Could you provide a brief journey of how you arrived where you are today?
My work has taken me through several setups where I was involved in matters ranging from the setting up of companies to being actively involved in fund management. To date, I have more than 10 years experience in the fund management and unit trust industry. Before AIIMAN, I was executive director of Muamalat Invest, the first full-fledged Islamic asset management company in Malaysia, actively involved in establishing the company as well as two joint ventures in Bahrain and Saudi Arabia.
My key responsibilities were to broaden the outfit’s distribution channels in the Middle East to capitalize on the ample investment opportunities in that region. Prior to that, I held key positions in stock broking and fund management companies, notably as executive director of Avenue Invest and COO of Commerce Asset Fund Managers/Commerce Trust (now known as CIMB-Principal Asset Management).
Having gained this knowledge and experience, I foresee great opportunities ahead for businesses that are in line with the growing demand and opportunities to market Shariah compliant investments.
What does your role involve?
As CEO of AIIMAN, I am responsible for managing the overall business and strategic direction of the company as well as the Islamic investment team. I also oversee the administrative, operational and legal/compliance set-up of the company. Most of my time is spent on marketing in the Middle East and North Africa (MENA) region as AIIMAN is focused on tapping the MENA funds where there is great demand for Islamic investment products and services.
What are the strengths of your business?
It would certainly be the close proximity of our parent companies to the Asian markets and our specialist knowledge of the Asia region, coupled with our close working relationship. AIIMAN has the advantage of leveraging on the wide Asian network to gain a foothold in key markets earmarked for Shariah products, specifically in most major cities in Asia and the MENA region.
The AIIMAN team is built on a strong platform which comprises award winning fund managers, well qualified Shariah experts and a renowned Shariah Advisory Board, to ensure that the company employs the best Shariah practices and standards as well as integrate a tested and proven successful investment framework.
What is your greatest achievement to date?
AIIMAN is still a nascent company and it is premature to list our greatest achievements to date. At the moment, we are working hard to put in place the building blocks which will be the foundation of our journey to achieving our long-term objective of becoming the Shariah asset management powerhouse in the region. AIIMAN is in the midst of establishing business partnerships and actively doing the ground work/research with regards to developing new products.
What are the obstacles faced in running your business today?
The establishment of the day-to-day administrative support systems and processes are still ongoing, seeking the right people for the marketing and investment roles and not the least, marketing investment services in the current environment. The growing Shariah financial markets and the complexity of constructing products compatible with the Shariah requires skills and experience that are currently lacking in the local market, hence the search for the right executives is ongoing as to ensure that each personnel is the right fit for the company.
We are confident that despite the current financial crisis and the lean resources, there is increasing demand for Shariah compliant and innovative investment products in the local and regional markets and right up to the Middle East. We have great confidence in AIIMAN’s award-winning fund managers who have weathered the various market cycles and made sound investment decisions in the past. By combining the strong buy-side research with the product development capabilities, we are able to seize on new opportunities as well as weather the different market cycles in bringing new products which maximize returns within the risk-return frontier.
Where do you see the Islamic finance industry in, say, the next five years?
I definitely expect greater and more intense competition in the industry in the coming years. Competition is certainly inevitable and understandably, more and more companies will look to Islamic finance as a means to grow or supplement business revenue. Additionally, Islamic finance is increasingly seen as an avenue for investors seeking alternative investments.
With this, there should be opportunities for greater product innovation but also challenges to ensure that there is a proper local/regional/global standard or framework to regulate these Shariah compliant offerings. As such, greater transparency and efficiency in this area will certainly be a boon for the industry.
Name one thing you would like to see change in the world of Islamic finance.
Islamic finance, though perceived to be the next ‘in’ thing in finance, is not fully understood by those serving in the financial industry. Greater focus on educating on the inner workings of the industry and benefits will certainly be a boon to helping companies like AIIMAN forge ahead in the business. The efforts and initiatives of the Malaysia International Islamic Financial Centre have placed the country at the forefront of the Islamic financial hub to further create more opportunities for the local and regional players.