Where are the 'sisters in Islamic finance'?

The retirement of Tan Sri Zarinah Anwar as chairman of the Securities Commission was a defining moment on the need to establish a 'bench' strength for women in Islamic finance.

WHERE are the "sisters in Islamic finance", if it is about inclusion?

The retirement of Tan Sri Zarinah Anwar as chairman of the Securities Commission (SC) was a defining moment on the need to establish a 'bench' strength for women in Islamic finance.

A company, much like a phenomenon, is as strong as its weakest link. Today in Islamic finance, the lack of enough women on the executive floor or the corner office is a human asset weak link.

However, in Muslim countries where Islamic finance exists, like Bangladesh, Indonesia, Turkey and Pakistan, there have been women country leaders, yet number of women in Islamic finance is like the 'rain in the desert'.

It's more common to find accomplished women, including non-Muslim, in Islamic finance in Malaysia, western organisations with Islamic units, and progressive Muslim countries in 'Western' Asia. For example, at Thomson Reuters, I presently lead a small team of 24, with 12 women, and I'm optimistic about our industry reaching the next milestone of US$2 trillion (RM6.12 trillion) by 2015. 

I had a conversation with Rafiza Ghazali, head of Islamic finance Asia, and Wiebke Buelow, head of Project Management, and there were meaningful insights on several important areas: entry (chance v. choice), direction (excitement on inputs), challenges (industry and for women), role models (family influence), and how they would like to be remembered. 

Question: How did you get into Islamic finance?

Rafiza: I was working as CFO (chief financial officer) of a Malaysian Investment Bank, and had exposure when working with Islamic Finance instruments. As time passed, my exposure increased by attending conferences, reading, workshop and working with the central bank. It's interesting that something that happened by chance became a present career opportunity. 

Buelow: I was exposed to Islamic Finance while working at the front end with active customers in this market. A successfully completed research project started the process of becoming a member of the management team of the Islamic finance division of Thomson Reuters (TR), and now, I manage product and business development.

Question: What interests you about Islamic finance?

Rafiza: It's about practicing the faith that has real link to the assets of an economy. Because Islamic finance is so young (compared to conventional), today, it allows us to have an impact on direction of growth and development with lessons learned and learn from conventional finance, as there are many things that could help Islamic finance. For example, we need to look at a complete set of Islamic indexes for all asset classes so that the offering is comparable to conventional. 

Buelow: It's a new market with huge potential, and in need of standards. It needs a young and professional work force to keep up with the rapid growing market requirements. Being part of a team aiming to drive the market and the business in the right direction is exciting.

Question: Who are your professional role models?

Rafiza: I'd say my mother and our governor Tan Sri Dr Zeti Akhtar Aziz. However, the question starts off with family values (hard work and sacrifices), schooling, especially overseas (I am a graduate of London School of Economics), work environ-ment (in Australia, Turkey, etc) and friends. 

Buelow: I grew up learning that hard work is the key to achieve success, not only from my parents but also from diverse working experiences in Germany. Living abroad made me appreciate the "German-Prussian" work ethics like efficiency, precision, reliability, timeliness and a general sense of duty. My personal professional role model is my father, a successful, hard-working, sincere and honest business man.

Question: What has been the biggest challenge in Islamic finance?

Rafiza: There are so many challenges, but that is expected of a young industry that is an emerging market phenomenon. The main challenge is, level playing field for tax (where applicable), accounting and syariah (standardisation) for Islamic debt, equity, insurance, etc. Connected to this is a need for a professional industry body that can educate and create awareness of Islamic finance, much like what AIBIM (Association of Islamic Banking Institutions Malaysia) has done for Malaysia. Finally, patience, we need to be patient with the average Muslim (and non-Muslim) in making them believers of Islamic finance.

Buelow: The market has not one big challenge but several obstacles due to the way Islamic finance is operating. Particular issues are a lack of standardisation, insufficient transparency and power of a few, buzz-words you hear at every conference. It is still getting treated like a niche segment and one of the reasons is the fairly small size compared to conventional finance. This is a call for action on the regulators, particularly in the main hubs for Islamic finance such as the GCC (Gulf Cooperation Council) and Southeast Asia, to set standards together with leaders in the market. These actions will show the global financial industry that Islamic finance is serious.

Question: How does Islamic finance attract more women to the industry?

Rafiza: I think it's a process, as people don't jump into Islamic finance on a whim. It starts with family values, parents/religious teachers teaching us to pray and read Koran, and which makes many reference to 'trade over interest'. Then, it's the pre-university schools, especially in Muslim countries, the need to provide exposure to Islamic finance as its part of Islam. Thereafter, it's university courses and diplomas. Finally, Islamic financial institutions to provide an enabling environment for women: Comparable pay to men, ability to rise to the executive floor, flexible hours, child care, working remotely and so on.

Buelow: Like any other male dominated industries, Islamic finance is facing the same problems in attracting women. Even though there are very talented women, only a few reach senior management positions. A good way forward would be to get more women attracted to become syariah scholars, a male domain that needs to get breached. The Asian Islamic finance industry acts as a role model; therefore GCC regulators should pass on the same regulations as Bank Negara Malaysia did to allow syariah scholars to sit only on one board for each type of Islamic financial institution. And I would go even further, in a second step, pressure the market for a female quota of executives. All these actions result in a need for talented professionals and will attract females as they realise that they get a fair chance.

Question: As women in senior positions, have you encountered challenges in, say, managing ma-les who are reporting to you?

Rafiza: Yes, there are challenging situations, but that is applicable in any company, in any country. However, at the end of the day, all of us, eventually, realise that we have KPIs, and, for Muslims, in Islamic finance one of the KPIs is 'reporting' to the Almighty. It's been my experience that through the passage of time, interactions on projects etc, these issues go away. If they do not, there are avenues and processes that attempt to address these situations.

Buelow: No, I have never encountered such problems during my career. Reasons being my personality and management style, and luck in working with professional teams where performance and not gender mattered. Working in male-dominated markets got me used to being underestimated by male colleagues in the beginning; however, that helped me to improve my management style. 

Question: Wiebke, you are a non-Muslim woman in Islamic finance, what has been your experience?

Buelow: I'm a Christian and I believe in God. In Christianity, you do not have such detailed regulations about banking that is compliant to the holy bible but there is a large canon of behavioural norms that are considered ethical, much like managing rules of life. The absence of such ethical norms in much of the conventional banking industry cause enormous damage to economies. To me, Islamic finance is not a religious duty but it is a way of ethical banking, which in turn to me is the right way forward! 

Question: What preparation advice do you have for women, Muslim and non-Muslim, considering a career in Islamic finance?

Rafiza: The only advice I can give is what has worked for me. First, education and work experience by, say, internships, so it cannot be used against you. Second, work harder/longer hours and develop a thicker skin as you will be tested professionally and, at times, personally. Third, find a mentor that will be there, but this is not absolutely necessary. Fourth, think outside the box. Fifth, develop communication skills, especially important for conferences and media interviews. Sixth, once you have 'made it' give back as you have gotten. 

Buelow: Women will have to continue to prove that they are just as quali-fied as their male counterparts, and it's not only in Islamic finance. This means they need to study and work harder to prove their knowledge and capabilities. They should not shy away but be encouraged to come into Islamic finance market. It lacks talents and needs to continually improve, hence, this market offers great chances for women with smart ideas and no fear of challenges. 

Question: What would you like to be known for accomplishing in Islamic finance?

Rafiza: I still have a long way to go to be known, but in the meantime, I am proud to be a part in developing an industry that allows for Muslims to align their practicing in faith and financing.

Buelow: I wouldn't say "be known for" but "be recognised for", as I enjoy my job while contributing to the market development.

The writer is Thomson Reuters' Global Head of Islamic Finance based in New York.

Read more: Where are the 'sisters in Islamic finance'? http://www.btimes.com.my/Current_News/BTIMES/articles/SISTERS/Article/index_html#ixzz1uMQNYlBJ

UAE businesswomen look at opportunities in Islamic finance and halal food Read more: UAE businesswomen look at opportunities in Islamic finance and halal food

United Arab Emirates (UAE)'s leading businesswomen are looking into investment opportunities to work with Malaysians in two areas - Islamic finance and halal food.

President of the Abu Dhabi Business Women Council and chief operating officer of Al Jaber Group Fatima Al Jaber said Islamic finance and halal food were the two mutual areas that Malaysia and UAE could work together.

"Islamic finance is a very important sector that Malaysia is pioneering and I chair an investment bank (in the UAE). We are looking into investment opportunities in Malaysia," she told Bernama after the UAE - Malaysia Power Ladies Roundtable 2011 here today.

Al Jaber is among ten influential UAE businesswomen who are in Malaysia for the Power Ladies UAE-Malaysia Roundtable 2011 tour. The Power Ladies tour, organised by Inside Investor, runs from December 5-9 and is aimed at providing the UAE guests with a greater understanding of the business opportunities available in Malaysia.

She said UAE offered huge opportunities for Malaysians in many areas included leisure, hotel, sports, property, healthcare and education.

"UAE is a consumer market. The sports and healthcare industry are growing. Education is another area. We have all types of school and universities in the UAE. There is also a great demand for certain types of properties there," she said.

She also said that financial services were another area Malaysians could tap  as foreigners were currently involved in the business in the Emirates.

"The should be two-way (business ties)...Malaysians should come to UAE and venture into these areas," she added.

The Power Ladies group also mentioned that three important areas that they would look into before venturing into businesses in Malaysia were government rules regulations, taxation and the business environment.

The group, over the previous two days, met Bank Negara Malaysia Governor Tan Sri Zeti Akhtar Aziz, Malaysia External Trade Development Corporation chief executive officer Dr Wong Lai Sum, chief executive officer of the Malaysian Investment Development Authority Datuk Noharuddin Nordin, SME Corp Chief Operating Officer Datuk Hafsah Hashim.

Today, they are scheduled to meet the Prime Minister's wife Datin Seri Rosmah Mansor and Duli Yang Maha Mulia Raja Permaisuri Agong Tuanku Nur Zahirah. -- BERNAMA

http://www.nst.com.my

Islamic Finance gender gap closes as trends change

Kuala Lumpur: Asian Islamic financial institutions are attracting more women executives and scholars to fill a shortage of talent, setting a precedent for companies in the Middle East.

Malaysia's Sharia Advisory Council appointed a second woman scholar to its 11-member board in November.

Indonesia has six women on its panel of 35 experts, Ma'ruf Amin, chairman of the country's National Sharia Council, said in an interview December 30. Malaysia's central bank and the securities commission are both headed by women, while Liza Mohd Noor is chief executive officer at RAM Rating Services Bhd., which provides ratings for Islamic bonds.

"Previously, it was difficult for women to enter the industry; now people have broken that boundary, especially in Malaysia," Aznan Hassan, associate professor at the Kuala Lumpur-based International Islamic University Malaysia, said in a December 20 interview. "More women are coming in and this is good because we need people."

Encouraging women to work in Islamic finance will help meet demand for experts in an industry the Islamic Financial Services Board estimates has been growing 20 per cent annually since 2000, with assets exceeding $1 trillion (Dh3.67 trillion).

About 50,000 professionals will be needed globally over the next five to seven years to meet demand, Ishaq Bhatti, the director of Melbourne-based La Trobe University's Islamic banking and finance programme, said in a recent interview in Kuala Lumpur. The lack of prominent female banking executives stems from "history, culture and perceptions of women," said Nida Raza, senior vice president of capital markets at Unicorn Investment Bank BSC in Manama.

In Saudi Arabia, a Sunni Muslim-majority country where women are required to have a male guardian, about 15 per cent of the labour force was female in 2009, according to a report by the Geneva-based International Labour Organisation, a United Nations agency.

Barriers

"Getting a visa to Saudi is really difficult, and even when I'm there I face various challenges," Noripah Kamso, chief executive officer of Kuala Lumpur-based CIMB-Principal Islamic Asset Management Sdn. Bhd., a unit of CIMB Group Holdings Bhd., the world's biggest sukuk arranger, said in an interview. "I was once chased by a Saudi police officer because I entered from the wrong door, and travelling without a male colleague is impossible." As interest in the industry grows, women, including those from the Middle East, are likely to play a greater role, said Engku Rabiah Adawiah Engku Ali, the first female appointee to Malaysia's Sharia Advisory Council and an associate professor at the Ahmad Ebrahim Kuliyyah of Laws, International Islamic University.

A shortage of scholars increases the risk of conflicts of interest as many sit on various advisory boards at the same time, according to the Manama-based Accounting and Auditing Organisation for Islamic Financial Institutions, an industry standards setting body.

Shaikh Nizam Yaquby of Bahrain and Syria's Abdul Sattar Abu Ghuddah, who each serve on 85 boards of Islamic financial institutions, ranked first by the number of seats among the top 20 religious experts in an October report from Zawya, an online Middle East business news and directory, and Funds@Work AG, a Kronberg, Germany-based consulting company.

Female Shariah Scholars See Gender Gap Closing on Growth: Islamic Finance

Asian Islamic financial institutions are attracting more female executives and scholars to fill a shortage of talent, setting a precedent for companies in the Middle East.

Malaysia’s Shariah Advisory Council appointed a second female scholar to its 11-member board in November. Indonesia has six women on its panel of 35 experts, Ma’ruf Amin, chairman of the country’s National Shariah Council, said in an interview Dec. 30. Malaysia’s central bank and the securities commission are both headed by women, while Liza Mohd Noor is chief executive officer at RAM Rating Services Bhd., which provides ratings for Islamic bonds.

“Previously, it was difficult for women to enter the industry; now people have broken that boundary, especially in Malaysia,” Aznan Hasan, associate professor at the Kuala Lumpur-basedInternational Islamic University Malaysia, said in a Dec. 20 interview. “More women are coming in and this is good because we need people.”

Encouraging women to work in Islamic finance will help meet demand for experts in an industry the Islamic Financial Services Board estimates has been growing 20 percent annually since 2000, with assets exceeding $1 trillion. About 50,000 professionals will be needed globally over the next five to seven years to meet demand, Ishaq Bhatti, the director of Melbourne-basedLa Trobe University’s Islamic banking and finance program, said in a Dec. 10 interview in Kuala Lumpur.

Cultural Barriers

The lack of prominent female banking executives stems from “history, culture and perceptions of women,” said Nida Raza, senior vice president of capital markets at Unicorn Investment Bank BSC in Manama, Bahrain.

In Saudi Arabia, a Sunni Muslim-majority country where women are required to have a male guardian, about 15 percent of the labor force was female in 2009, according to a report by the Geneva-based International Labor Organization, a United Nations agency.

“Getting a visa to Saudi is really difficult, and even when I’m there I face various challenges,” Noripah Kamso, chief executive officer of Kuala Lumpur-based CIMB-Principal Asset Management Bhd., a unit of CIMB Group Holdings Bhd., the world’s biggest sukuk arranger, said in an interview on Dec. 23. “I was once chased by a Saudi police officer because I entered from the wrong door, and travelling without a male colleague is impossible.”

Global Sales

As interest in the industry grows, women, including those from the Middle East, are likely to play a greater role, said Engku Rabiah Adawiah Engku Ali, the first female appointee to Malaysia’s Shariah Advisory Council and an associate professor at the Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia in Kuala Lumpur.

Global sales of sukuk, which pay returns based on asset flows to comply with the religion’s ban on interest, fell 15 percent in 2010 to $17.1 billion, according to data compiled by Bloomberg. Issuance reached a record $31 billion in 2007.

Shariah-compliant bonds returned 12.8 percent last year, the HSBC/NASDAQ Dubai US Dollar Sukuk Index shows, compared with 19.8 percent the previous year. Debt in emerging markets gained 12.2 percent, from 29.8 percent in 2009, according to JPMorgan Chase & Co.’s EMBI Global Diversified Index.

The difference between the average yield for sukuk in developing nations and the London interbank offered rate has narrowed 178 basis points, or 1.78 percentage point, to 290 last year, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. Average yields dropped 252 basis points to 4.74 percent.

Male Scholars

The yield on Malaysia’s 3.928 percent dollar sukuk maturing in June 2015 rose seven basis points today to 2.99 percent and is 12 basis points higher than on Nov. 30, data compiled by Royal Bank of Scotland Plc show. The extra yield investors demand to hold Dubai’s government sukuk rather than Malaysia’s was at 338 basis points, down from 398 basis points at the end of November, according to the data.

A shortage of scholars increases the risk of conflicts of interest as many sit on various advisory boards at the same time, according to the Manama-based Accounting & Auditing Organization for Islamic Financial Institutions, an industry standards setting body.

Sheikh Nizam Yaquby of Bahrain and Syria’s Abdul Sattar Abu Ghuddah, who each serve on 85 boards of Islamic financial institutions, ranked first by the number of seats among the top 20 religious experts in an October report from Zawya, an online Middle East business news and directory, and Funds@Work AG, a Kronberg, Germany-based consulting company.

‘Talent Pool’

In Malaysia, regulations are aimed at limiting such conflicts of interest. Under Bank Negara Malaysia regulations, a Shariah scholar can sit on only one board for each type of Islamic financial institution, meaning an expert on the panel of an Islamic bank can only sit on the board of another non-bank entity such as an insurance company, or takaful.

The rule “enlarges the talent pool and gives more opportunities,” said Engku Rabiah, who was once appointed on the board of six to seven Islamic banks and takaful companies before the rule was passed in 2004.

Unicorn Investment Bank’s Raza said the shortage of women in Islamic finance is easing as more female Westerners enter the market.

“This will have a knock-on effect on” the Middle East, Raza said in an interview Dec. 30 fromNew York. That “may lead to a rise in women in the Islamic finance industry,” she said.

To contact the reporters on this story: Suryani Omar in Jakarta at somar6@bloomberg.net; Soraya Permatasari in Kuala Lumpur at soraya@bloomberg.net

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net

Islamic banks should target female market - report

Islamic banks in the Middle East are "extremely well positioned" to take capture a share of women's rapidly growing demand for top-notch banking services, says a new publication from the Boston Consulting Group (BCG).


With an estimated $5 trillion in incremental earnings to spend, educated, ambitious, working women represent a commercial opportunity for goods and services providers that eclipses the rise of the consumer economies of both China and India, the research house said.

It said Islamic banks were in pole position to play a role in the women's banking arena, because they offer unique elements in the sector including a pre-disposed distribution network with some Islamic banks already off women's sections/branches due to Islamic traditions surrounding privacy. It also said halal products were important for women, especially as they think about setting money aside for their children. It is important for money that is passed down to the next generation to be 'clean'.

BCG said the growing demand by women for financial services should prompt Islamic banks to systematically target this emerging market, work to understand women's dissatisfaction and change their offerings to profit from, and help boost this most important commercial opportunity.

The Middle East in particular was a rapidly growing market for banks to explore as more Arab women are entering the workforce and making important financial decisions, it added.

Companies should view Arab women as a fast-growing consumer segment and be prepared to adapt their offerings accordingly.

BCG estimated that women in UAE control approximately AED250 billion in household assets, with 70 percent of them owned by Emirati women or Arab women expats. Some of this is family owned wealth, but with female earning power growing stronger, women will continue to earn more money from their jobs. Currently, women in the UAE have an annual income of AED2 billion.

Michael J Silverstein and Kate Sayre, authors of BCG's Women Want More: How to Capture Your Share of the World's Largest, Fastest-Growing Market, said: "This 'female economy' will be replete with opportunities for companies to capture new consumers, increase market share, and open new markets.

"This is because surveys show that women are dissatisfied with the products and services available to them in many catagories, largely because companies misunderstand women's issues and fail to answer their needs. The areas with the most expressed dissatisfaction are three of today's most important consumer-goods categories: financial services, health care and consumer durables."

Dr Mohammed Badi, principal in BCG's Dubai and New York offices added: "Women want someone to walk them through the facts and help them understand their financial options, with clear information, educational materials and more engagement with advisors. Additionally, there is a strong business case for improving the quality of financial services for women in the Middle East, given the growth of female incomes and purchasing power."
Link: http://www.arabianbusiness.com/574469-women-are-islamic-bankings-biggest-opportunity

Female investors hold $40bn of Gulf’s wealth

Female investors in the Gulf hold USD 40 billion of the region’s wealth, according to Reuters, having traded more than 18 million stocks last year. In line with its commitment to empowering women from the region towards achieving financial independence, Mayfair Wealth Management (MWM), one of the leading offshore financial and investment advisory services providers based in the Cayman Islands, is offering investment advice on Shariah compliant products, appropriate investment vehicles and investment strategies through ‘Ameerah’, the first truly bespoke wealth management service targeting female investors in the Middle East.

At present, the market is witnessing the emergence of a specific type of female financial investors — the traditional holder of inherited capital — whose quest for financial sophistication is motivating them to use their wealth and take control of their finances. Backed by a world class team of professionals with extensive knowledge in Global markets, ‘Ameerah’ is being offered to meet the specific requirements of women clients. In addition, ‘Ameerah’ assists clients with administrative issues such as setting up an International bank account, offshore company formation and trust structuring, dealing with international lawyers, and arranging yacht leasing and finance.

“We are seeing a growing number of Gulf ‘traderettes’, who are a new breed of female traders seeking high-level investments to help them pave a legitimate path to increasing their portfolios,” said Amani Choudhry, CEO, Mayfair Wealth Management. “With the burgeoning number of female investors controlling a significant percentage of the region’s wealth, we are focusing on addressing their needs by offering them a range of core advisory services, as well as a wide range of global products from different asset classes including bonds, equities, FX and real estate.”

With programs that are designed to allow investors to ‘hedge’ cash with investing in hard assets such as shares, commodities, bonds, properties, currencies in developed and emerging markets, ‘Ameerah’ gives female investors an opportunity to achieve strong capital gains while protecting them from currency devaluation and inflation. It also allows clients to manage their own portfolios via an extensive range of Shariah-compliant services, including development of Islamic products and services, financial analysis and modelling, and Shariah-compliant trade and project financing, among others, some of which are 100 per cent capital guaranteed.

“By helping these women invest their assets wisely and cultivating the potential of this new market, we aim to support the growth of the real estate and financial sectors in the region. At present we are receiving an astounding amount of interest from many women investors based in the region, and we are anticipating this to heighten as they acclimatise themselves further with various investment markets. We are confident that it will not be long before we see more women boasting of sizeable investments that they have managed in the region,” concluded Choudhry.

Link: http://www.arabtimesonline.com/kuwaitnews/pagesdetails.asp?nid=39102&ccid=12

(MWM) launches first bespoke investment service for female investors

Mayfair Wealth Management (MWM), one of the leading offshore financial and investment advisory services providers based in the Cayman Islands, has announced the launch of ‘Ameerah’, the first truly bespoke wealth management service targeting female investors in the Middle East.

Mayfair Wealth Management (MWM), one of the leading offshore financial and investment advisory services providers based in the Cayman Islands, has announced the launch of ‘Ameerah’, the first truly bespoke wealth management service targeting female investors in the Middle East. ‘Ameerah’ is a specialist division of MWM, offering Shariah-compliant wealth management services, as well as a wide range of global products from different asset classes including bonds, equities, FX and real estate. The team of experts from ‘Ameerah’ is drawn from top global financial institutions and market research organisations. Depending on their individual needs, clients can manage their own portfolios using an extensive range of products from ‘Ameerah’, some of which will be 100 per cent capital guaranteed and all of which are Shariah-compliant. Alternatively, ‘Ameerah’ can offer an advisory service, working with a client to build a truly bespoke and diversified portfolio to meet her specific requirements. In addition to offering financial products and wealth management advice, ‘Ameerah’ can also assist clients with administrative issues, such as setting up an international bank account, offshore company formation and trust structuring, dealing with international lawyers, and arranging yacht leasing and finance. “Today, women in the Middle East are increasingly becoming interested in financial investment and wealth management and are eager to educate themselves about investing their capital,” said Amani Choudhry, CEO - Ameerah, Mayfair Wealth Management. “In response to this, we have developed a broad spectrum of unique and flexible products and services - unlike those offered by banks and financial institutions - thereby giving our clients the power to manage their investments with total confidence, confidentiality and independence. Ultimately, our aim is to guide women on how they can enjoy high return on investment and financial freedom through products and services that specifically meet their financial needs.” Research from Mayfair Wealth Management shows that despite women controlling a significant portion of financial assets in the Middle East, they are less likely than their male counterparts to actively invest their capital. However, women are becoming more financially astute and increasingly want to make their own financial decisions. ‘Ameerah’ is designed to meet these needs, allowing women to access information, advice and a range of products from the comfort of their homes or in a one-to-one meeting with an advisor from MWM. “We have seen many banks and investment houses across the globe announcing massive losses on a daily basis, with some reporting the loss of all their investor's funds. Our goal is help our clients discover a fresh and responsive approach to wealth management, and we do this through our highly flexible and transparent services and solutions, which can help them achieve their investment targets,” concluded Choudhry. MWM offers a range of core advisory services, including development of Islamic products and services, financial analysis and modelling, and Shariah-compliant trade and project financing, among others. Its programs are designed to allow investors to ‘hedge’ cash with investing in hard assets such as shares, commodities, bonds, properties, currencies and developed and emerging markets, thereby giving them an opportunity to achieve strong capital gains while protecting them from currency devaluation. Link: http://www.cibafi.org/NewsCenter/English/Details.aspx?Id=4303&Cat=4&RetId=219