Understanding banking customers better with Mr. Hamza at the Oman Islamic Banking and Finance Conference 2012

“The Customer is King” is an expression often used and never disregarded. However while the power of the customer is not underestimated, lesser attention is paid to his care and understanding, two elements important in fostering long-term relationships with customers. These two elements apply to fields all over the world, but more importantly to sectors offering services to niche audiences.

Mr. Jamsheed Hamza, Chief Executive Officer, Blue Ocean, will throw light on the same, with relation to Islamic Banking at the Oman Islamic Banking and Finance Conference 2012 taking place from 5th- 6th June 2012 at the Grand Hyatt.

As the CEO of Blue Ocean Academy, Mr. Hamza brings to his role, a wealth of experience in customer service, process reengineering and corporate relations, having worked for some of the leading organisations in the Middle East. Prior to joining Blue Ocean, he held the post of the Head of Corporate Banking, Islamic Banking Division at the National Bank of Abu Dhabi (NBAD), where he was entrusted with improving customer service quality while also creating an ideal working environment for staff. During his career he has gained valuable experience in spearheading organisational change, problem solving and crisis management, and identifying and understanding key business drivers.

Understanding banking customers better with Mr. Hamza at the Oman Islamic Banking and Finance Conference 2012

In light of the global crisis, Islamic Banking is gaining prominence with many customers switching to more risk-averse banking approaches. In addition to Mr. Hamza enlightening attendees on the role of customer care and understanding in the successful implementation of Islamic banking at the Conference, the presentation will also list out common customer complaints faced in an Islamic banking system and solutions for addressing those concerns.

Islamic Banking based on the Islamic Law or Sharia’h offers a variety of options involving different regulations and customer requirements, which calls for banks to formulate greater understanding of their customer’s needs and demands in order to ensure profitable banking services. Islamic Banking provides its varied customer segments with different product, service and brand criteria. Based on perception, customers will interpret acceptable levels of Sharia’h compliance differently. For e.g. traditional customers may be willing to pay premium for most Sharia’h compliant products but other customers may be prefer products that are less rigidly Sharia’h compliant and have more competitive rates, factors banks need to keep in mind while designing Sharia’h compliant product concepts, features, benefits, services etc. Since customer requirements are dependent upon factors like age, lifestyle, education and others, offering Sharia’h compliant products which cater to different customer segments can be in the bank’s favour.

Always keen to pass on his experience, Mr. Hamza regularly addresses seminars and conferences for organisations across the world. This has included addressing the UOP, Teens Summits, EEG and the International Islamic Banking Seminar. He has also worked as a trainer and consultant for international names namely the Worldwide Fund for Nature, Sony Middle East and Children’s Film Society. His presence at the Oman Islamic Banking and Finance Conference 2012 will help attendees walk in the shoes of an Islamic banking customer and help interested related parties develop Sharia’h compliant products, keeping the interests of their customers in mind.


URL: http://www.ameinfo.com/understanding-banking-customers-hamza-oman-islamic-301066

ADCB Islamic Banking named "Most Improved Islamic Bank in the UAE" at the Global Islamic Finance Awards 2011

Abu Dhabi, 27 December 2011: ADCB Islamic Banking was named the “Most Improved Islamic Bank in the UAE” by the Global Islamic Finance Awards (GIFA) committee at a highly prestigious ceremony held on 17 December 2011 in Muscat.

Awards were presented at the Oman Islamic Economic Forum (OIEF) bringing together leaders from around the globe, including keynote speaker Tun Abdullah Badawi, the former Prime Minister of Malaysia.

The award was presented to ADCB Islamic Banking by Tun Abdullah Badawi.Amr Al Menhali, Head of ADCB Islamic Banking, said: “We are honoured and delighted to receive “The most improved Islamic bank in the UAE” award for 2011.

This prominent award rightly recognises the leading position of ADCB and its success in raising the benchmark for Islamic banking in the region. ADCB Islamic Banking offers a complete suite of Shariah compliant products specifically designed to cater to the needs of consumers that are key to the health of the UAE economy.

This recognition is subsequent to the milestone ADCB Islamic Banking has achieved, which was acknowledged by the reputed worldwide Shariah governing body in an appreciation letter positioning ADCB Islamic Banking as a role model for Islamic Banks worldwide.”

The OIEF proudly assembles a diverse number of financial practitioners, academicians, business leaders and policy makers in the industry with the Ex-Prime Minister of Malaysia Tun Abdullah Haji Ahmad Badawi as the key note speaker.

The forum addressed issues including the regulatory challenges facing Islamic banking, the practice of socially responsible Islamic Finance, and the need for utilization of Islamic Banking as a tool for global economic reform.

The forum, endorsed by the Fatwa office of the Ministry of Awqaf and Religious Affairs has received support from an array of leading financial institutions from the GCC, Canada, UK, Luxembourg and Malaysia.


India looks to start Shariah compliant financial products

By Sarbajeet K Sen & Dipak Mondal Apr 27 2010 , New Delhi

India needs to actively consider allowing introduction of Shariah-compliant Islamic finance products to channelise savings of the muslim community, K Rehman Khan, deputy chairman of Rajya Sabha, said onTuesday.

Speaking at the India Shariah Finance Summit in the capital, Khan said the mutual fund industry is the best vehicle for popularising Shariah-compliant products. He pointed out that mutual funds are largely compliant with Islamic finance principles since they do not pay interest.

The concept of charging or paying interest is prohibited under Islamic law. “We should start adopting the mutual fund route in a bigger way for Islamic banking. Shariah compliant mutual fund schemes will help to channelise savings of the huge Islamic population in India,” Khan said.

Khan said Indian Muslims should have the option to invest in Shariah-compliant products. “Muslims have every right to seek an avenue for investment that complies with their religious faith,” he said.

Speaking on the occasion, Abizer Diwanji, executive director and head of financial services, KPMG, said the mutual fund sector could be opened up for Shariah compliant products. “The present laws are amenable to mutual fund instruments that are compliant with Islamic finance. However, innovation in the industry is lacking and hence such products are not hitting the market,” he said.

Diwanji said bringing out Islamic finance products would be a step towards greater financial inclusion.

“Muslims are an underbanked community in India. Islamic finance could be a very big component for financial inclusion that the government is pushing for,” he said. Muslims account for around 13.4 per cent of the population or around 175 million people in absolute terms. Diwanji said the Reserve Bank of India could also consider offering specialised licences for Islamic banks, while doling out fresh bank licences as promised in the Union budget.

Sashi Krishnan, chief investment officer, Bajaj Allianz Life Insurance, which offers — Pure Stock Pension Fund –a Shariah-certified scheme, said Islamic financial products have seen growing acceptance in India over the past few years.

“The government is already working on a project to analyse the future of interest free banking in India, while the mutual fund and insurance industry are also developing Shariah compliant products,” he added.

Krishnan said the challenges to the popularity of Islamic finance in India are distributors who are not equipped to sell Shariah compliant products, besides a lack of certifying agencies and standardisation of Shariah-based products.