Could you provide a brief journey of how you arrived where you are today?
I began my career in the banking industry in 1990 as a management associate in the risk management division at Citibank Malaysia. During my 12 years with Citibank, I focused mainly on corporate banking, corporate finance and risk management. My last position in Citibank was as the vice-president and head of the Malaysian business group.
In November 2002, I joined RHB Bank Berhad as the general manager of the chief credit officer division. Later in June 2004, I joined Bank Muamalat Malaysia as the head of corporate banking and later headed the larger corporate and investment banking division (CIB) following a re-organization exercise undertaken by the bank. As the head of the CIB division, my duties and responsibilities covered all the business departments, which included investment and corporate banking, commercial and SME banking, financial institutions, and trade finance. I later assumed the role of chief operating officer and acting CEO in March 2008.
What does your role involve?
My role as CEO involves developing the strategic direction of the Islamic bank, ensuring the effective implementation of our strategies and corporate policies, ensuring board decisions are duly implemented, providing direction for the implementation of short and long-term business plans and strong leadership.
What is your greatest achievement to date?
All my achievements are invariably tied in with collaborative efforts relating to others as well. Since I have been with OCBC Al-Amin from its establishment in 2008, I could perhaps claim some credit for what it stands for today: a bank that positions itself as one providing Islamic banking for everyone.
Which of your products/services deliver the best results?
Our positioning of “Islamic banking for everyone” has contributed significantly to the increase in our customer acquisition. We are proud to have been behind several firsts in the industry in Malaysia, including introducing the ‘Next Day Cash Financing’ product. On the business front, we pioneered the country’s first plantation-based Sukuk offering.
What are the strengths of your business?
The strength of our business is predicated on the OCBC brand and corporate values. OCBC is Singapore’s longest-established local bank. Today, OCBC is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an ‘Aa1’ rating from Moody’s. We also have an extensive network of over 500 branches and representative offices in 15 countries and territories.
What are the factors contributing to the success of your company?
Though OCBC Al-Amin has only been in operation for almost three years, we have been involved in Islamic banking in Malaysia for more than 15 years. These solid foundations coupled with the strong dedication of our employees have really contributed to the success of the bank.
What are the obstacles faced in running your business today?
Some of the challenges faced are a shortage of talent in the Islamic banking industry. A lack of understanding of the Islamic banking proposition has also resulted in pricing and rates being the main factor in customers‘ decision-making and despite the current healthy growth of Islamic banking in Malaysia, product offerings remain insufficient to meet the demand.
Where do you see the Islamic finance industry in the next five years?
With continued healthy growth trends for economies in the Asia Pacific region underpinning the industry’s future development efforts, and greater convergence of Islamic financial product structures and market infrastructure, intra-economies synergies will result in the proliferation both of plain vanilla and economically beneficial sophisticated transactions in multiple asset classes. This will help to propel this industry to achieve the next level of US$2 trillion in market size before the end of this decade.
Name one thing you would like to see change in the world of Islamic finance.
There is a critical issue which I wish to reiterate for the industry stakeholders to collectively deliberate on and resolve: the challenges arising from divergent legislation, tax and fiscal issues resulting in inefficient blockages for cross-border flows of investments. Active involvement of all players and regulators in this region should be mobilized to collaborate in formulating holistic workable solutions in harmonizing these areas for the mutual benefit of all.