RUSAN FYROZE
Chief Executive Officer SIRAJ FINANCE PJSC
YOU ARE THE CEO OF SIRAJ FINANCE, A PRIVATE JOINT-STOCK COMPANY BASED IN ABU DHABI.
CAN YOU GIVE A BRIEF OVERVIEW OF SIRAJ FINANCE — THE MISSION AND GOALS OF THE ORGANISATION AND WHAT IS ITS WAY FORWARD?
Siraj Finance PJSC (SF) was in an early revival state since its inception from its predecessors in 2016 and thereon we transitioned the company’s operations under a new strategic direction. Noting the market appetite in 2016, we rejuvenated the strategic focus of SF to encompass the SWOT approach under the resurgence of a new senior management team. With the emerging market dynamics and the unprecedented challenges being scoped within the purview of a lending outreach, SF has offered various facilities to its growing customer portfolio in the personal, retail, small and medium enterprises (SME) and the corporate space.
In order to ensure premium service standards, Siraj Finance embarked upon multiple projects that help utilise high-end technology solutions to provide seamless services to our customers. This technology-savvy approach has provided us an edge over other players, both technically and geographically, thereby attracting more referrals and new customers’ base alongside the sustenance of the existing customers.
‘’WITH THE EMERGING MARKET DYNAMICS AND THE UNPRECEDENTED CHALLENGES; SF HAS OFFERED VARIOUS FACILITIES TO ITS GROWING CUSTOMER PORTFOLIO IN THE PERSONAL, RETAIL, SMALL AND MEDIUM ENTERPRISES (SME) AND THE CORPORATE SPACE.’’
SIRAJ FINANCE WON THE BEST ISLAMIC NONBANKING RETAIL FINANCE INSTITUTION 2020 AT THE 6TH ISLAMIC RETAIL BANKING ONLINE AWARDS. HOW HAS YOUR LEADERSHIP LED THE ORGANISATION TOWARDS THIS SUCCESS AND HOW WILL THIS ACHIEVEMENT SHAPE YOUR PERSONAL FOCUS AND YOUR PROFESSIONAL COMMITMENT?
In the pursuit of promoting multiple product propositions in the UAE region, we were inclined to a restrictive market acumen amid the COVID-19 pandemic and the acceptable appetite to circumvent the immediate cash flow constraints as well as the stalled projects in and around the region.
To this extend, we had no recourse to the liquidity continuity and the prolonged deferment requests in and within the customer portfolio. Noting the market-wide impact and the global economic downturn, UAE’s reach and connectivity as a transit hub was prolonged towards uncertain market confidence.
While having said that, UAE’s leadership and direction set the pace for a business continuity momentum with the esteemed support of the governing bodies.
This in turn led to a focus-driven approach that addresses the risk tolerance level and a confined segment-driven product penetration, which resulted in a revised product offering and solution to SME’s and emerging corporate sectors.
On this note, a revised strategy and a focused group within the SF leadership team was formed to address the growing potential of a digital landscape and technological upswing in the specific niche segment- that ultimately paved the way for the said recognition and prospects.
HOW WILL BANKING IN GENERAL AND ISLAMIC BANKING AND FINANCE IN PARTICULAR CHANGE IN THE COMING YEARS? DO YOU THINK THAT ISLAMIC RETAIL FINANCE HAS THE POTENTIAL OR CAPACITY TO OFFER A GLOBALLY RELEVANT FINANCIAL SOLUTION TO THE POST-COVID WORLD?
The core theme is digitalisation with artificial intelligence (AI) and branchless banking (robotics etc.) being driven to comfort the end consumers’ needs and expectations.
This momentum would not necessarily differentiate conventional banking with Islamic banking reach and outreach relevance. However, with the post-COVID era looming into prospective readiness – the susceptibility to a dynamic environment is to be addressed within a balanced timeframe.
Prospects within the financial sectors are certainly on the revival mode mechanism and would be dependent on a deferred payment schedule to support the stranded businesses to reinstate business continuity.
With this revival thrust, the individual markets would start emphasising a new norm financial support structure in the post-COVID arena.
WHY IS SUSTAINABILITY BECOMING AN IMPORTANT COMPONENT OF STRATEGIC THINKING FOR THE LEADERS OF TODAY? HOW IS YOUR ORGANISATION PLAYING ITS PART IN ACHIEVING THE SUSTAINABILITY GOALS BY THE UN?
As UAE is determined to be a key driver on the creation and retention of sustainable energy in the form of solar power plants, nuclear plants, agricultural and farm-based products, waste management etc., SF takes precedence in such frontiers to effectively support the UN goals that are within the strategic priorities of UAE’s leaders and thereby the economic vision on a sustainable roadmap.
WHAT ROLE CAN ISLAMIC FINTECH PLAY IN THE POST-COVID ERA? WHAT KIND OF OPPORTUNITY CAN IT OFFER TO INVESTORS, ENTREPRENEURS AND THE WIDER SOCIAL STAKEHOLDERS?
FinTech necessarily does not differentiate within an Islamic scope, however it’s the pre-determined methodology and the principles within a Shari’a governance that potentially creates an opportunity for prospective investors, entrepreneurs and other stakeholders who aim at Islamic Shari’a-compliant products and solutions as against the conventional space.
To this extent, it is imperative that major service providers in the region are offering the conventional approach with a holistic view of the services and solutions rendered. In this context, a Shari’a-compliant service provider within Islamic FinTech stands amongst other Islamic service providers.
It is within this spacing that Islamic FinTech continues to play a vital role in the COVID and post-COVID era. Thus, enabling multiple investor, entrepreneur and other social platforms to stay well connected and outreached.
‘’WHILE DISRUPTIONS ARE INEVITABLE, CUSTOMER CONVENIENCE STANDS OUT.’’
INDUSTRIAL REVOLUTION 4.0, FINTECH AND BLOCKCHAIN ARE THE ADVANCING TECHNOLOGIES OF TODAY. HOW HAS SIRAJ FINANCE TAKEN ADVANTAGE OF THESE NEW TECHNOLOGIES TO FURTHER ITS AGENDA OF CATERING TO SMES AND PROVIDING EFFECTIVE FINANCIAL SOLUTIONS TO BUSINESSES IN THE REGION?
As technology is being enabled in the core sense of activating artificial intelligence, automation and digitalisation, the blockchain still spirals over an accepted norm and thereby the impact on SME’s is still to rise in the near future.
However, the market is at a revival mode with the industrial revolution 4.0 around the corner, there is a scope of improving connectivity to SMEs through a dedicated communication line – that has an embedded transaction processing interface within the range of products and services offered.
SF has geared up the momentum to partner with multiple service providers to equip on a technology advancement phase and the impact on the SME’s is yet to materialise in the forthcoming years. Interfaces and regional advancements are slowly experiencing the positive reflux of the Industrial Revolution 4.0 in a phased manner – wherein SF would take precedence in promoting and diversifying technology. While disruptions are inevitable, customer convenience stands out.
WHAT CAN WE EXPECT FROM YOU IN THE COMING YEARS? ARE THERE ANY INTERESTING PLANS IN THE PIPELINE, OR ASPIRATIONS THAT YOU WISH TO SHARE WITH OUR READERS?
SF has and is still transitioning to a dynamic growth momentum that enables technology and convenes customers with viable products and solutions that differentiate SF from peer groups and competition. A new strategic board has been created to enact the future priorities of SF that aspires the Chairman’s insight with a scheduled pathway on process re-engineering and advancement to its core with a reasonable rationale to stand out in the emerging economy as an enabler and leader.
WOULD YOU CARE TO SHARE WITH OUR READERS, ESPECIALLY THE YOUTH, WHAT HAVE BEEN SOME OF THE CHALLENGES THAT YOU HAVE COME ACROSS IN YOUR CAREER AND HOW YOU OVERCAME THEM?
A business acumen should be driven with the core objective of serving society and creating a platform for enabling futuristic endeavours for the upcoming generations. While challenges, grievances, disappointments and most importantly failures in life within the personal and professional space has always derailed and distraught economic sustenance – I kept pace with my moral obligation towards social well-being with faith and a belief system that fulfils my professional and personal aspirations.
This belief system helped me create a sense of belonging within oneself, and thereby the confidence to take up additional risk drivers with a risk-based mechanism.
Our Motto goes as, we serve, you thrive, and the future enacts advancement to a multitude of business attributes ethically and transparently.
AS A CEO HOW DO YOU MOTIVATE YOUR TEAM, ESPECIALLY IN THESE UNCERTAIN TIMES? PLEASE SHARE WITH OUR READERS SOME OF THE LEADERSHIP SECRETS AND YOUR LEADERSHIP APPROACH.
Reward with kindness and approach with oneness, with a social spirit of bonding and connectivity that is measurable and quantifiable. To own failures, while sharing success and empowerment.
‘’A BUSINESS ACUMEN SHOULD BE DRIVEN WITH THE CORE OBJECTIVE OF SERVING SOCIETY AND CREATING A PLATFORM FOR ENABLING FUTURISTIC ENDEAVOURS FOR THE UPCOMING GENERATIONS.’’
WOULD YOU LIKE TO GIVE A MESSAGE TO THE YOUNGER GENERATION OF ISLAMIC BANKING AND FINANCE PRACTITIONERS?
Today we preach with our experience, and you follow suit in the enabling journey; however, your actions should not be a showstopper but rather to continue as enabling practitioners.
