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Name: |
Richard Thomas
CEO Gatehouse Bank London |
Could you provide a brief journey of how you arrived where you are today? My initial attraction to Islamic finance was based on the structural advantages of the Islamic products I was dealing in. I found that the Islamic economic model was much more appealing than the conventional debt models, so I made the decision to turn my career over to Islamic finance. Prior to joining The Securities House group of companies, I have held senior positions related to Islamic financial services at Arab Banking Corporation in London and United Bank of Kuwait.
What does your role involve? As The Securities House has brought together its two London-based subsidiaries, Gatehouse Bank and GSH UK, into one organization under the Gatehouse Bank brand, I am now the CEO of the wider organization.
What is your greatest achievement to date?
Which of your products/services deliver the best results? Gatehouse teamed up with Swiss fund management company Sustainable Asset Management for the first ever Shariah compliant water-focused investment strategy fund aimed at helping solve the global water shortage crisis and meet the growing demand for water investments. I believe it is one of the most innovative investment products that we’ve seen in the Islamic finance sector in quite a while. While all of our products/services have their own characteristics, however if I was looking from the outside in, I would probably pick out the water fund as the most exciting.
What are the strengths of your business? The team combines expert Shariah advice with the technical and multi-disciplinary support of an investment bank, providing Shariah services in three core areas: Shariah advisory, Shariah audit and compliance, and Shariah training and research. Also, by combining the strength of Gatehouse Bank in capital markets services and GSH UK’s skills in asset and fund management, it will create an even stronger business organization with which to approach the growing opportunities in Shariah compliant financial markets, both in London and worldwide. What are the factors contributing to the success of your company? I would also like to highlight the commitment, support and confidence of our shareholders.
What are the obstacles faced in running your business today? The other area of challenge is the need for a greater balance between the innovation of products and consistency of Shariah interpretation. Standardization is a challenge because the simple solution of standardizing towards the least controversial practices may stifle innovation. The challenge is in getting that balance right.
Where do you see the Islamic finance industry in, say, the next five years or so? Name one thing you would like to see change in the world of Islamic finance. |