Talal Yassine is an experienced lawyer, banker and non-executive director. He currently serves as a non-executive director on the board of Australia Post. Talal has served on the board of Macquarie University, as the deputy chairman of a government regulator and as the director of Sydney Ports.
Could you provide a brief journey of how you arrived where you are today?
I arrived in Australia in 1977 from war-torn Lebanon as the son of migrant parents who sacrificed everything for a new life. I was determined to not only make my parents proud, but to also make a difference by working to promote multiculturalism, education and environmentalism in this country.
Along the way, I have held positions in law and strategy at PwC, corporate finance and real estate at Babcock and Brown, and leadership roles and non-executive directorships across a broad spectrum of Australian business and cultural organizations including Better Place Australia, Gulf Australia Business Council and Australia Post.
So here I am today, one piece of a highly professional and innovative organization that aims to provide all Australians with the opportunity to benefit from one of the most dynamic and fast-growing sectors in the global wealth management industry today.
What does your role involve?
My role involves developing and implementing the overall strategy of the business. I work closely with the senior management team in identifying and selecting suitable product classes for investment.
I also work studiously to maintain and develop relationships with our clients, world-class service providers, strategic partners and the community.
What is your greatest achievement to date?
On Australia Day 2010, I was awarded a ‘Medal of the Order of Australia’ (OAM) for my service to business and to the community through a range of education, health and multicultural organisations.
Which of your products/services deliver the best results?
The Crescent Australian Equity Fund has outperformed the Thomson Reuters Crescent Wealth Islamic Australia Index in the past 12-month period to the 31st August 2012 and since inception.
What are the strengths of your business?
We pride ourselves on our high level of professionalism which, despite our lean business structure, is on a par with any other established corporation.
The Crescent Wealth brand is extremely important to us and therefore we endeavour to consistently demonstrate this professionalism not only in terms of our day-to-day operations, but also through how we interact with all stakeholders in our external environment.
What are the factors contributing to the success of your company?
The launch of any business strategy needs to coincide with an appropriate level of pent-up demand. The population of people in Australia who identify themselves as Muslims has increased by 40% since 2006, up to 487,000 in 2011, which is a natural investor base for our products. Thus we are tapping the significant potential for Islamic funds in Australia, estimated to grow to as much as AU$22 billion (US$22.8 billion) in funds under management by 2020.
Another factor is the momentum that has been building for Islamic funds in Australia. This is due to both Australia’s determination to become the financial services hub of the Asia Pacific region, and the undeniable need to fund major infrastructure projects as an attractive alternative to increasing debt levels and/or taxation.
This was reflected in the New South Wales government’s recent trade mission to Dubai which concluded with an agreement to strengthen investment opportunities between Australia and the GCC. Crescent Wealth is well positioned to benefit from these drivers of change in the Australian economy.
What are the obstacles faced in running your business today?
The economic environment in Australia is currently solid, with fundamentals such as GDP growth, unemployment rates and inflation at sound levels.
However European woes have wreaked havoc on global markets since the launch of our Australian equity fund, reducing consumer confidence among investors.
Where do you see the Islamic finance industry in the next five years?
We expect to see significant growth in the global Islamic finance industry. Over the next five years, conventional markets will get a better feel for the cornerstones of Islamic finance.
Name one thing you would like to see change in the world of Islamic finance.
A lack of standardization and homogeneity remains an important issue which needs to be dealt with to increase consumer confidence in the retail sector and avoid corporate confusion.