Could you provide a brief journey of how you arrived where you are today?
I joined Al Khaliji Commercial Bank (al khaliji) one year ago to set up and head al khaliji al islami. Prior to joining al khaliji al Islami, I worked at HSBC for 10 years.
I began my career working in retail banking and then trade finance before accepting a higher profile engagement to assist in setting up the corporate and investment banking business in Qatar. I was assigned the responsibility as part of the team that set up HSBC Amanah in Qatar.
What does your role involve?
I am responsible for establishing and heading the entire operation including implementation of the Islamic banking system, building up client product offerings and business lines across all business segments.
What is your greatest achievement to date?
Although al khaliji al islami is a recent initiative, we have managed to create and implement a full Islamic banking system. We have also successfully established all business lines covering corporate, small and medium enterprises, premium banking and treasury functions.
Which of your products/services deliver the best results?
We have been active in launching both asset and liability products. On the financing side we offer commodity Murabahah as general purpose finance to meet the requirements of our customers. On the liability side we have a Mudarabah based general investment account (term deposit) which allows us to offer competitive rates and Wakalah products that are suitable for interbank placements. Furthermore, we expect our recently launched trade product suite to show good results as it caters for working capital and specific project requirements of our corporate customers.
For consumer customers, al khaliji al islami premium banking offers tailor made wealth management products to meet each customer’s unique investment needs. Future products will include home finance, vehicle finance and personal finance.
What are the strengths of your business?
Our extensive product range enables us to meet every customer’s business requirements in an efficient manner including structuring capabilities to offer solutions for business requirements without compromising their Shariah principles.
One of our strengths is the dedicated AAOIFI certified Shariah compliant system which means we can process requests and applications in an efficient manner. In addition, our Shariah governance through a prudent Shariah compliance, combined with our regional network and European presence, puts al khaliji in a strong position to expand in these markets.
Finally, our diverse, experienced team is constantly developing new products to ensure business banking customers remain one of our top priorities.
What are the factors contributing to the success of your company?
There is an excellent synergy across al khaliji providing us with a strong support at all times. I am certain that being Qatar’s second largest bank in terms of market capitalization contributes to the increased demand for Islamic banking, and Qatar’s strong economic prospects driven by the increase in gas exports.
What are the obstacles faced in running your business today?
In general if we look at the last 35 years of Islamic banking, we see obstacles around the standardization, consistency and risk concentration of Islamic banks.
Where do you see the Islamic finance industry in, say, the next five years or so?
I think Islamic banking has come a long way and gone beyond expectations. Looking ahead in the next five years, my view is that Islamic banking will continue to see 20% annual growth on the asset side impacted by petro dollars and further growth in countries with large Muslim population.
Islamic banks will diversify from Murabahah contracts as a method of financing toward Musharakah and Ijarah. Last but not least, there are movements across different Islamic finance entities to develop an Islamic interbank market, which should offer an ideal solution to liquidity for Islamic banks.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see more focus towards microfinance as this is a core principle of Islamic finance.