This summer, Cambridge IFA successfully completed its 6th edition of the Cambridge Islamic Finance Programme (Cambridge IFLP), held from August 7 to 12, 2022 at Clare College, a member of the University of Cambridge syndicate. Founded in 2013, Cambridge IFLP continues to contribute to global efforts in developing a new breed of leaders in Islamic banking and finance. Since then, about 200 men and women have graduated from the programme.
Cambridge IFLP enjoys the reputation of being the first and the only global leadership programme specifically structured for middle and upper-middle management personnel of Islamic financial institutions. Designed and structured by Cambridge IIF, the programme is delivered by some of the most influential leaders in Islamic banking and finance. This year, a total of 30 delegates, speakers and mentors from Asia, Central Asia, Africa, Europe, the Middle East, and Far East Asia.
Designed on the foundation that leadership can best be understood by studying and closely observing the leaders themselves, the Cambridge IFLP is designed to allow delegates to benefit from the presence of a number of mentors who are leading personalities in the global Islamic financial services industry.
“Cambridge-IFLP demands nothing less than exceptional performance in leadership activities, active participation in leadership interviews and outstanding contributions to leadership talks. The breadth and content of the programme are top of the class, as diversity of delegates, as well as the speakers, present an all-rounded approach to management and exposure to different leadership styles.” Professor Humayon Dar, PhD (Cantab), Founder of Cambridge-IFLP.
Notable mentors and speakers at this year’s programme included Daan Elffers (Founder ESG, Sustainable Development), Aleem Cummins, (Splunk & Analytics Thought Leader, VP EMEA, bitsIO Inc), Areeb Siddiqui (Founder KESTRL), Khalid Al Yahmadi (Chairman, Amjaad Holding), Kamran Sherwani (Head of Shari’a Compliance, ADCB Islamic Banking), Mohd Muazzam Mohamed (CEO, Bank Islam Malaysia Berhad), Adnan Ahmed Yousif (Former President & CEO, Al Baraka Banking Group), Safdar Alam (CEO, Maydan Capital), Charles Haresnape (CEO, Gatehouse Bank UK), Professor Dr Habib Ahmed (Winner of 2022 IsDB Prize & Sharjah Chair in Islamic Law and Finance, Durham University UK), Dr Zeljka Davis-Vorih, (Strategist, Sustainability Expert & Consultant, Managing Partner With EMG), Mohammad Shaheed Khan (CEO, Moonshot Advisory), Dr. Zahid Parvez (Rector Markfield Institute of Higher Education, Leicester, UK), Muhammad Afaq Khan (President MCB Islamic Bank, Pakistan), Zara Mohammed (Secretary General, The Muslim Council of Britain), Dominic Selwood (English Historian, Author, Journalist and Barrister) and Waheed Qaisar (Chairman, Chapterhouse Capital LLP & Pairstech Capital Management LLP, UK).
This programme is empowered with new skills and a contemporary perspective on leadership. It is a journey of self-discovery, where individuals polish their skills and enhance their capabilities by becoming a part of a global event. Here the participants learn to articulate their personal leadership philosophy; hone their leadership skills, and build upon the essence of ongoing improvement.
The speakers and mentors are primarily drawn from the industry, making it a unique programme as most leadership programmes heavily drawn upon academia for delivery. The programme’s scope and content are first-rate, as evidenced by the diversity of delegates, in terms of their geography, professional profile and affiliation.
This year’s programme included, 7 Leadership Interviews, 10 Leadership Talks, 2 Leadership workshops, 2 Leadership Activities, case studies, Cambridge IBM and social activities. Leadership workshops, along with interactive and fun social and leadership activities, allowing the delegates to seek mentorships and develop life-long relationships with these leaders as delegates are able to interact with them formally and informally.
6th Cambridge Islamic Finance Leadership Programme 2022 kickstarted on Monday, August 7, 2022 by the Welcome Address by Mazhar Malik, Programme Director, Cambridge IFLP. The delegates were welcomed from all corners of the world who had come together in one sprit to develop the Islamic finance industry and fill the gap of skilled leadership. Mazhar Malik led the first Leadership Activity on Predictable Communication. Leaders need to hold out their stance in communication enabling their teams to follow leading to stability, consistency and trust.
Leadership interviews provided great first-hand insights into leadership values, philosophies and qualities as leaders reveal their leadership secrets, skills and experiences. Delegates gain great first-hand knowledge into leadership strengths and qualities and an opportunity for delegates to flesh out questions to the leaders themselves.
Waheed Qaisar, Chairman of Chapterhouse Capital LLP & Pairstech Capital Management LLP, UK was the recipient of the first Leadership Interview of the training programme. He is a renowned Entrepreneur, Conventional & Islamic Banker, Dynamic Bank Leader, Management Professional, a Bank Start-up Expert in the West, Financial Services Adviser, Consultant and Corporate Finance Advisor. He has led Islamic banking initiatives in the West since the late 90s. He is a founding member of the Bank of England working party on Islamic mortgages and founding Member of UK technical group at Chartered Institute for Securities & Investments (CISI) for Islamic Finance Qualification London among other achievements.
He shared some of his personal experiences and offered valuable advice. Successful change is one of the biggest problems that modern organisations face. In a fast-changing world, the strategic imperative to change is often clear; without doing things differently, organisations are unlikely to succeed, or remain relevant to the changing landscape around them.
Professor Humayon Dar conducted the Leadership Interview of Adnan Ahmed Yousif, President & CEO of Al Baraka Banking Group. He has led the Al Baraka Group (ABG) since its inception, developing the Group into one of the largest and most diversified Islamic banking groups in the world. He is a recipient of multiple awards including the Medal of Efficiency, LARIBA Award for Excellence in Achievement as well as Islamic Banker of the Year. The Al Jinan University of Lebanon granted him an Honorary Doctorate of Philosophy in Business Administration. He is also the Chairman of the Bahrain Association of Banks.
During his leadership interview, Adnan Ahmed Yousif, Former President and Chief Executive Officer of Al Baraka Banking Group, talked about the leadership qualities that make leaders great. He emphasised the importance of discipline, efficiency and teamwork that forms the foundation of superior leadership. What many fail to understand is that what determines who will become an extraordinary leader is the discipline to practice perpetual learning habits and improving, being a sound example for the organisation. Leaders do not consider themselves the authority rather they consider themselves a part of the organisation.
The first day of this training programme was concluded by a highly anticipated and entertaining Leadership Interview with Charles Haresnape, CEO, Gatehouse Bank. Prior to joining the Bank, he was Group Managing Director at Aldermore Bank, where he was responsible for residential and commercial mortgages, plus property development. He has worked for a number of household names in the UK banking and building society sectors, including Nationwide and HBOS where he was a senior executive, responsible for mortgage sales and portfolio acquisitions. He has also been Deputy Chairman of the Council of Mortgage Lenders (CML) and Chairman of the Intermediary Mortgage Lenders Association (IMLA).
The second day of this highly packed training programme saw Professor Dr Habib Ahmed. He was awarded the IsDB Prize 2022 in recognition of his pioneering and innovative work in Islamic economics and finance and Sharjah Chair in Islamic Law and Finance at Durham University in the United Kingdom. He discussed the types of Leadership, specifically Transformational Leadership and how it relates with Islamic ethics and the model of leadership given by the Holy Prophet (SAW). He also discussed the difference between leadership and management, the former being about coping with change and the latter about coping with complexity. He concluded the session by reanalysing the vision industry leaders have and what Islamic finance leaders should do to be able to deal with future economic issues and uncertainties that create both risks and opportunities.
The Leadership Interview of Muhammad Afaq Khan, President of MCB Islamic Bank, Pakistan was conducted by Dr Rizwan Malik. Muhammad Afaq Khan is Known as the Father of Sukuks. He led the first Sovereign Sukuk for the Government of Malaysia. He is a globally recognised Islamic banking professional with over 33 years of experience and a receiver of several awards including Islamic Banker of the Year Awards (WIBC) and Outstanding Islamic Banker Award (GIFA).
Leadership Interview was of Zara Mohammed, Secretary General of The Muslim Council of Britain (MCB) was conducted by Mazhar Malik. She has the distinction of being the first female, youngest and Scottish person to lead the organisation in its history. She is passionate about community change, and empowering young people and women. An ardent speaker focusing on diversity and inclusion training, women in leadership, as well working towards building trust within ethnic minority communities, she has a Master’s degree in Human Rights Law and works in the field of Training and Development.
Today’s leaders need to understand the market and adjust very quickly to the disruptions that are taking place. These interactive sessions delivered by leaders themselves provided great insights into leadership values and philosophies.
Cambridge-IFLP delegates benefit from in-depth knowledge and understanding from industry experts on developing themselves into effective and influential leaders in their respective organisations as well as in the global Islamic financial services industry. Leadership Talks cover a wide range of topics and perspectives including structuring and product development, human resource development and leadership perspectives.
Daan Elffers, Founder of ESG, Sustainable Development led the first Leadership Talk of this session. He has extensive experience working directly with businesses, governments and non-profit organisations worldwide. Named one of the ‘100 Most Talented Leaders in CSR’ by the World CSR Day organisation. Elffers was the Chairman of the recent CSR Summits in Jeddah, Doha and Dubai – the longest-running CSR summit in the region. He has been involved in various international organisations as, to name just a few, Guest Member of the Circular Economy Taskforce at the World Economic Forum and a Strategic Advisory Council Member to the Institute of Environmental Management and Assessment, the world’s largest membership organisation for sustainability professionals.
Khalid Al Yahmadi, Chairman of Amjaad Holding was another speaker. Amjaad Group is one of the most recognised real estate development, engineering and investment groups in Oman. He is a Board member in Oman Tourism Development Company ‘OMRAN’, Migros, and the Oman Society of Engineers. He was also the Former Chairman Founder of SalamAir – the first and the only low-cost airline in the Sultanate of Oman. He was the first undergraduate student in the Middle East to research and design a Building Energy Management System and to receive a certificate in BEMS from Johnson Controls (BMS International Manufacturer).
Dr Zeljka Davis-Vorih, Strategist, Sustainability Expert & Consultant, Managing Partner with EMG led the other Leadership Talk. She has over 15 years of experience with stock-listed companies in structuring teams and developing CSR positioning concepts. She is an Expert on the UK Resource Revolution steering group for Circular Economy. Her talk revolved around leading corporate governance, global risks associated with it, the issue of transparency, UN SDGs and how they relate with governance.
It was indeed an eye-opening session for the delegates who were also assigned the task to review the SDGs for their country and assess the challenges and opportunities that they present.
Aleem Cummins, Splunk & Analytics Thought Leader, and VP EMEA, bitsIO Inc was up next inspiring the delegates through his vast experience in data analytics, cybersecurity, and governance. He is passionate about data analytics and its raw impact on business outcomes. During his leadership talk on Succeeding in Technology, he discussed the concept of technology leadership and having a strategic vision. He emphasised on the need for an Entrepreneurial Operating System (EOS) that has the right people at its core, all sharing the same vision and leading businesses to success.
Kamran Sherwani, Head of Shari’a Compliance, ADCB Islamic Banking and a seasoned Speaker graced the event on the third day. An award-winning unconventional and proficient Shari’a Advisor, he is CSAA (Certified Shari’ah Advisor and Auditor) from AAOIFI. He is the Founding member, partner and mentor to ADCB Islamic Banking and RAK Islamic banking. With a sharp eye for matters relating to Shari’a with an exceptional attention to details, he is a pivotal pillar in expanding business in the UAE.
Dominic Selwood is an English Historian, Author, Journalist and Barrister. A Bestselling author and novelist, a Criminal lawyer mesmerised by mystery, drama and evidence, he is also a Fellow of the Royal Historical Society and the Society of Antiquaries. His book “The Sword of Moses” a rollercoaster crypto-thriller was voted one of the top five religious’ thrillers of all time. He has a Doctorate in History from the University of Oxford.
Dr Zahid Parvez, Rector of Markfield Institute of Higher Education Leicester, UK was another speaker of the Cambridge Islamic Finance Leadership Programme. His research interests include understanding the social and political impacts of the information revolution, and sustainable development. He talked to the delegates about leadership for a globalised world and why effective leadership is important. He emphasised on the importance and fundamental differences between conventional and Islamic leadership. While the orientation of conventional leadership is premised on material success, relativism and short-term, Islamic leadership achieves goals through Shari’a-oriented values and principles, maximising the long-term benefits such as sustainability, justice and human well-being.
He concluded that companies with above-average leadership-team strength enjoyed above-average revenue growth and therefore organisations need competent leaders.
Mohd Muazzam Mohamed, CEO of Bank Islam Malaysia Berhad led the first Leadership Talk of Day 4. He also serves as the President of the Association of Islamic Banking and Financial Institutions Malaysia. He has worked across various services, industries and countries. Established in 1983 as the first Islamic Bank in Malaysia, Bank Islam is a huge ‘Cruise ship’ with more than 4.4 million passengers and navigating the ocean in uncertain weather and changing tides is indeed a daunting task for any leader. He emphasised on value-based intermediation at the core to move forward keeping in view the core values and strategic priorities of the organisation.
Leadership Workshops are practical sessions that amalgamate theorical knowledge with hands-on experience while exploring the world. Delegates are provided with information and real-world techniques to create a more positive, personal and professional culture back in their workplace, and to leverage themselves to lead more effectively. These workshops are highly interactive and provide a stimulating learning experience. Leadership Workshop 1 was a panel discussion on Leadership in Islamic Finance – Focus on FinTech. This session was moderated by Dr Rizwan Malik, Head – Standards Implementation and Strategic Developments · AAOIFI. The panel included eminent markets leaders, Areeb Siddiqui, Founder KESTRL; Safdar Alam, CEO, Maydan Capital; and Mohammad Shaheed Khan, CEO, Moonshot Advisory.
Mohammad Shaheed Khan who is the CEO of Moonshot Advisory also spoke with the delegates on the third day of this training. He is a FinTech and Financial expert, Board Member of HBS Club of GCC, and Founding President-Bahrain chapter and a proficient Speaker at Global conferences, regularly featured in leading journals. He Co-created and launched GCC region’s first digital bank and has experience in deploying innovative solutions and FinTech partnerships to drive customer acquisition in the digital space.
Satyajeet Roy, CEO of Habib Bank AG Zurich, United Kingdom led the Leadership Talk on Day 5. He is an International Financial Executive with over 25 years of Commercial and Retail experience across India, the Middle East, the UK, and Europe. With an established track record in building, nurturing businesses, & improving RoE across large and mid-sized banks, he works with Working with Boards to formulate strategy, risk appetite and business plan, including driving change, P&L, risk and ensuring regulatory compliance.
Kristiane Backer, TV Presenter, Journalist and Author of From MTV to Mecca – How Islam Inspired My Life! was another speaker on the last day of this training programme. She was one of the very first presenters on MTV Europe. A fateful encounter introduced her to a completely different world of Islam. She has founded Baraka Consultants focusing on Fine Art and hosts a chat show called ‘Matters of Faith’ to promote inter-cultural and inter-faith dialogue. She aims to contribute towards building bridges between peoples, cultures and religions, especially between Islam and the West.
The programme ended on a high note by a Technical Talk from Dr Jamshaid Anwar Chattha, Expert (Advisor) of Supervision & Control of Financial Institutions Sector at the Qatar Central Bank. He discussed the regulatory priorities and leadership for Islamic finance to be able to successfully navigate the post-COVID-19 era. The pandemic brought to the forefront a range of implications, invisible threats and inflection point, and Islamic finance is no exception. In a global context, what is the role of international organisations such as IMF and FSB recognition of the IFSB? A robust supervision of Islamic banks depends upon, mainly, the quality of supervisors and creating efficient leaders.
The last day of this highly interactive, educational and intensive training programme ended on a Keynote Leadership Speech by Iqbal Khan, Chief Executive Officer of Fajr Capital. He is a Member of the Board of Directors of Cravia Group, Jadwa Investment and MENA Infrastructure. He is the Former Founding CEO of HSBC Amanah and an Advisor to government initiatives in Brunei, Malaysia, Saudi Arabia, Singapore, United Arab Emirates and the United Kingdom. He is recipient of several industry and global accolades including Royal Award for Islamic Finance, a biannual prize and a Lifetime Achievement Award presented by HH Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE.
Cambridge IBM is a quiz programme, developed by Cambridge IFA, that offers insights into Islamic financial concepts, products, institutions and markets, organised in a ‘Who wants to be a millionaire’ format. Delegates took part in this highly competitive and interactive quiz programme testing their knowledge of Islamic finance. Winners of Cambridge IBM were announced on the last day of Cambridge IFLP. A’syyida Wisam Al Said, Head Corporate Communication, Bank Nizwa and Fredrick Nshekanabo, CFO of CRDB Bank PLC, Tanzania were awarded Cambridge IBM certificates.
Cambridge IFLP focuses on empowering participants with competence to lead in the Fourth Industrial Revolution era, and transforming them into effective and influential leaders in their respective organisations and in the global Islamic financial services industry.
Six of the most outstanding attendees are chosen every year to receive the Cambridge Islamic Finance Leadership Awards. This year, A’syyida Wisam Al Said,
Head Corporate Communication, Bank Nizwa; Aftab Shaukat, Head of Islamic Banking (UAE) Products & Services at Habib Bank AG Zurich; Muhammad Gunawan Yasni, Sharia Board Member at PT Asuransi Astra Buana; Hajah Rafezah binti Haji Abd Rahman, Executive Director, Regulatory III Division, Brunei Darussalam Central Bank; Cheong Say Lim, Saudi Venture Capital Investment Company; and Amr Mohamed Ali Alshaher, Head of Corporate Banking at the Al Baraka Islamic Bank were awarded the prestigious Cambridge Islamic Finance Leadership Awards.
“I have no hesitation to claim that there is no other leadership programme in the world, which can boast to have a balance of inspiration and technical skills, which Cambridge IFLP provides. From Leadership Interviews to the last day Leadership Talk of Iqbal Khan, everything is completely in synch with the requirements of leadership in Islamic banking and finance,” commented Professor Humayon Dar.
Leadership Activities incorporate learning with adventure; activities that integrate knowledge and education in developing solution-oriented decisions. The aim of these is to identify leadership skills and traits in a fun and pleasurable environment. This also helps delegates to appreciate the importance of a number of basic and usually ignored and under-rated skills, notably problem-solving, emotions management and cognitive intelligence.
One of them, this year was the Cambridge-IFLP Treasure Hunt, where delegates hone their leadership skills in a scenic setting at the college grounds. After an extensive day of training the delegates enjoyed their evening tea at the Orchard Tea Garden, where they also engaged in Leadership Activity on Unpredictable Communication.
During the 5 days at Clare College, delegates take part in several social activities that are a must on the “to do” list when one is visiting the University of Cambridge. These include punting on the River Cam and leadership walk around the campus.
During the garden party at the Fellow’s Garden, delegates have the opportunity to enjoy the British summer while at the same time honing their leadership skills during the Cambridge IFLP Treasure Hunt activity organised on college grounds. Delegates attended the Leadership Workshop and enjoyed a Garden Party in Scholars Garden, a visit to the Award-winning Cambridge Central Mosque and & Baraka Khan Visitors’ Gallery.
To conclude, Professor Humayon Dar made some insights: “This was our first post-COVID Programme, and we (re-)learnt quite a few lessons. [1] Cambridge IFLP is very much a physical phenomenon; we shall not be able to achieve all the objectives of the Programme if it is restructured as a virtual or hybrid event. [2] Interactivity is the most crucial factor; we must minimise lectures and talks and increase Leadership Activities. [3] The Programme isn’t just an event; the delegates must be promoted as part of a continuum (this is why we are now in the process of publishing a Special IFLP Edition of ISFIRE). [4] We must continue to make it an all-inclusive Programme – with equal participation of men and women; this year, we were at 40% mark in favour of women but due to visa issues (four women couldn’t attend, pushing the percentage down). (5) Due to inflation, the costs of running such a Programme have increased significantly. We must look for wider support for the Programme to ensure its sustainability.”
Quotes from the Delegates
We had a great experience and fruitful discussions. Happy to help. All the best. – Salim Al Riyami, Acting Manager – Surveillance Department at the Central Bank of Oman
Congratulations Dr Humayon. A tremendous achievement by you and your team, working tirelessly to make the Cambridge IFLP a resounding success. Throughout my career I have attended many leaderships training and I will say Cambridge IFLP is certainly one of the best that I have attended. Kudos again and wishing you and the team much success with future the Cambridge IFLP. – Cheong Say Lim, Saudi Venture Capital Investment Company.
Thank you, Dr Dar. The course was indeed fruitful and we have had many memorable moments and made lasting friendships. – A’syyida Wisam Al Said, Head Corporate Communication, Bank Nizwa
Dear Dr Humayon, Mazhar and friends,
I had a most enriching time in Cambridge. The sessions and activities were a good mix of learning and socialising. Congratulations to Dr. Dar and the team for a successful programme. I’m happy to have met all of you. Best wishes to everyone! – Hajah Rafezah binti Haji Abd Rahman, Executive Director, Regulatory III Division, Brunei Darussalam Central Bank.
Alhamdulillah, Cambridge IFLP & IFA have been so kind to me. Thank you for having me as award holders in 3G 2021 & IFLP 2022 Awards consequently. The IFLP award is also in accordance Indonesian 77th Independence Day on August 17.
In sya Allah in September I will have a new ‘amanah’ from the President & Vice President of Indonesia concerning the Hajj Management Fund of Indonesia, the 2nd biggest Hajj Fund globally. May this be a good upside kick for Cambridge IFLP. A guy from Indonesia awarded in IFLP and becoming leader for the 2nd biggest hajj fund management globally. – Muhammad Gunawan Yasni, Sharia Board Member at PT Asuransi Astra Buana.
Heartiest congrats to you and the team for this year’s IFLP. It was a wonderful week filled with so many memories for life. – Aftab Shaukat Head of Islamic Banking (UAE) Products & Services, Habib Bank AG Zurich.
Thank you, Dr Dar. It was a pleasure meeting you and all the team in the programme. Thank you, Prof Mr Mazhar, Mr Kamran, Dr Ridzwan and team, for hosting us for the programme. I know how hard the team worked during the week trying to organise the event in the best possible way with the late nights. Despite your hot country we had fun with the garden tea party, punting, and spiritual and emotional visit to the mosque and heartfelt sharing from Iqbal Khan. The speakers were all impressive and beneficial that enabled us to become the transformational and servant leaders that we are. We have a lot to do as leaders of Islamic finance to shape the future and will drum up the course to the best of our ability which is easier now. Let’s do our part as the 6th Cambrigde IFLP Alumni! – Kamarul Azman Bin Kamarozaman, Chief Financial Officer, Agrobank and Group Challenge winners.
Thank you very much Dr Dar, Dr Mazhar Malik, Dr Kamran Sherwani, Dr Rizwan Malik and all the volunteers. May Allah bless the programme and reward bountifully for successfully organising it. I personally learned a lot from the programme as a take way to my organisation. Jazakumullahu Khairan. – Dr Latifa Bibi Musafar Hameed, Director of International Research Centre for Islamic Economics and Finance, International Islamic University College of Selangor (KUIS), Malaysia.
I found this programme really helpful. One of the most enjoyable and informative programmes I have ever attended. Information presented was very practical. I’ve learned how to be a better Leader & gained some great new insights that I can’t wait to try. Thank you for organising and a very special thanks to great speakers & organisers! – Haji Mohd Khuzaini Bin Ab Ghani, Regional Director (South Peninsular), Bank Rakyat, Malaysia.
I found this programme very valuable. It is the most entertaining and edifying programme I have ever attended. This programme also provided practical and useful information which gave me new understanding and new insight on how to be a great future leader. Thank you to the organiser as well as all the speakers for the great opportunity given. – Syed Nasser Hussain Bin Syed Othman Ali, Regional Director, East Coast Peninsula, Bank Rakyat, Malaysia.
