Could you provide a brief journey of how you arrived where you are today?
My career began about 36 years ago. After graduating with a degree in aeronautical engineering, I started working with the Pakistani Air Force in the maintenance and technical branch. I then took an early retirement to pursue an MBA. Thereafter, I worked as a managing director in Agro Auto Industries, one of the largest automotive parts manufacturing company in Pakistan, before moving to Delphi Diesel Systems (Pakistan) as a managing director.
I had an opportunity to work for Meezan Bank as general manager of corporate and business development, the first and largest Islamic commercial bank in Pakistan. I was one of the founding members of the bank and played an instrumental role in leading the successful conversion of the bank into a full fledged Islamic commercial bank upon the acquisition of Société Générale in 2002.
I have also participated as a speaker in numerous workshops and seminars on Islamic finance.
What does your role involve?
My role is to carry out the overall strategic plans and policies of Gulf African Bank and ensure that it continues to be the bank of choice for customers.
What is your greatest achievement to date?
Turning around Agro Auto Industries, one of the largest automotive parts manufacturing company in Pakistan, from a loss making venture into a profitable one. In Meezan Bank, I played an instrumental role in launching the new concept of Islamic banking in Pakistan.
Then, launching Gulf African Bank as a fully fledged Shariah compliant bank with 14 branches in Kenya, and which turned profitable in less than three years. Currently we are one of the fastest growing banks in Kenya. In 2010, our deposits hit the KSH8.1 billion (US$99.45 million) mark and our financing stood at KSH6.2 billion (US$76.12 million) with the lowest cost of funds and non-performing financing in the banking sector.
Which of your products / services deliver the best results?
Corporate finance and retail have done exceptionally well. The main reason for this is that it is easier to build the assets and liabilities books as well as focused customer relationship management.
What are the strengths of your business?
We have unique products which are just and equitable as compared to the conventional ones; like sharing profits and risk with our clients. In addition, our service delivery standards have set us apart and given us the business edge we needed to get this far. Our growth record in the short time we have been in business speaks volumes of our success in delivering on our commitment to our biggest asset — our customers.
The products we have in the market are well structured. Last year we received an award for product innovation for our Diminishing Musharakah home mortgage product.
What are the factors contributing to the success of your company?
We offer fully Shariah compliant products and have maintained a sustainable business model based on a calculated expansion strategy and by staying committed to our vision, mission and core values.
We pride ourselves in having quality customer care practices. Gulf African Bank was awarded for its quality customer service in 2009 by the ‘Think Business’ banking awards.
We have also been involved in corporate social responsibility activities in areas where we set up business and this builds goodwill from the communities.
Sharing Islamic finance knowledge with various stakeholders has also been instrumental in growing our business since Islamic banking is more of a knowledge based business.
What are the obstacles faced in running your business today?
The perception that Islamic banking is only for those who practice Islam. Changing this mindset has been a real obstacle. It is also not easy to get the right human resources who possess a deeper understanding of Islamic finance and this poses a challenge where we have to train and develop our staff constantly.
Where do you see the Islamic finance industry in, say, the next five years or so?
The future of Islamic finance is bright. We have demonstrated that Islamic banking is a viable and profitable venture. Shariah principles are good for our safety and stability of business. Since Islamic finance is knowledge based, sharing this knowledge is key to the growth of the business. At Gulf African Bank we have continued to spearhead Islamic finance conferences aimed at developing Nairobi as a center of Islamic finance. I therefore see growth of Islamic finance in this part of the world.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see Islamic finance being practiced in its real essence of profit and loss sharing with customers.