Could you provide a brief journey of how you arrived where you are today?
I embarked on a career in asset finance back in 1982 when I joined a leading firm of solicitors in London, specializing in shipping and aviation matters. In 1995 I took a three-year break from private practice to work in-house for Arab Banking Corporation in Bahrain, where I first learnt about Islamic finance and was fortunate enough to work with a number of people who went on to lead and establish other Islamic financial institutions and consultancies. I returned to private practice in London in 1998 to once again work for a firm with a substantial Middle Eastern practice and presence, where I concentrated on asset and trade finance work (both conventional and Islamic). In the last decade I have expanded my practice to also cover corporate and energy-related matters. I joined Ince & Co in 2007 as a partner in the business and finance group in the London office, and relocated to Dubai at the beginning of 2011.
What does your role involve?
I am the partner in charge of non-contentious (transactional) finance, corporate and energy work in our Dubai office.
What is your greatest achievement to date?
In terms of Islamic finance the most pleasurable was a syndicated lease financing of the topsides of a floating production, storage and offloading vessel employed in the offshore of Peninsular Malaysia. This gave rise to a number of interesting legal issues and the clients were seasoned Islamic banking professionals for whom it was a delight to work.
Which of your products/services deliver the best results?
We offer commercial advice working in partnership with our clients to seek solutions to problems and help to develop new business opportunities on the transactional side. Our Islamic finance work spans across the corporate, trade and asset finance areas. We pride ourselves in acting for many of the world’s leading entities in our core business sectors.
What are the strengths of your business?
Ince & Co is an international commercial law firm founded in 1870. Our aim is to deliver a premium service at a competitive price on both dispute and transactional work. We are among the market leaders in our core business areas and have many years’ experience and a thorough knowledge and understanding of the industry sectors in which we operate.
What are the factors contributing to the success of your company?
A willingness to listen to our clients, to understand their business and to offer business-driven advice, solutions and assistance in support of the commercial objective — without compromising on issues involving legal risk.
What are the obstacles faced in running your business today?
The banking crisis of 2008 followed more recently by the sovereign debt crisis, have profoundly affected the ability of small and medium entities to access new capital. In such conditions it has been a challenge to maintain market share in relation to new transactional work (corporate and finance) in particular, and there has been a clear need to adapt to the changing market conditions, to diversify where necessary and, especially, to demonstrate innovative thinking in an increasingly competitive environment.
Where do you see the Islamic finance industry in the next five years?
During the last 20-25 years the Islamic finance sector has seen steady growth with new Islamic finance providers opening in a number of jurisdictions globally. Islamic banks expanded their assets in 2009 by 28.6%. Shariah compliant assets are now said to total about US$1 trillion, making this a significant source of liquidity. With the advent of new products to manage short-term liquidity and the development and expansion of new derivatives products, the future looks bright for the short to medium-term. The continuing expansion of the Sukuk market, the introduction of new derivatives products and, most recently, the introduction of instruments to manage short-term liquidity, show willingness on the part of the industry to innovate and compete for new business and so the future looks very positive.
Name one thing you would like to see change in the world of Islamic finance.
A move towards a more standardized corporate governance and risk management approach (with institutions such as the IFSB and the AAOIFI playing a central role in the future), coupled with the introduction of a jurisdiction-based Shariah supervisory council for the finance industry in each such jurisdiction (such as the Shariah Advisory Council in Malaysia).