AYMAN SEJINY
Chief Executive Officer- ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD)
YOU WERE APPOINTED AS CEO OF ICD LAST YEAR.
ALTHOUGH THE SITUATION HAD BEEN CHALLENGING FOR THE ORGANIZATION IN THE LAST COUPLE OF YEARS BUT THERE IS NO DOUBT THAT THIS REMAINS ONE OF THE MOST INFLUENTIAL ORGANIZATIONS IN THE OIC BLOCK, PROMOTING AND SUPPORTING DEVELOPMENT OF THE PRIVATE SECTORS IN ITS MEMBER COUNTRIES. HOW DOES IT FEEL TO LEAD AN ORGANIZATION OF SUCH AN IMMENSE IMPORTANCE AND HUGE SIGNIFICANCE?
Indeed, these are challenging times for global financial industries and I feel honoured and privileged to be given the opportunity to lead the Islamic Corporation for the Development of the Private Sector (ICD). Despite the challenging times during the last two years, I have focused on the core values of the institution that is, to foster economic growth in its member countries and support them in their strategic visions by financing private sector investments, mobilizing capital and serving as an adviser to businesses and governments in member countries. Ironically, while the global investment sentiment is sluggish, interests and participations in Islamic finance and Islamic instruments have been gaining ground. In addition, technology has brought about changes in the way we do business, especially with the world adopting new systems and the growth of Fintech.
YOU HAD SERVED AS CEO OF MANY BANKS BEFORE JOINING ICD. WHAT DO YOU HAVE IN PLANS, IN LIGHT OF YOUR SUCCESSFUL CAREER IN ISLAMIC INVESTMENT BANKING, TO FURTHER DEVELOP ICD?
Since joining ICD, we have placed a special focus on digital transformation. The major part of innovation and digital transformation is in the retail side of the investment and commercial banking, while transformational innovations in the corporate level and international financial institution are still in the preliminary stages.
ICD puts great efforts to be responsive to the emerging challenges in member countries by creating new employment opportunities. Employment growth, which is positively and significantly associated with GDP growth, is a vital mechanism for improving income distribution and sustainable reduction in poverty.
We also aim to assist countries in establishing start-ups and SME-friendly legal and regulatory frameworks and provide targeted financing programs. ICD is currently exploring opportunities to set up business support services programmes to provide incubating, assisting, and servicing startups and SMEs.
WHEN YOU LOOK THROUGH YOUR OFFICE WINDOW, VIEW OF THE TWO TOWERS OF ISLAMIC DEVELOPMENT BANK MUST BE OVERWHELMING. DO YOU CONSIDER THIS AS A STRENGTH OF ICD OR SOMETHING THAT WILL ALWAYS OVERSHADOW THE ROLE OF YOUR ORGANIZATION?
ICD’s mission is to complement the role played by the Islamic Development Bank (IsDB) through the development and promotion of the private sector as a vehicle for economic growth and prosperity. ICD’s priorities will continue to be guided by the IsDB Group’s 10-year strategy for private sector development and President’s 5-Year Plan.
At ICD, I see huge potential in strengthening our collaboration with IsDB and its entities to increase our efficiency and effectiveness, enhance our capabilities and build our brand within the development finance space.
Together we can do more through for example, joint market approach, co-financing, cross-selling etc.
WHAT ROLE HAS ICD PLAYED IN THE PROMOTION OF INNOVATION IN ISLAMIC BANKING AND FINANCE?
ICD has been making significant progress in digital innovation. Our efforts aim to reap the benefits of technological progress. We have been pursuing digital technologies to bring down costs and boost the efficiency of enterprises. I am also very optimistic about the future of ICD. We have seen rapid growth in our balance sheet in the past few years. The investments and advisory solutions in the banking and non-banking financial sector are the key channels that ICD aims to leverage on to develop digital transformation and Fintech strategy. Indeed, post-investment, ICD encourages and provides the necessary support to its investee financial institutions for the design and implementation of genuine Fintech strategies through the development of digitization, which yields innovative products.
As ICD is a customer-centric institution with a strong focus on market demands and needs, it should be easier for us to bring more innovative and transformative ideas into reality.
APPARENTLY, ICD’S RECENT FOCUS HAS BEEN ON AFRICA. IS THERE ANY PARTICULAR REASON OR IS IT PART OF THE OPPORTUNISTIC APPROACH THE ORGANIZATION HAS ADOPTED OVER THE YEARS?
Africa has a critical need to achieve its development goals by implementing more infrastructure investment (i.e., energy, roads, housing, schools and hospitals) and financial inclusion. We have 26 countries from the continent of Africa while 20 of them are states from the Sub-Saharan Region.
ICD has long had an ambitious series of projects, applying Islamic finance principles to African infrastructure needs. Tamweel Africa Holding (TAH) was set up in 2009 as a vehicle that ICD would leverage to develop its banking equity investment strategy in the region. TAH’s portfolio is composed of four West African Islamic banks: Senegal, Niger, Guinea and Mauritania. ICD aims to continue using TAH as a platform for expansion in the entire African region with priority in Ivory Coast, Mali, Benin and Uganda.
In addition, ICD plays a catalyst role in setting up Islamic banks in other parts of Africa, such as in East Africa (Byblos Bank), and the North African region (Al-Akhdar Bank in Morocco, Wifak International Bank in Tunisia). Furthermore, in some countries like Uganda, where the government has expressed an interest to develop a strong local Islamic banking sector, ICD has been involved in discussions with local interested parties to explore these possibilities.
LET US ASK AN EASY QUESTION TO MAKE THE INTERVIEW LIGHTER IN TONE AND CONTENTS. WHICH SPORTS HAVE YOU PLAYED AND ENJOYED THE MOST? ANY WHY?
I like soccer. Playing football can help you to not only keep fit and manage stress, but it can also help achieve set goals through team spirit. We all know that playing sports can relieve stress and keep us fit and healthy.
ICD IS AN AWARD-WINNING INVESTMENT BANKING ARM OF ISLAMIC DEVELOPMENT BANK. HOW WOULD YOU DIFFERENTIATE YOUR SUCCESS FROM THAT OF YOUR PARENT ORGANIZATION?
ICD stands out with its focus on corporate development and its crucial support to small and medium-sized enterprises.
In the corporate sector, we have been focusing on export-oriented ventures to enable them to play a vital role in creating job opportunities, integrating the global value chains and bringing social cohesion.
To better respond to the fast-growing Islamic finance industry in member countries, ICD needs to effectively mobilize long-term capital resources, which in turn, requires continued focus on safeguarding ICD’s financial strength through prudent risk management, robust governance, and efficient business processes.
In addition, in response to the ever-changing private sector requirements in member countries, ICD is planning to decentralize its deal-sourcing activities to concretize potential opportunities in the named countries. In this regard, ICD has been actively participating in the IsDB-led “Gateway Office Project”, which envisions establishing new regional offices in different regions during the next few years.
THE WORLD IS FAST BECOMING ORIENTATED TOWARDS THE USE OF SOCIAL MEDIA. WHAT ROLE CAN SOCIAL MEDIA PLAY IN CREATING AWARENESS AROUND ISLAMIC FINANCE?
Social media today offers information on our fingertips with the information superhighway transferring data at a phenomenal speed. Due to the overload of information, a responsible institution should take it upon themselves to disseminate correct information to people who can be slowly made to understand and participate in this exclusive Shari’a-compliant financial sector. But apart from social media being a vehicle of transferring knowledge, it could also be used in the areas of e-marketing that is slowly gaining traction within Islamic businesses.
The legal and moral issues of doing business using this tool fits the principle of Islamic finance, and social media is the medium through which the ethical way of doing business can be highlighted. Social media plays a constructive role in raising awareness on financial solutions and great achievements and ICD’s Corporate and Marketing Team is doing a great job in this regard. We are following the new trends since 2016 and expanding our community, reaching more people through, not only, our social media platforms, but also our website and different mobile applications.
Social media platforms also allow us to reach a wider audience through digital platforms. Our primary focus is the connectivity of our 100 financial institution partners and other enterprises. Social media can be a useful tool in broadening networks and collaborative ventures. At ICD, we are mindful of the need to adopt prevailing digital technologies to bring down the cost, promote efficiency and reach the segments easily.
WHAT WOULD BE YOUR MESSAGE TO THE GLOBAL ISLAMIC FINANCIAL SERVICES COMMUNITY, PARTICULARLY THE YOUNG PROFESSIONALS?
Ethical conduct and integrity are very important for young professionals to build successful careers in the financial industry. It is also important for them to stay ahead of time and acquire competitive skills and expand their knowledge to match the changing needs of our societies. As for ICD, we strive to promote transparency, equality, and bias-free business decisions as part of our core values. Career path and career progression within ICD are also designed to give men and women equal and default rights.
We are also keen to actively support females’ inclusion at all levels of management, and through all business interventions. We encourage women to take more chances through our recruitment and selection activities. Towards this end, we have built a philosophy that evokes how women bring a different and unique perspective to our business, and how we need to celebrate and integrate it. These initiatives have enabled us to attract more females recently in ICD and we will actively support them to grow their career.
