Sufyan Maysara Yassin is a certified Shariah advisor and auditor in Islamic banking and finance and has a postgraduate diploma in Islamic Banking & Insurance from the Institute of Islamic Banking and Insurance, London.
Could you provide a brief journey of how you arrived where you are today?
I joined Sharjah Islamic Bank (formerly National Bank of Sharjah) for a short period before the bank’s conversion into Islamic banking. I was assigned to assist the Shariah supervisory board during the bank’s holistic transformation process. My mission then entailed me to work closely with the Shariah supervisory board members of the bank, thus exposing myself to the industry overall and the challenges therein.
What does your role involve?
Ensuring Shariah compliance and consistency of the bank’s transactions, operations, investments, contracts, legal documentation and all activities with the Shariah provisions and principles; as well as ensuring implementation of the Shariah supervisory board’s resolutions and pronouncements. Also, facilitating and streamlining the bank’s operations and procedures through adopting simple and distinctive Shariah compliant practices.
What is your greatest achievement to date?
The greatest achievement is yet to come. Yet achievement can’t be achieved without a dedicated team. Playing a leading role in setting up the Shariah Audit and Compliance Division in Sharjah Islamic Bank from the scratch can be mentioned here. Contributing to spreading an appropriate Shariah governance attitude within the bank atmosphere’s as well.
I have now joined [Meethaq, the Islamic window of] Bank Muscat. Islamic banking has recently been introduced in Oman and I am looking forward to accomplishing better achievements with my associates and to humbly contribute in inaugurating Shariah compliant banking in Oman.
Which of your products/services deliver the best results?
As Shariah audit and compliance is a control function area, it’s one of the success factors needed by Islamic financial institutions to achieve their best results, both in business targets as well as the authentication of the business from a Shariah perspective. The ultimate results of the Islamic institution to a significant extent depend on the effective and innovative Shariah solutions that are extended by the Islamic division.
In terms of business, product development relies on the quality of our services. Regarding the operation, on the other hand, of the back office and other supporting functions, their job betterment and smoothness to a large extent relies on our effective solution and process flows that comply with Shariah standards.
What are the strengths of your business?
Delivering genuine and uncontaminated Shariah compliant products and services that meet the demands of the market by our financial institution; achieving the vision of the shareholders to be a Shariah compliant business provider; as well as the desire of the depositors in gaining legitimate and lawful returns.
What are the factors contributing to the success of your company?
Major factors contributing to success are well-versed business professionals, strong presence of the Shariah supervisory board and effective and efficient Shariah audit and compliance regulations.
What are the obstacles faced in running your business today?
A lack of in-depth understanding of Shariah compliant products, transaction sequences, documentation and process flows by the staff due to the deficiency of the Islamic banking training and learning. Also a general dearth of experienced manpower in the Islamic banking industry.
Where do you see the Islamic finance industry in the next five years?
Islamic finance has firmly positioned itself in Muslim countries and even moved further to tap the markets in western countries. The constant double digit growth shall carry on, in spite of the recent global economic challenges.
Name one thing you would like to see change in the world of Islamic finance.
I would like to see effective orientation and broader application to microfinance products by Islamic banks and tangible participation by the Islamic financial institutions in developing this sector.
Noticeably, the main income for many Islamic financial institutions comes from applying secured products. I would also like to see participatory-based banking and financing for micro-entrepreneurs develop into a real practice by the Islamic financial institutions.