AL RAJHI BANK
Arsalaan Ahmed , CEO of Al-Rajhi Bank Malaysia , talks about the bank ’ s ambitions , digital transformation and ethical banking practices
Arsalaan ( Oz ) Ahmed , CEO of Al-Rajhi Bank Malaysia ( ARBM ) says , “ my goal is to serve the under-served ". ARBM is a subsidiary of its parent , Al-Rajhi Bank ( ARB ), which is headquartered in Saudi Arabia , and was established in 2006 , marking Al-Rajhi ’ s expansion into international banking beyond Saudi borders .
One of the core tenets of Islamic finance is the preservation of wealth for people , which needs an economy that works for the majority . There are certain pillars that are required for such an economy , for example , one of the pillars is ensuring people are incentivised to spend money and to keep it circulating . Another pillar would be , what the capital is allowed to be used in ; Islamic financing does not allow capital to be invested in industries , products or services that are not beneficial to the society , e . g . gambling , arms , alcohol . From a Shariah point of view , Shariah Compliant Banking is a form of ‘ ethical banking ’.
“ At the moment , Islamic financing still needs to stand up and lead from a moral perspective , and not just keep up with conventional banks ,” Oz added . He gave the example of promoting the decision to announce a non-compounding of profit and interest rates on loan moratorium during the Movement Control Order in Malaysia when he was the CEO of HSBC Amanah , which started a movement of other Islamic and conventional banks to follow suit .