Md. Fayekuz Zaman
Islami Bank Bangladesh
Could you provide a brief journey of how you arrived where you are today?
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?
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?
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?
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?
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?
What are the obstacles faced in running your business today?
Where do you see the Islamic finance industry, maybe in the next five years?
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?
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.