Could you provide a brief journey of how you arrived where you are today?
I started my banking career in 1988 and got my first exposure to Islamic banking in 1994. I have since then been involved in the Islamic banking industry in various positions and, in 2001, I decided to switch to Islamic banking on a full-time basis. I joined Standard Chartered in 2003 to start an Islamic banking business on a global basis.
What does your role involve?
I have overall responsibility for Islamic banking across our bank, including both the consumer and wholesale bank. I am responsible for developing and executing a strategy across our markets to offer Islamic solutions to our customers. I also have primary responsibility to deal with our Shariah board.
What is your greatest achievement to date?
I am very proud that we have been able to launch Islamic banking in five countries (Pakistan, the UAE, Bangladesh, Malaysia and Indonesia). We offer a complete range of products and have also created a strong leadership position in the Islamic derivative and Sukuk market.
Which of your products/services deliver the best results?
Our experience has been that customer response to our product suite has been extremely positive. It is difficult to pick a product as it is different in each market based on customer preferences.
What are the strengths of your business?
The commitment of the senior management of the bank to promote this business and the excellent team that we have been able to put together are the key to our success.
What are the factors contributing to the success of your company?
Standard Chartered has a very focused, customer-centric strategy. We have a long history in key markets and enjoy great trust from our customers. With the support and guidance of our Shariah board and our team’s structuring abilities, we are leveraging the established brand reputation of Standard Chartered as “The Right Partner” in building our Islamic banking business.
What are the obstacles faced in running your business today?
The demand for product and markets is outpacing the Islamic industry’s capacity to respond in general. The industry needs a lot more people with sound banking skills and Shariah knowledge.
I think a lot of good work is being done and in a few years, the human capital shortage in the industry will be addressed.
Where do you see the Islamic finance industry, maybe in the next five years?
The Islamic industry has grown very rapidly both in terms of assets and profits and losses, and the depth of products available. In many markets the number of players is increasing, for example in Pakistan, the UAE and Malaysia, to name a few countries, and as the market participants grow it will further impact on the growth of the industry.
It is a great time to be involved and work in the Islamic industry, as it offers huge intellectual satisfaction, strong career growth opportunities and also meets individuals’ religious preferences.
Name one thing you would like to see change in the world of Islamic finance?
I would not like to change anything, but there is room to improve the pace of coordination among Islamic counterparts to work together for the development of a new product suite to offer a complete solution to customers.
We need the guidance of the Shariah scholars to meet more frequently to debate and form a broad consensus with the Islamic players on what they see as the pressing need of the market so that the scholars can undertake their Shariah research accordingly.
Standard Chartered’s Islamic banking division offers tailor-made Shariah compliant products in the areas of consumer banking, corporate banking and global markets.
In order to ensure conformity of all products with the tenets of Shariah, the bank has an independent Shariah Supervisory Council comprising two of the world’s most renowned Shariah scholars. With a presence in more than 50 countries, the company is set to become a leading player in the global Islamic banking industry.