AL RAJHI BANK
who hired me , who was then HSBC ’ s Group General Manager , told me , ‘ If you want to change the industry , why don ' t you do it from the inside ; from a position of strength ?’”
Oz spoke directly about changing the narrative of Islamic banking through working with other industry-players and the Central Bank . They introduced a concept called ‘ Value- Based Intermediation ’, where they would focus on organisation – and not just on the bottom line , but on the triple-bottom lines of economic prosperity ( or profit ), people , and planet . This was the society and environment angle , and it eventually started HSBC Amanah on its journey into becoming the first sustainable bank from a mainstream bank .
“ I was able to make a positive impact in changing banking . However , the one thing that I noticed ,” says Oz , “ was that in the face of the speed of the changing landscape , the ambition to really serve people from a real economy perspective – retail and SME – and to meet the changing of the requirements of individuals and society more broadly , banks were not able to adapt quickly enough . I believe that with the right technology structure , the right brand and purpose , and the right people , financial institutions will be able to service customers better generally , and start to have those people who were
“ When we started speaking about what ARBM was planning to do , it really was about changing the DNA and nature of banking , in order to offer better services for people ”