Could you provide a brief journey of how you arrived where you are today?
Having received my degree in aviation management from Florida Institute of Technology, I spent 17 years in commercial and customer service roles in the airline and ground handling industry. I gained a wealth of strategic management experience with companies such as Emirates, as general manager for UK and Ireland, and Dnata as vice president of customer service and operations. I joined National Bonds Corporation (National Bonds) as deputy CEO in 2007, before becoming CEO just nine months later, in January 2008.
What does your role involve?
As CEO, I spearhead the management of the company’s growing portfolio of enterprises and strategic development of new and innovative savings initiatives to enhance our value proposition, grow our customer base and expand our geographic reach.
I also oversee investments to ensure the company invests in innovative ways to help develop a saving culture in the UAE in line with the company’s principles of transparency and Shariah compliancy. Equally important is to ensure a consistent healthy return on our investment portfolio.
What is your greatest achievement to date?
On a professional level, my greatest achievement is helping secure people’s futures by instilling a culture of saving into over 580,000 National Bonds holders in the UAE. It is this security that will help give them some peace of mind and financial stability in pursuing their goals and dreams.
Which of your products / services deliver the best results?
National Bonds provides a seamless and rewarding savings plan that attracts a wide range of the UAE population both local and expatriate with a current market share of 10%. Our strength comes from our diversified portfolio of assets, which bring in enough profits to ensure not only strong returns, but also the ability to give over 22,250 prizes every month to different bond holders, including a life changing AED1 million (US$273, 000) prize.
We also offer Takaful coverage up to AED125,000 (US$34,000) to all of our bond holders from 12 months to 70 years of age. This helps establish a lifelong relationship with our customers.
What are the strengths of your business?
We are in the opposite direction of other financial institutions as we purely concentrate on inculcating a savings culture versus financing. Our safe, low risk, Shariah compliant investment scheme insures consistent high returns without compromising on the safety of the bond holders’ money. Our monthly prize draws also give our customers the hope and excitement that their lives can change in a moment if they are the lucky winners of one big prize such as the AED1 million (US$273, 000) monthly draw.
What are the factors contributing to the success of your company?
National Bonds has positioned itself as a household brand through innovation, strategic insight, sound financial investments and a common mission to make it everyone’s favorite place to save and invest.
What are the obstacles faced in running your business today?
There is more of a spending culture in the UAE than a saving culture, and this a mindset that we need to change in order to safeguard the future of our economy. Our mission is to be everyone’s favorite place to save and invest and this has become a reality for many of our bond holders who have learned through National Bonds that saving can be an exciting and rewarding experience. Catching up with our bond holders’ expectations is a daily challenge which we strive to meet through simplicity and consistency of our services and products. Strengthening the value proposition and thus adding more value to their investments is a key strategic goal, hence the focus on innovation and strategic alliances with third party entities utilizing the huge negotiating advantage of our 580,000 large customer base.
Where do you see the Islamic finance industry, maybe in the next five years?
It would certainly outpace conventional banking in terms of growth. The world has seen the devastating effects of relying on traditional banking, and there will be a shift towards lower risk Shariah compliant Islamic finance and banking. I think the main difference will be that western economies will turn towards Islamic finance or some aspects of Islamic finance as they restructure their economies to be more stable and secure.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see Islamic finance much more independent in terms of innovation from its conventional rivals. Shariah has existed for over 14 centuries and it is rich with solutions for the continuously rapidly changing needs of consumers. More Shariah finance training is desperately needed to utilize that wealth of knowledge to the benefit of our society.