Cambridge IF Analytica held its second Islamic Finance Leadership Programme (IFLP) at Clare College, a member of the University of Cambridge syndicate. Clare College is the second oldest college at the University of Cambridge, and is regarded as one of the most prestigious colleges within the university syndicate. The Programme, which was held from 20th August to 25th August, 2016; attracted participation from the Middle East, Africa, Asia, Europe and America. More than 50 mentors, speakers and delegates participated in 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 IF Analytica, the Programme was delivered by some of the most influential leaders in Islamic banking and finance.
The Cambridge Islamic Finance Leadership Programme (Cambridge-IFLP) aims at preparing the next generation of outstanding leaders in Islamic banking and finance (IBF) by providing them with unique mentoring opportunities, rigorous leadership training from renowned leaders, and industry-specific perspectives through case studies specifically written for this programme. Those selected for the Cambridge-IFLP will be eligible to receive Cambridge IFA Certificate in Islamic Finance Leadership.
A number of universities in the Western hemisphere have been actively involved in IBF, including but not limited to Harvard University and Rice University in the USA; and Loughborough University, Durham University and Cass Business School at City University on the European side of the Atlantic. At present, the infrastructure related with IBF at Cambridge University is rather weak and needs a systematic effort to consolidate various projects to make them effective collectively. Dr Tim Winters, more commonly known as Abdal Hakim Murad amongst Muslims, is a university lecture in Divinity and has set up a Cambridge Muslim College.
We are bringing IBF to Cambridge University in a strategic way by establishing IFLP as a programme hosted at Clare College — Dr Sofiza Azmi, CEO of Cambridge IF Analytica
“We are bringing IBF to Cambridge University in a strategic way by establishing IFLP as a programme hosted at Clare College,” said Dr Sofiza Azmi, CEO of Cambridge IF Analytica. There is no globally-recognised leadership programme specifically tailored for IBF professionals, except Cambridge-IFLP. The Programme has been developed with the help of some strategic partners like the Islamic Corporation for the Development of the Private Sector (ICD) and Finance Accreditation Agency (FAA) of Malaysia. The ICD runs an impressive Islamic Finance Talent Development Programme (IFTDP) as part of its global drive to provide qualified and experienced personnel for the IBF industry.
The Cambridge-IFLP is uniquely designed to expose participating middle and upper-middle management personnel of Islamic financial institutions to the well-established IBF leaders. The 2016 Programme attracted a number of IBF leaders from Islamic banks, Islamic asset management firms, Shari’a scholars, standard setters and business leaders. Despite being the best and the only one leadership programme in IBF, Cambridge-IFLP is reasonably priced to ensure its affordability. As table below suggests, Cambridge-IFLP remains the most affordable leadership programme amongst the ones offered by high-quality providers, but with comparable content delivery. 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. Cambridge-IFLP included 8 Leadership Interviews made up 40% of the Programme structure whereas the scientific approach to leadership was captured by Leadership Talks, comprising about 20%.
The Leadership Interviews captured cultural aspect of leadership (making up of a further 5% of the Programme). All the interviewees emphasised upon the cultural relevance to doing business in general and related to conducting business in IBF in particular. Fadi Al Faqih’s interview emphasised the need for expatriate CEOs to understand local culture for successfully implementing change within an organisation. Whilst other CEOs underscored the need to create and foster the right culture within the organization. Leadership games were used for self-realisation as a tool for assessing leadership potential. Some of the leadership skills that can be learned or refined from leadership games are: communication, cooperation, teamwork, listening, trust, risk-taking, decision-making, planning and problem-solving. This accounted for almost 20% of the Programme, and was by far the most popular activity amongst the delegates. The resident mentors and socialisation with the speakers and fellow delegates provided an excellent platform for nurturing leadership amongst the participating delegates, which made up of 15% of the Programme structure. Figure 1 summarises the methodological approach of Cambridge-IFL.
RESIDENT MENTORS
The 2016 Programme benefitted from the full-time presence of three resident mentors, namely Dato’ Wan Fadzmi Wan Othman (CEO of Agrobank), Ramlie Kamsri (CEO of Nomura Islamic Asset Management) and Mohammad Ikram Thowfeek (CEO of CAF Investment Bank). Other resident mentors included Fadi Al Faqih (CEO of Bank of Khartoum), Sharif El Gamal (CEO of Soho Properties, New York, USA) and Dr Akram Laldin (Executive Director of International Shariah Research Academy for Islamic Finance, ISRA, Malaysia).
LEADERSHIP INTERVIEWS
These leaders came from diverse backgrounds and experience. Dr Adnan Chilwan, an Indian leading a global Islamic bank from its base in Dubai (UAE), shared his unique experience of successfully leading the first commercial Islamic bank, with shareholdings of the UAE government and the ruling Al Maktoum family. Fadi Al Faqih, a Jordanian leading the largest Islamic bank in Sudan, emphasised on understanding of local culture for successfully leading an Islamic bank. Dato’ Wan Fadzmi Wan Othman shared his experience of converting a public sector development finance institution into a full-fledged Islamic bank in Malaysia. Dr M Yaqub Mirza, an American Pakistani, stressed upon the relevance of mainstream markets for the successful and profitable running of a Shari’a-compliant business. Dr Mohd Daud Bakar and Dr Akram Laldin, two leading Malaysian Shari’a scholars, shared their perspectives on Islamic jurisprudence and its relevance to the development of IBF. Mohammed Amin, a British tax expert with varied business and political interests, emphasised upon the leadership role of the UK in promoting IBF worldwide.
Diversity of ethnicity and the nature of businesses of the Leadership Interviewees helped the delegates to appreciate diversity of management and leadership styles. These interviews substantiated the view that leadership is not a science but rather it is predominantly an art that the leaders master as part of a long process during their professional careers.
A part of the Leadership Interviews segment, Dr Adnan Chilwan, CEO of Dubai Islamic Bank, and Dr Daud Bakar, Chairman of Amanie Holding, were interviewed by Professor Humayon Dar. Both the interviewees provided unique perspectives on leadership in IBF. Dr Chilwan, being arguably the most influential CEO in IBF, provided management perspective on Islamic financial leadership. The delegates enjoyed his frank analysis, and were provided ample time to ask questions. This was one of the most exciting and interactive sessions of the Programme.
Dr Bakar, on the other hand, provided Shari’a perspective, with a flexible and pragmatic approach. He extensively referred to his recently published book, “Shari’ah Minds in Islamic Finance,” which was sold out at the Programme. Dr Bakar graciously obliged by signing the copies for those who were lucky as to get hold of the book.
DR ADNAN CHILWAN
Group CEO of Dubai Islamic Bank
Credited with driving Dubai Islamic Bank (DIB) to the USD 40 Billion global entity it is today, Dr. Adnan Chilwan, Group CEO of DIB, is widely recognized as a dynamic transformational leader, pushing multi-layered innovative change across not only strategic but microcosmic levels as well. On a personal mission to make modern Islamic banking a norm of banking globally, Dr. Adnan Chilwan with over 20 years of banking expertise is already hailed as a pioneering driver of Islamic finance in his own right. Dr. Chilwan has a PhD and a MBA in Marketing to his credentials. He is a Certified Islamic Banker (CeIB), a Post Graduate in Islamic Banking & Insurance and an Associate Fellow Member in Islamic Finance Professionals Board.
FADI AL FAQIH
CEO of Bank of Khartoum
Fadi Al Faqih was awarded the prestigious “Islamic Banker of The Year” by the World Islamic Banking Conference (WIBC) in recognition for his tireless dedication and immeasurable contributions to Islamic banking and finance. Under his leadership, BOK has enhanced and developed its services to offer a full range of products and services to include corporate banking, retail banking, SME, microfinance, treasury and investment banking across multiple channels in Sudan.
RAMLIE KAMSARI
CEO of Nomura Islamic Asset Management
Ramlie Kamsari is one of the youngest CEOs of an Islamic asset management firm. Before joining Nomura Islamic Asset Management as CEO, Ramlie Kamsari led another Islamic asset management firm with a multi-billion AUM. “I am delighted to be part of such a prestigious Islamic finance leadership executive programme, and looking forward to meeting with the delegates coming from all over the world.” Ramlie Kamsari, CEO of Nomura Islamic Asset Management.
DR M YAQUB MIRZA
CEO of Sterling Management Group
Dr M. Yaqub Mirza is an American Muslim entrepreneur who co-founded the first and the largest Islamic mutual fund in the USA, Amanah Mutual Fund Trust. Currently, he is serving as President & CEO of Sterling Management Group Inc., a US-based investment management company. Given Dr Mirza&quo:s vast experience of managing ethical investments, mergers and acquisitions, and his role entrepreneurial role in his family business in halal sector in the USA, the delegates of Cambridge-IFLP will immensely benefit from his leadership perspective. Dr Mirza will also share some of the parts of his books, “Faith-based Entrepreneurship” and “Five Pillars of Prosperity.”
DR MOHD DAUD BAKAR
Chairman of Amanie Holdings
Dr Mohd Daud Bakar is the Founder and Executive Chairman of Amanie Group that deals with many facets of global Islamic finance from Shariah advisory to structured training to media and to Big Data Analytics. Under Dr. Daud leadership, Amanie Advisors has received an award of “Islamic Economy Knowledge Infrastructure”, at the Global Islamic Economy Summit 2015, by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Oct 2015. Dr. Daud has been honoured with “The Asset Triple A Industry Leadership Award”, “Shariah Adviser Award”, “Most Outstanding Individual” and “Award of Excellence for Outstanding Contribution for Shariah Leadership & Advisory” for his exceptional contribution to Islamic finance Industry.
DR AKRAM LALDIN
Executive Director of ISRA
Sheikh Dr. Mohd. Akram Laldin is one of the most influential Shari’a scholars playing a lead role in the global Islamic financial services industry. As Executive Director of ISRA, he manages a large team of researchers who have contributed immensely to applied Shari’a research specific to Islamic banking and finance. He also advises numerous financial institutions on matters related with Islamic finance. As a member of the Central Shari’a Advisory Council of Bank Negara Malaysia (BNM), he is central to all the Shari’a-related developments in Islamic banking and finance in Malaysia.
DATO’ WAN MOHD FADZMI WAN OTHMAN
President and CEO of Agrobank
Dato’ Wan Mohd Fadzmi Wan Othman is the current President/ Chief Executive Officer of Agrobank, Malaysia. Prior to joining Agrobank, he was the Director of Global Financial Banking to RHB Banking Group. He was also attached to Maybank Group for 22 years where he held several senior management positions including Country Head for Maybank’s branches in London, New York and Hong Kong. Under his leadership, Agrobank has successfully transformed into the country’s first full-fledged Islamic bank that focuses mainly on developing the agriculture and agro-based industry.
MOHAMMED AMIN
A globally-renowned taxation expert with specialism in Islamic finance
Muhammad Amin is an Islamic finance expert listed among the 100 most influential Muslims in the UK. Muhammad amin’s special interest is taxation and regulatory treatment of Islamic finance by governments. He is a Cambridge University graduate, a chartered accountant and a chartered tax advisor. He has previously served as a tax partner and lead researcher. Amin regularly writes about Islamic finance in articles, book chapters and on his personal website. Moreover, he has presented on Islamic finance in over 20 cities outside the UK.
IQBAL AHMAD KHAN
CEO, Fajr Capital
Iqbal Ahmad Khan is the Chief Executive Officer of Fajr Capital. He is a long-time advocate of the Islamic financial services industry, serving as an advisor to government initiatives in Brunei, Malaysia, Saudi Arabia, Singapore, United Arab Emirates and the United Kingdom. He is the recipient of several industry and global accolades, including the Royal Award for Islamic Finance, a biannual prize presented by HM the King of Malaysia, and a Lifetime Achievement Award presented by HH Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE.
“I found the Cambridge- IFLP insightful and appreciated the sincerity of the speakers. It was a great networking opportunity, and [I] felt that the fellow delegates were supporting each other to grow. All of this in a very inspiring setting at Clare College Cambridge” —Najam Khan, Commerzbank.
“Listening to the personal stories and backgrounds of leaders such as Dr Adnan Chilwan of DIB, Sharif El Gamal of Soho Properties and Iqbal Khan of Fajr Capital, coupled with interactions with participant-leaders from a wide range of organisations, made me realise that more than anything, tenacity and persistence towards a shared goal to spread Islamic banking and finance to improve the world are the key ingredients for a successful career as a leader in the industry. As a young professional, I walked away feeling very encouraged that I can take practical steps in my current role to prepare for future leadership opportunities rather than wait for someone to create it for me.” —Tanvir Ahmed Uddin, ICD
LEADERSHIP TALKS
The 2016 IFLP included Leadership Talks from Sharif El Gamal (CEO, Soho Properties), Dr Amat Taap Manshor (CEO, FAA), Dr Tim Winters (Lecturer at the University of Cambridge), Iqbal Nasim (CEO of National Zakat Foundation), Jonathan Lawrence (Partner, K&L Gates), Mohammad Ikram Thowfeek (CEO, CAF Investment Bank), and Kamran Sherwani (Head of Shari’a and Compliance at ADCB Islamic Banking, UAE). The most impressive Leadership Talk was that of Iqbal Khan who has inspired thousands of those involved and interested in IBF. As our full-time resident mentor, Mohammad Ikram Thowfeek inspired the delegates to become effective leaders in IBF. Other speakers included topics on the structuring of Islamic financial products for the industry to assume a leadership role in future. Kamran Sherwani spoke on the leadership role of Shari’a scholars. Jonathan Lawrence covered the leadership role of law firms in the context of IBF.
“I am honoured to be part of this movement [Cambridge-IFLP] for the greater good of Islamic finance. As Cambridge motto states, “From this place, we gain enlightenment and precious knowledge,” IFLP 2016 provided exactly what Cambridge University is all about… I would like to thank everyone who has been part of Cambridge-IFLP 2016, making this Programme a great success and providing young professionals the knowledge and tools to lead.” —Bilal Subzwari, Habib Metro Bank
GEOGRAPHICAL REPRESENTATION OF THE DELEGATES
The delegates, speakers, interviewees and mentors came from organisations from a number of countries, including the USA, UK, Sudan, Nigeria, Saudi Arabia, UAE, Kuwait, Pakistan, Malaysia and Brunei Darussalam. In terms of ethnicities and nationalities, the delegates came from the USA, UK, Jordan, Nigeria, Pakistan, Bangladesh, India, Sri Lanka, Malaysia, Brunei Darussalam, Singapore, Canada and Australia.
Delegates were selected through a competitive process amongst middle and upper-middle management of Islamic financial institutions from around the world. Malaysia topped the list of delegates (with eight delegates). Pakistan was represented by Habib Bank AG Zurich and its subsidiary, Habib Metro Bank. Although Pakistan was represented by only one Pakistani bank, there were other Pakistani bankers working in the Middle East who were amongst those chosen for this prestigious leadership programme.
Pakistan has historically provided leadership in Islamic banking and finance, but lately this role has been taken up by countries like Malaysia. “Representation of Habib Metro Bank at the Cambridge-IFLP and contribution of Bilal Subzwari from the bank was noted with appreciation by the Programme Mentors,” said Dr Sofiza Azmi, Programme Director of Cambridge-IFLP.
“It was an honour to be selected for such a prestigious leadership programme that was no doubt the best I have attended in my banking career,” said Bilal Subzwari. “The Malaysian approach to human resource development is commendable,” said Professor Humayon Dar. “The presence of the likes of Dato’ Wan Fadzmi Wan Othman, Datuk Dr Daud Bakar and Dr Akram Laldin at the Programme exemplifies the serious role of Malaysia in IBF.”
The Cambridge-IFLP was structured in such a way that it gave the delegates direct access to the global leaders in Islamic banking and finance. A number of CEOs of Islamic financial institutions spent plenty of time with the delegates throughout the Programme. Among them were Dato’ Wan Fadzmi Wan Othman, CEO of Agrobank (Malaysia), Ramlie Kamsari, CEO of Nomura Islamic Asset Management, Mohammad Ikram Thowfeek, CEO of CAF Investment Bank (Kuwait), and Fadi Al Faqih, CEO of Bank of Khartoum.
Iqbal Khan, CEO of Fajr Capital, and Dr Tim Winters of the University of Cambridge, were distinguished guests on the closing day. All the delegates received Cambridge Certificates in Islamic Banking and Finance Leadership. Five of the distinguished delegates were also presented with Cambridge Islamic Finance Leadership Awards. The winners included Tanvir Ahmed Uddin (ICD), Abdul ‘Azim Mohammed (Bank Islamic Brunei Darussalam), Dr. Hanis Osman (Bank Rakyat Malaysia), Mohammad Taufik Zakaria (Agrobank Malaysia) and Oluwaseun Alele (DDGI).
“I view the Cambridge- IFLP as on par, if not better, than Harvard Leadership Programmes. The plus point of IFLP is that it does not look at leadership from a singular point of view but [rather] incorporates the development of holistic [leaders] from a secular and religious dimension.” —Dr Eddy Chong, Chief Technological Officer, FAA.
