies.
I later moved out on my own and founded SAIF Capital, a company that provides advisory services in Islamic finance, soon followed by Adl Capital, which took place less than a year ago.
This company recently secured a license from the Securities and Exchange Commission of Sri Lanka in investment management.
What does your role involve?
I am the managing director/CEO of these companies, mainly involved in formulating the company’s business strategies.
What is your greatest achievement to date?
I do not consider these as achievements but some more notable projects have been: spearheading the launch of the first Shariah compliant fund in Sri Lanka, which was reported as being the best performing Islamic fund in the world in 2010 out of a universe of 299 funds tracked.
Adl Capital, in conjunction with Comtrust Asset Management, part of the CT Group, will also soon launch the Crescent I Fund, the first open-ended Shariah compliant fund in Sri Lanka.
Which of your products/services deliver the best results?
Equity – both listed and private equity. Some of these have yielded triple-digit growth.
What are the strengths of your business?
Our ability to provide innovative solutions to rather complex problems, especially in a market where the regulatory environment is still yet to fully come to terms with the industry’s rapid growth.
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Conscious and consistent effort in striving to achieve Shariah compliance in all aspects of our operations.
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An extremely talented group of employees, from senior executives to non-executives.
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Good governance coupled with a strong sense of accountability for our actions.
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Sensible management of overheads.
Conscious and consistent effort in striving to achieve Shariah compliance in all aspects of our operations.
What are the obstacles faced in running your business today?
Islamic finance sometimes competes in a market where conventional players are at a distinct advantage. Admittedly, there is a conscious effort to regularize the situation and incumbents are confident that such discrepancies will be addressed sooner rather than later.
Where do you see the Islamic finance industry in the next five years?
There could be further consolidation in the industry at different levels. The manner in which companies expanded the scope of their activities in a seemingly ad hoc fashion will be a thing of the past and, even by attrition, it would be the stronger players that would survive.
Growth in the industry would be fuelled by the Asian economies and one is hopeful that India would also feature very prominently within this five-year period. South Asia could be one of the most significant blocs in the Islamic finance world, with a combined Muslim population of circa half a billion in the region.
Name one thing you would like to see change in the world of Islamic finance.
Greater compliance to the basic principles of the Shariah rather than cosmetic changes to conventional products, which leads to a loss of credibility for the players as well as the industry.