Could you provide a brief journey of how you arrived where you are today?
My career has spanned several countries, including Malaysia, Kuwait, Bahrain, Saudi Arabia and finally Mauritius. The organizations that I have worked for include a local bourse, a regulatory body and investment banks. My first foray into Islamic finance was when I joined a team at an investment bank in Malaysia looking at origination and execution of Sukuk. From thereon there was no turning back, as the industry appeals to me both as a Muslim and as a professional.
What does your role involve?
At this position meeting shareholders’ aspirations is the key. We are building an Islamic bank from scratch in a country where we are the first Islamic bank and Muslims are a minority. Therefore, the role of the CEO is much more than just a figurehead.
Laying down the foundations is my key objective at the moment; this includes setting the bank on the correct strategy path, building the capabilities in every department, scouting for business opportunities locally and in the region; and all these with a focus to meet expectations of the shareholders.
Every aspect of the business needs undivided attention. Be it in originating and executing deals or ordering stationery, everything needs to be done right.
What is your greatest achievement to date?
These are early days to talk about achievements. We have a robust business plan that will take us beyond the next three years and the results will speak for themselves. Working in an untested market, especially in Islamic finance, it is crucial to be nimble. Not all products and services will yield the same; as our experience tells us. So, the ability to act on our feet is paramount.
To date, approximately seven months after we began operations, we have closed two Murabahah financing facilities for corporates in Mauritius and the pipeline is building steadily over time.
What are the strengths of your business?
Our strength is essentially the combination of our shareholders (60% from Qatar and 40% from Mauritius), the management team and our geographical presence.
The shareholders have given us a leapfrog to reach for opportunities in our target markets. They have been instrumental in supporting us on both deal referrals and, especially, investors’ network.
The management team has in-depth experience in their respective fields and, most importantly, has spent a good number of years in emerging markets before joining the bank.
We are close to Africa and India, where we believe Islamic finance will grow exponentially in the near future. Being in Mauritius provides the ideal entry point for this.
What are the factors contributing to the success of your company?
This is an extension to the strengths of our business. With a management team which understands emerging markets, coupled with supportive shareholders, the equation is just right.
What are the obstacles faced in running your business today?
The financial crises affecting Europe and the US paint a grim picture for everyone and we believe that no international banker is immune to that.
Nevertheless, we feel that Islamic finance may well be the way forward and having a foothold in new markets now will be an opportunity to differentiate ourselves.
Where do you see the Islamic finance industry in the next five years?
The penetration rate for Islamic finance even among Muslims globally is still low: around 20% as reported by many parties.
We foresee that the growth will escalate as more and more positive exposure is given to the industry, not through better promotions but through success stories of economies already adopting and embracing Islamic finance.
Name one thing you would like to see change in the world of Islamic finance.
Misconception. Many people still view Islamic finance merely as a religious decision rather than an alternative way of doing business and, more painfully, that Islamic finance is just a sham with no difference between profit and interest.
This is affecting business dealings with many potential corporates and individuals, especially in markets which are new to Islamic finance.
Education is definitely one of the most effective ways to reverse the misconception but, I believe, a more effective measure is for all of us existing practitioners to ‘walk the walk’ as well as ‘talking the talk’.