CEO – BankIslami Pakistan
Please tell us about your background in banking and finance and how you became involved in Islamic banking.
I started my career in consulting and later moved to the manufacturing industry, before returning to work in corporate finance with the local practice of Deloitte & Touche. In 1996 I joined an investment bank. In 2000 while I was working for Gulf Commercial Bank, I was nominated to work with the Islamic Finance Commission set up by the State Bank of Pakistan to develop model instruments. In 2004 I started working on setting up BankIslami Pakistan which is now the second-largest Islamic bank in Pakistan.
What is the future of Islamic banking in Pakistan?
Islamic finance in Pakistan has grown consistently at more than 30% per annum. in the last decade. The demand is actually stronger in areas where literacy rates are higher. Our base of Karachi – probably the most competitive market in Pakistan- it has turned out to be the most attractive market for Islamic finance. Despite this excellent growth rate, Islamic finance has only 8% of the market share. I would say growth will continue till we have at least 25% of the market share. Pakistan will remain a high-growth market for many years to come.
What inspires you?
I get a lot of satisfaction from what we have done in BankIslami. However, taking it to a new level and, importantly, taking it out of Pakistan is a challenge which keeps me going. In 2012, we again commenced network expansion which has its own share of challenges.
In your opinion, why has Pakistan, once a global leader in Islamic banking, not been able to play a greater role in the international development of Islamic banking?
If you look at the quality of Islamic banking in Pakistan, I would say we are ahead of the curve. None of the foreign Islamic banks in Pakistan poses a serious challenge to local players. The problem with the Islamic banking industry in Pakistan has been, and remains, that it is too insular, perhaps because there is so much to be done here. We need to expand out of Pakistan.
What do you do in your spare time?
I like reading history, literature and poetry. I like exploring new places, especially by road. I like to travel by road whenever I get time. One of my aspirations is to trek from Pakistan to Tajikistan in Pamir.
What do you enjoy most when you are with your family?
I spend a lot of my time with my children. My parents are also Mashallah alive and I am fortunate that they are up to date with world affairs allowing for good conversations. All of us enjoy travelling by road. Probably this gets the best out of all of us.
What is your all-time favourite movie, if you watch movies?
I do, it is just that the last movie I watched was in 1998! However, I do read about movies, especially the history of cinema in the sub-continent. My all-time favourite movie is Umra -o-Jan produced by Muzzaffar Hussain. I have never stopped being amazed by the finer details he attended to while making this movie.
Hasan Bilgrami as a CEO or as a father? Which one is a more demanding role?
Frankly, these roles cannot be compared with each other. Both of them have their own sets of challenges and joys. I am fortunate enough to have the best of both roles.
When do you think BankIslami can become the number one Islamic bank in Pakistan?
If you mean by size, I do not think it is possible in the
next few years. We should not even try. The market leader, Meezan Bank, has had a head start of 10 years and they have done a very good job. We have never desired to be the market leader. Rather, we would like to grow consistently and above the industry average, increasing our market share gradually. In the last few years,
we have done just that and here we are – the second-largest Islamic bank in the country.
