Could you provide a brief journey of how you arrived where you are today?
I recall stumbling across a book on Islamic insurance and banking at the age of 14, thus my Islamic finance journey began. Later at University of Manchester I was able to study Islamic law and learn about Shariah.
In 2000 I continued my research in Islamic banking as part of my MBA. As I became involved in the practical application of Islamic products, I realized that there was the need to establish Islamic corporate strategy to effectively deliver a viable sustainable Islamic product value proposition.
What does your role involve?
My key role is to offer Islamic finance providers “original idea generation strategies” by developing Shariah investor products on one side, heavily focusing on change management, corporate strategy, and the culture within the Islamic finance organizational framework on the other. I would describe my role as a problem solver within the corporate strategy environment.
What is your greatest achievement to date?
I would not solely address any achievement to myself. I am on a learning journey. On this road I have developed Shariah based products, Sukuk structure solutions and such.
I am particularly pleased with my work in educating professionals in Islamic finance and leadership. Education is key in delivering and nurturing the vital talent needed for Islamic finance to effectively compete in the global market place.
Which of your products / services deliver the best results?
We try to steer individuals and organizations away from re-engineering or mimicking conventional products/ideas therefore not undermining the “spirit of Shariah” and this is key to maintaining organizational credibility.
What are the strengths of your business?
The “three tier” system of employing a Shariah scholar, financial engineer and solicitor currently used/utilized by the industry to develop financial products is very expensive. We offer alternative, cost effective strategies to our customers which in turn, makes them more competitive and allows them to effectively deliver real value to their customers. Our work on delivering short and medium term liquidity solutions will strengthen the industry. Offering a firm solution beyond initial product development stage, be it looking at the idiosyncratic risks, customer relationship or operational strategy clearly distinguishes us.
What are the factors contributing to the success of your company?
Not paying “lip service” to the Islamic value system has won ourselves the respect and admiration across the industry. Delivering real value to our customers and organization is very much researched focused. This allows us to meet the needs of our customers with original ideas and solutions to the challenges faced in the industry.
What are the obstacles faced in running your business today?
There are a number of obstacles faced within our industry —
Shortage of fully qualified human talent.
Showing clear differences between Islamic financial products and conventional products.
Fully identifying, understanding then targeting the needs of the customer.
Transparency which effectively builds industry credibility.
Achieving “emotional buy in” from customers.
Where do you see the Islamic finance industry in, say, the next five years or so?
The newly emerging Islamic finance industry has established itself upon an explosive growth, product imitation and a convergence process. Organizations must depart from this for the sake of industry credibility and sustainability. I hope we create a separate clearly distinctive interest free modus operandi and offer a truly deliverable interest free/ ethical brand-alternative to conventional finance.
Beyond this, within 10 years, the industry should look at delivering with the implementation of a halal inspired “Islamic corporate strategy model”, which is customer aligned and business organizations that fairly balance the interest of all stake holders (customers, shareholders and its staff).
Islamic finance/economics should not only deliver new world class fair ethical products. They need to implement these values fully in their businesses operational processes to truly deliver this vision.
Name one thing you would like to see change in the world of Islamic finance.
The illogical, ineffective, costly “three tier” product development process where Islamic finance is almost held to ransom by a few Shariah scholars who appear on the boards of most organizations. Islamic banking managers should become “transparency managers” and focus their organizational strategy to customers.