I have had the privilege of working and meeting so many leaders in Islamic finance over the course of my work, who are all inspiring and motivating. In my capacity as the editor of ISFIRE magazine, I have interviewed more than 20 leaders who are movers and shakers in the global Islamic finance industry. My interactions with other leaders in Islamic finance around the world through my various capacities as the CEO of Cambridge IFA and Programme Director of Cambridge Islamic Finance Leadership Programme (Cambridge-IFLP) have exposed me to various leadership traits and how each of them contributes to the success of an organisation. Here I shall be sharing some of the leadership traits that successful Islamic finance leaders have in common.
I have observed that the very best leaders marry the “head” and the “heart.” What does this mean? Simply being tough-minded on standards but at the same time tender-hearted with people. Creating such a balance is no easy task but one worthy of your best efforts! As Nelson Mandela once said, “A good head and a good heart are always a formidable combination.” In this ever-changing economic landscape, leading with the head and heart is critical to leaders as they need to motivate people to respond to changing circumstances and goals. When it comes to making changes, often people don’t resist the change itself but the fear of the unknown that comes with these changes. Hence, they become defensive! Leaders who have successfully transformed their organisations understand these too well. They know that for change to happen, they must not only lead it but also be willing to take action to cause action.
An example of a leader who have efficaciously transformed his organisation, both on operational indicators as well as culture and overall performance is the former President and CEO of Agrobank, Dato’ Wan Mohd Fadzmi Wan Othman. He had successfully led the transformation of Agrobank into a full-fledged Islamic bank within a short span of time. In his own words Dato’ Wan Mohd Fadzmi acknowledged that “the journey for the transformation was gruelling, involving major and significant change in mindset, processes and redoing all documentations.” With any transformation exercise; changing the status quo of long-ingrained cultures of inefficiency, bureaucracy and complacency is inherently a challenge. This requires leaders to be steadfast and willing to make difficult and unpopular decisions to create deep and lasting changes for the long-term benefit of the organisation. And Dato’ Wan Mohd Fadzmi stepped up to the challenge with boldness and humility. Even after leaving the bank, he is still well respected and spoken of highly by his former colleagues and employees.
When speaking at a panel discussion on building talent for the Islamic financial services industry in Kazakhstan, I was asked by a non-Muslim if it was possible for him to build a successful career in the Islamic finance industry. My answer was simple and direct. Yes! But only if you are authentic to Islamic finance, i.e., genuine and true to developing Islamic finance. This also holds true to Muslims. Being authentic here means being passionate and committed to developing Islamic finance with an unswerving belief and conviction that the Islamic system is a strong and viable financial alternative. This pure and steep belief rings true for all leaders I have encountered and is reflected in their dedication to the development of Islamic finance. They not only talk about it but they are able to translate this belief into actions and behaviours. Their commitment is unwavering! Because of their authenticity towards Islamic finance, they inspire others with their energy and vision. Iqbal Khan, the CEO of Fajr Capital, is one such person. As our most prominent speaker at Cambridge-IFLP, he never fails to inspire the delegates (and myself) with his own story and the steps taken to achieve success and being resilient in pursuing his dream. You can hear his passion for Islamic finance in his voice and what he says. Being a long-time advocate of Islamic finance, Iqbal Khan continues to play a prominent role in developing and promoting Islamic finance on a global scale.
Another authentic trait that successful leaders have is being their true self – being genuine and real. They are authentic to who they are and how they behave. They don’t try to be one thing in the office and another thing elsewhere. In other words, what you see is what you get! Authentic leaders are also self-aware and self-actualised individuals who are aware of their strengths, limitations and emotions. The concept of authentic leadership was first introduced by Bill George, a professor of management practice at Harvard Business School, in his 2003 book “Authentic Leadership” and was developed further in his later book “True North”. Since then authentic leadership has become the gold standard of leadership. Why is being an authentic leader an important leadership trait? According to Bill George, when leaders are dedicated stewards and lead in an authentic manner, they build long-lasting organisations that do great good for people and make a giant difference in the world. What differentiates authentic leaders from inauthentic ones is that the former has full understanding of the purpose of leadership, they lead with very consistent values, build long-term connected relationships and have the personal self-discipline to deliver extraordinary results from their teams.
At this point you may be asking, “What if the real me isn’t the most effective way of leading? If I act the way an effective leader should act and produce great results, I don’t see anything wrong with this.” There are at least two things that are wrong with this statement. Firstly, even if your leadership produces great results, people working for you or with you will eventually feel uncomfortable working with someone who they know is mere acting and not genuine in their actions and behaviour. This eventually leads to mistrust! Secondly, in trying to be someone you are not, you will end up failing miserably and will consistently feel stressed. Over time, your words and body language will reveal your true self and people will become more and more reluctant to trust you as a leader. In a nutshell, you won’t be able to lead effectively if people perceive you as disingenuous.
IN MY OPINION, MANAGEMENT IS A SCIENCE BUT LEADERSHIP IS AN ART.
Many leaders I have met and interacted with believe leadership is more of an art than a science. Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank, puts it eloquently when asked whether leadership to him is an art or science during the leadership interview conducted at the 2nd Cambridge-IFLP. According to him, “Leadership is a cultivated art that requires complexes experiences to groom.” He argued that since there are a lot of human elements in leading people, more relevance should be given to EQ rather than IQ. In my opinion, management is a science but leadership is an art. This distinction was first made by Field Marshal Willian Slim, one of Britain’s great military leaders of the last century, who wrote, “Leadership is of the spirit compounded of personality and vision; its practice is an art. Management is of the mind, more a matter of accurate calculation, of statistics, of methods, timetables, and routine; its practice is a science. Managers are necessary; leaders are essential.” Indeed he was well ahead of his time as this passage was written in 1957. Studies have provided empirical evidence that although it’s important to become an expert in the mechanics of the business (hard skills), this is simply not enough. Those managers who can add soft skills to these hard skills are more likely to have engaged employees who would go the extra mile. Dr Adnan Chilwan hit the nail on the head when he said, “You are not successful as a leader if you are not able to ignite the passion amongst your team.”
Being selected for a leadership position doesn’t automatically make you a great leader. Leadership programmes can inject fresh energy into your career and get you ready for the next level of leadership. But what makes Cambridge-FLP unique is its approach to leadership. Aimed at preparing the next generation of leaders, the programme provides delegates with excellent mentoring opportunities, rigorous leadership training from renowned leaders as well as industry-specific case studies in Islamic finance. Designed and structured by Cambridge IFA, the programme is delivered by some of the most influential leaders in Islamic banking and finance. Amongst them include Iqbal Khan (CEO of Fajr Capital), Dr Adnan Chilwan (Group CEO of Dubai Islamic Bank), Rafe Haneef (CEO of CIMB Islamic Bank), Stella Cox (Managing Director of DDCAP), Dato’ Izani Ghani (Executive Director of Khazanah Nasional Berhad) and Dr. Hamed Merah (former Secretary General of AAOIFI).
We believe that leadership can best be understood by studying and closely observing the leaders themselves. Hence, the programme has been 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. Thus, the pedagogical methodology applied to the programme gives priority to real-time leadership perspectives, implicitly assuming that leadership is more like an art rather than a science. Leadership workshops, along with interactive social activities and leadership activities,allow the delegates to seek mentorships and develop relationships with these leaders as delegates will be able to interact with them formally and informally.
There is something about being at the University of Cambridge that make one feels intelligent and very philosophical. Besides its many historical buildings, the university is also known for a number of social activities that are a must on the “to-do” list when one is visiting the University of Cambridge. This includes punting on the River Cam and enjoying one of Shakespeare’s famous plays during the Cambridge Shakespeare Festival held annually every summer. Delegates of the programme are able to enjoy these activities as part of the programme agenda lined up during the programme course. It doesn’t end there. Delegates also have the opportunity to enjoy the British summer weather while at the same time hone their leadership skills during the Cambridge-IFLP Treasure Hunt activity organised on the college grounds.
