Could you provide a brief journey of how you arrived where you are today?
I started my career as a management counselor, later joined Investment Corporation of Bangladesh (ICB, a government-owned organization) at mid-level management and subsequently became general manager of ICB and chairman of a subsidiary of ICB. I have since been representing the ICB subsidiary on the board of Islami Bank Bangladesh (IBBL).

During my last six years at IBBL, I have had the opportunity to work on the Executive Committee, Audit Committee and other special committees of the board, mainly to help establish corporate governance in the bank and run the bank efficiently and effectively.

What does your role involve?
I have a dual role: as Islamic banker, since I act as member of the board and special committees of the IBBL, to perform different policy and strategic assignments in consultation with the members and experts of Shariah Council. I also assist in preparing road maps for the bank and analyze the results, keeping in mind my jurisdiction as member of the board/committees.

On the other hand, I am also actively involved with investment banking, including asset management and portfolio management. As a senior member of the management team and a member of the board, I play a key role in directing both organizations towards achieving their mandated goals and objectives. Besides, I also act as chairman of the boards of three publicly traded companies.

What is your greatest achievement to date?
My idea to design and issue a Mudarabah Perpetual Bond, a new instrument for IBBL, which was intended to help address the constraint of the capital adequacy requirement, as prescribed by the Basel II accord, and to raise long-term funds and to activate the Islamic bond market in the country.

Another achievement has been to float the first ever Islamic mutual fund based on Shariah principles in the country, which has already received an enormous response from depositors and may pave the way for the rapid expansion of Islamic banking products in the country.

Which of your products/services deliver the best results?
Of all the products/services of IBBL, in terms of the number of clients, we got the highest response from the Mudarabah Savings Accounts, but in terms of the aggregate investment amount, the highest response came from our HPSM product.

However, in terms of economic and social considerations, the Rural Development Scheme (RDS), which is meant for the poor, particularly for distressed womenfolk in rural areas, deserves the highest appreciation considering its success in economic and social uplift, poverty alleviation, resource recycling and value addition.

What are the strengths of your business?
I would say “people.” The Prudential plc Group worldwide has a strong track record of building successful businesses, and all this is centered on having the right people in the right place. We give high priority to attracting, retaining and developing the industry’s best people to support all this strong growth and development.

And, of course there are also other important factors that play to our advantage. Prudential has a rock solid brand reputation globally and across the region.

What are the factors contributing to the success of your company?
IBBL’s announced mandates, objectives and philosophy for a truly Islamic bank, backed by its honest, knowledgeable and professional people, teamwork, quality services, Shariah minded clients and a strict adherence to Shariah principles are the basic strengths which have led to the success of the bank.

What are the obstacles faced in running your business today?
The trust and confidence of individuals, institutions and stakeholders, in both the local and the Islamic world, towards the bank contributed substantially to its success. Transparent corporate governance, enhanced shareholders’ value, a professional board, clearly defined mission, vision and objectives, nominal amount of non-performing investments and strict adherence to Shariah principles are other important factors.

Where do you see the Islamic finance industry, maybe in the next five years?
The next five years, as I visualize it, will be a revolutionary age for the Islamic banking and finance industry. New products and instruments both in money and capital markets, replacing the traditional loans, debentures, bonds, venture capital, etc, will be introduced in Islamic countries. To address capital adequacy requirements and to meet the Basel II guidelines and also for the smooth running of the institutions, the Islamic finance industry will introduce new equity and investment products and instruments.

Scholars and experts of the Islamic world would suggest, on the basis of their research, new institutions and legal frameworks, new products and instruments for the smooth transfer of money, ideas and expertise among the Islamic countries. I also believe that in the next couple of years, each Islamic country will have its own Islamic money, stock market and indices. However, I sincerely hope that no instrument or product is permitted in the Islamic finance industry that risks everyone’s economic comfort to enrich that of the few.

Name one thing you would like to see change in the world of Islamic finance?
I would like to see a knowledge revolution in Islamic countries, better integration and harmonization of the thoughts and efforts of Islamic scholars and experts, and more institutional support to invest the excess assets of rich countries to poor Muslim countries through an effective banking and financial system.

With the active cooperation and participation of the Islamic Development Bank (IDB) amongst other Islamic banks, financial institutions, government bodies and prominent players from the Middle East and Gulf countries, Islami Bank Bangladesh has earned the unique position of a leading private commercial bank in Bangladesh, with 177 branches domestically.