Could you provide a brief journey of how you arrived where you are today?
I joined HSBC as a resident management trainee 30 years ago and was privileged to go through the bank’s intensive training program both in Malaysia and in Hong Kong. The training prepared me to undertake the challenges of banking management/operations.
I have worked in various capacities, including branch management, credit management, corporate relationship management, business development, debt origination of debt capital market in Hong Kong and product development and management. In early 2000, I joined HSBC Amanah and was part of the team responsible for building the business from a small window unit to the present Islamic banking subsidiary of HSBC Bank Malaysia.
What does your role involve?
I am responsible for the overall management, growth profitability and operations of HSBC Amanah Malaysia, an Islamic banking subsidiary of the HSBC Group in Malaysia. I also have to ensure that Shariah standards are observed in undertaking the Islamic banking business in liaison with the Shariah Committee.
What is your greatest achievement to date?
My greatest achievement was being a part of the team that established the Islamic banking subsidiary. It has been a challenging journey as we had to first obtain approval from our Regional Office in Hong Kong and then from the Group Head Office in London before we submitted our application to Bank Negara Malaysia for the license. With the approval in hand, it was then time for us to understand our proposition and set up the business. The determination and commitment in this process has resulted in the establishment of a solid Islamic banking platform for the HSBC Group.
Which of your products/services deliver the best results?
Our Amanah Personal Financing product delivers the best results and we thank our conventional counterparts for their full support and commitment in promoting this product. Our Amanah MPower Credit card has also contributed positively towards the business. We introduced the Waad concept for this product proposition, which is accepted globally. In creating a differentiation, our MPower Credit Card gives cash rebate as against reward points in the conventional card proposition.
From the delivery perspective, HSBC Amanah introduced a new service platform wherein 90% of our branches are customer facing as against 70% in our conventional branches. The ambience, technology and service level that leverages from HSBC Group’s world class service platform has enabled us to contribute towards elevating the Islamic finance service platform in Malaysia.
What are the strengths of your business?
Our main strength is global connectivity, wherein we are able to share best practices from one site to another. I can say that we are a truly global Islamic bank with propositions that span across the US, UK, the Middle East and the Asia-Pacific while we continue to position our business in other key areas that have sizeable demand for Islamic finance. The talents that we have are from various backgrounds and are totally committed to ensure that Islamic finance in HSBC contributes towards the development of the financial services industry in Malaysia.
What are the factors contributing to the success of your company?
The close working alignment between HSBC Amanah and the business lines and support groups in the conventional bank is one of the main factors contributing to our success. The wholesome approach of HSBC Bank Malaysia enables HSBC Amanah to complement the conventional bank in serving our customers.
What are the obstacles faced in running your business today?
We would rather look at them as challenges and opportunities instead of obstacles.Introducing an Islamic proposition that resonates with customers has always been a challenge.
As we are all aware, Islamic finance is not about the borrower/lender/depositor relationship but more of the partnership/trader/investor relationship. Therefore, we are bound by the parameters of the Shariah concept that may be complicated for the customer and also for our staff in delivering the proposition.
Where do you see the Islamic finance industry in, say, the next five years or so?
Islamic finance will continue to evolve and innovate as it aims to become the alternative to conventional banking. Continuous efforts by the scholars and practitioners to harmonize Islamic finance globally will reduce the disparity in opinions and position it as a global proposition.
Name one thing you would like to see change in the world of Islamic finance.
We often hear that Islamic finance propositions are complicated, difficult to understand and more costly than the conventional due to the need to comply with Shariah requirements. As such, practitioners need to constantly find a balance between practical solutions and Shariah requirements. This will then drive Islamic finance to become a true alternative for consideration by customers in meeting their financial solutions