Could you provide a brief journey of how you arrived where you are today?
I used to be a translation office director and interpreter. I also worked with the General Council For Islamic Banks And Financial Institutions (CIBAFI) as a translator. Then I started to think about studying business administration in addition to the MA I have in languages. I obtained my MBA and at the same time pursued an Executive Master of Business Administration course in Islamic finance. I was appointed as the executive director of the CIBAFI in September 2010.
What does your role involve?
My role involves daily follow-up of all the departments such as the information and financial analysis department, training, human resources, marketing, accounting and finance as well as the IT department.
What is your greatest achievement to date?
All the achievements we have had were the fruit of collective work and effort. We enjoy working together as a team and we all do our best.
Which of your products/services deliver the best results?
The training department is doing a great job. The first training course was conducted in 2009 with the implementation of the elementary certificate, ‘Certified Islamic Banker’, until 2010 when I was appointed. We have launched so far seven other specialized certificates, two diplomas and recently the mini master in Islamic finance program. We issue two directories every year along with four periodic reports.
The first directory encompasses all the Islamic financial institutions in the GCC. The second is the Global Islamic Finance Directory.
What are the strengths of your business?
The General Council is one of the four “I’s”: International Islamic Infrastructure Institutions. It was established pursuant to the Royal Decree No.23 issued on the 16th May 2001 in Bahrain. It is an affiliated organ to the OIC.
The General Council is the official umbrella for all the Islamic financial institutions that comply their services and products with Shariah principles. The aim of the General Council is to develop the Islamic financial industry and protect it in various fields such as training and human resources development, information and financial analysis, consultancy, information and awareness.
What are the factors contributing to the success of your company?
Our company is a leading supportive institution for the Islamic finance industry. We have sustained and kept fulfilling our objectives so far in the right way following the best industry practices.
The center of information and financial analysis works on the basis of the financial statements for nearly 400 banks and an Islamic financial institutions, and has a database of the most comprehensive and confident information in the Islamic finance industry. The International Islamic Finance Training Center aims at improving the capabilities of the staff of Islamic banking system, as well as all those who wish to enter the Islamic financial services industry in various countries around the world, by providing them with foundations and professional skills of sound information in their work.
What are the obstacles faced in running your business today?
The main challenge is how to cover our expenses to carry on paying salaries and fulfilling our organizational goals. We depend mainly on membership fees which are almost symbolic to some institutions which pay US$1,000 per year. The recent financial crisis urged many financial institutions to withdraw from the CIBAFI membership. The other challenge we are facing is the quantity of work in comparison to the volume of our staff. We try to reduce our staff to the minimum and optimize our productivity. The third obstacle is the unpredictable situation in the Arab world nowadays that affects the business in general.
Where do you see the Islamic finance industry in the next five years?
The Islamic finance industry is still achieving double digit progress. It is progressing well as long as the practitioners comply with Shariah principles.
Name one thing you would like to see change in the world of Islamic finance.
We would like to see an Islamic bank at least in every country in the world. The industry still needs improvements in terms of Shariah boards and liquidity management.