Could you provide a brief journey of how you arrived where you are today?
My interest in Islamic finance started during my student days at Cambridge. That academic interest was transformed into practice during the time in my firm’s London office, back in the 1990s. I recall the mid-nineties being a period in which there was much talk and conference activity on Islamic finance prospects. In hindsight, the talk was more hype as commodity Murabahahs were unfortunately all too conspicuous. The real rise in the volume, size and quality of Islamic finance transactions occurred post-9/11, just after I relocated to the firm’s Dubai office to set up the firm’s Islamic Finance Group. Since establishing this group, our involvement in many of the most substantial and cutting edge deals has been fantastic.
What does your role involve?
A key aspect of my role is keeping up to speed with the thinking of eminent Shariah advisors and passing that knowledge on to my group. Transaction management, so that deals close on time and to cost, is also a key job description constituent.
What is your greatest achievement to date?
All of my achievements have been team efforts. Some of the accolades the Islamic Finance Group has received reflect our unrivalled Sukuk experience, the landmark deals we have worked on, including the landmark PCFC US$3.5 billion convertible Sukuk, the Aabar exchangeable Sukuk, the first international Musharakah Sukuk, the world’s largest corporate Sukuk and the world’s largest sovereign Sukuk. The Islamic Finance Group’s success is owed to the wonderful clients and eminent Shariah advisors we work with, such as Dr Hussein, Sheikh Nizam, Justice Taqi Usmani and Dr Imran Usmani, not forgetting all of the other eminent Shariah advisors, whose guidance we are most grateful for. Ultimately, all thanks and praise to the Almighty.
Which of your products/services deliver the best results?
The capital markets, asset financing and syndications side of the Islamic Finance Group receive numerous accolades, accreditations and profile.
What are the strengths of your business?
My Islamic Finance Group is acclaimed for its ability to maintain the integrity of the Shariah. We pride ourselves on our ability to do this through structuring and executing transactions that our clients and the eminent Shariah advisors we work with can rightly be proud of.
What are the factors contributing to the success of your company?
As with any organisation, our best assets are our people. I am very proud of my group, their hard work, commitment and above all their belief in what they do.
What are the obstacles faced in running your business today?
Law firms face the same obstacles as any other commercial organizations.
Where do you see the Islamic finance industry, maybe in the next five years?
The guardians of the Islamic finance industry are our Shariah scholars. They must be accorded due respect. The ultimate mark of respect is the Islamic finance industry striving for one of its key goals – the shift from Islamic banks being creditors to being profit and loss sharing partners in the enterprises they finance. To that end, one of the brightest lights is the recent developments in convertible and exchangeable Sukuk. To my mind, these Sukuk are not merely another product for the Islamic finance industry, but point towards what it has to achieve in the mid-term. The growth of the Islamic finance capital markets is fundamental to the well-being of the industry going forward. I have high expectations that in five years time we will have a buoyant primary and burgeoning secondary Sukuk market.
Name one thing you would like to see change in the world of Islamic finance?
- Much less reliance on commodity Murabahahs.
- Islamic finance better marketing itself so that it is viewed as more accessible to all.
- People in the Islamic finance industry giving as much care and attention to displaying its moral and economic benefits as they do to micro-pricing and term comparison with conventional products and services.
The Islamic finance industry needs to be proud of the fact that it is, and should be, qualitatively different. All of these aspirations rest on good intentions and education.
Denton Wilde Sapte (DWS) has one of the largest Islamic finance practices of any law firm in the world, reflecting both its Middle East presence and its strong banking and finance practice.
With a broad appreciation of the commercial and cultural issues of the Shariah, DWS has the expertise to maintain the integrity of Shariah financings. DWS is acclaimed for its ability to structure deals, find innovative solutions and clearly advise on risks, particularly where the Shariah mandates cannot be passed on, mitigated or excluded.
From Government Sukuk issues to telecoms financings, DWS is known for its ability to handle multi-sourced financings, making it the leading source of knowledge for Islamic finance matters.