The introduction of products that are universally compliant and globally accepted should be the focus of the Islamic banking and finance industry, says Hong Leong Islamic Bank (HLIB)’s Managing Director, Daud Vicary Abdullah, adding that players should offer more innovative reinvented products to compete in the global marketplace.
He pointed out that it was important for the Islamic financial world to offer customer-oriented products by listening to their needs. “Viewing the products as an attractive form of financial intermediation, the customers, especially the non-Muslims, are more interested to get good services as well as getting a value proposition from the products,” Daud said, stressing that there was always room for improvement in the products and delivery services when asked about the quality of the current products.
He also called on Islamic financial service providers to benchmark themselves against other players: “To be truly competitive in the global market, you need to benchmark against the best. Not necessarily against the best Islamic bank, but against the best bank that offers good customer services and products,” he added. |
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