1. From Meezan Bank to Global Advisory
What were the defining moments in your journey from Meezan Bank to independent consulting in the UK?
My journey moved from building products inside banks to advising institutions and developing capability across markets. It began at Meezan Bank (2008–2014), where the HSBC Pakistan conversion and years of staff training gave me my foundation in product development. At the National Bank of Pakistan (2014–2016), I led the conversion of 200 branches to Islamic operations within two years. At Habib Bank Limited (2016–2017), I headed Retail Product Development for Islamic Banking and launched four Islamic product training modules for staff. As Head of Product Development at Al Baraka Bank (2017–2024), I mapped 25 products after the Burj Bank acquisition in one year and authored three product handbooks. Since 2025, I have worked as a consultant with IFCAB UK in advisory, executive education and research on UK and international Islamic finance. In addition, since 2026, I have worked as a consultant with one of the leading banks in KSA on Islamic consumer banking product strategy and a three-year consumer banking growth and transformation roadmap. Consulting has widened my impact from one institution to many, and it has taught me that sharing knowledge multiplies results.
Throughout this journey, product innovation has always been my passion. As Islamic banking professionals, I believe we should not simply follow conventional banking practices. Our role is to create new ideas that are fully Shariah compliant, transparent, simple in process and driven by technology, so that Islamic finance sets the direction rather than follows it.
2. The Art of Islamic Product Development
What is your framework for developing a new Islamic product from concept to launch?
I follow a disciplined, stage-by-stage approach:
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Opportunity and customer need: start from a real market gap, viewed from a global perspective, not from a structure looking for a customer.
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Shariah-compliant structuring: select the right contract (for example Ijarah, Musharaka, Mudaraba or Murabaha) and define its terms, roles and risks.
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Financial feasibility: assess commercial viability with a three-year profit and loss projection and breakeven point.
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Documentation: prepare the product programme, process flows, pricing and policies.
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Governance and concurrence: obtain review and approval from Shariah, Compliance, Risk, Business, Finance and IT.
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Readiness: system build, testing, staff training and customer communication.
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Launch and review: launch, monitor performance and Shariah compliance, and refine the product after launch.
The key is to involve every function early, so that compliance is built in from day one rather than added at the end.
3. Islamic vs. Conventional Product Development
What are the fundamental differences between developing conventional and Islamic products?
A conventional product starts with pricing a loan or deposit. An Islamic product starts with the underlying contract and the real economic activity behind it. This brings several differences:
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Contract structure: the product must follow a valid Shariah contract, with clear ownership, risk and responsibility for each party.
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Real asset or activity: financing must be linked to genuine trade, leasing or partnership, not simply lending money.
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Shariah governance: every product needs approval and ongoing review by the Shariah board.
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Risk sharing: the structure should reflect a fair distribution of risk and return rather than a fixed charge on money.
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Operations and documentation: processes, accounting and legal documents must match the contract at each step.
Islamic product development takes more coordination, but it produces products that are more transparent and better aligned with customer values.
4. The Three Product Handbooks
What motivated you to author Islamic banking product handbooks, and how do they bridge Shari’ah and practice?
My motivation came from my years as a trainer. In many training sessions, I noticed that participants were memorising Islamic banking rather than understanding it. Without a real grasp of the concepts, they tended to forget what they had learned after a while, which led to inconsistent execution and avoidable errors in practice.
This is why I wrote three handbooks on Islamic banking products, covering both assets and liabilities, as a bridge between the theory and practice of Islamic banking. Each handbook explains a product in plain language: the underlying contract, how the product works, the roles and responsibilities, the process steps and the common pitfalls. By turning Shariah requirements into clear working guidance, the handbooks help staff apply the principles correctly and consistently in daily business.
5. Conversion and Transformation Projects
What are the biggest challenges in converting conventional branches to Islamic banking?
Having led the conversion of 200 branches to Islamic operations within two years, I would point to four main challenges:
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People and mindset: staff and customers need to understand why and how the bank is changing. Training and communication are as important as the systems.
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Regulatory and Shariah requirements: every step, from legacy contracts to new products, must satisfy the regulator and the Shariah board.
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Legacy portfolio and customers: existing assets, deposits and agreements need to be handled carefully, with clear treatment and customer communication.
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Operations and technology: accounting, systems, processes and documentation must be ready before the branch opens as an Islamic branch.
A phased plan, strong governance and continuous staff training are what make these conversions succeed.
6. Profit Distribution and Pool Management
Why is profit distribution so critical, and what are the most common errors you’ve observed?
Profit distribution is where the Islamic bank proves its Shariah credibility with depositors. Because deposits are generally based on profit sharing, the bank must show that returns are fair, transparent and calculated on a sound basis. Weak practice damages trust and exposes the bank to Shariah and reputational risk.
The common errors I have seen include:
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Poorly defined or inconsistently managed pools, including mixing funds that should be kept separate.
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Unclear or inconsistent allocation of income and expenses between the pools and the bank’s own funds.
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Weak governance around profit equalisation and reserves.
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Inconsistent weightages or rates that customers and staff cannot explain.
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Poor disclosure, which leaves depositors with unrealistic expectations.
Clear policies, regular review by Shariah and Finance, and open communication with customers are the best safeguards.
7. Waqf, Qarze Hasna, and Social Finance
How can Waqf be revitalized as a tool for social impact in modern economies?
Waqf has a long history of funding education, healthcare, water and community welfare, and it is well suited to today’s social and sustainability needs. To revitalise it, I would focus on four areas:
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Modern structures: use cash waqf and corporate waqf, and professionally managed waqf funds, so that more people can take part.
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Strong governance: appoint capable trustees, publish transparent reporting and measure impact.
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Partnership with institutions: Islamic banks, takaful operators and asset managers can provide the platform, administration and investment expertise.
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Digital access: apps and online platforms can make giving to waqf simple and trackable.
Qarze Hasna and other social finance tools can sit alongside waqf to support financial inclusion, microenterprise and education, especially for those the market does not serve well.
8. ESG and Islamic Finance
How does Islamic finance intersect with the global ESG movement—complementary or conflicting?
I see Islamic finance and ESG as complementary. Islamic finance already avoids harmful activities, discourages excessive speculation, requires real economic activity behind every transaction, and promotes fairness and social responsibility. These values match many of the goals of ESG.
They are not identical, though. Islamic finance is based on Shariah rules, while ESG uses measurable targets such as emissions, social impact and good governance. Each can learn from the other: Islamic institutions can adopt ESG measurement and reporting, and ESG investors can draw on the ethical foundation of Islamic finance. The biggest opportunities are green and sustainable sukuk, impact-driven products and transparent reporting.
9. Digital Banking and Islamic Fintech
How is technology reshaping Islamic banking, and what are the biggest opportunities?
Technology is changing how Islamic banks reach and serve customers. Digital onboarding, mobile banking, automated processes and data analytics are making products more accessible, faster and more personalised.
The biggest opportunities, in my view, are:
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Digital Shariah-compliant products: end-to-end journeys for savings, financing and investment.
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Financial inclusion: reaching younger, underserved and remote customers.
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Social finance: digital platforms for zakat, sadaqah and waqf.
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Transparency: real-time reporting and tracking that supports trust and Shariah compliance.
The challenge is to make sure that Shariah governance keeps pace with innovation, so that new digital products remain compliant from design through delivery.
10. Advice for Aspiring Islamic Finance Professionals
What advice would you give to someone aspiring to build a career in Islamic product development?
The foremost requirement is a firm belief that Islamic banking is a reality. Allah (SWT) has given us this opportunity and chosen us, from among many other professionals, to work for this noble cause, and that makes each of us an ambassador of Islamic banking. It is our duty to perform this role 24/7 and across the globe, not limited to a particular financial institution or bank. It is also our prime duty to stay true to this belief and to remain in this industry, without being drawn to opportunities from the conventional financial market, however lucrative the offers may be.
Beyond that, my practical advice is:
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Build a strong foundation: understand the Shariah principles and contracts first, then learn how they work in practice.
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Learn both sides: gain experience in conventional banking, operations and regulation so you can bridge theory and practice.
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Work across functions: learn how Shariah, Risk, Compliance, Business and IT think, because products are built through collaboration.
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Keep learning: pursue certifications, follow market and regulatory developments, and learn new areas such as fintech and ESG.
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Teach and share: explaining ideas to others deepens your own understanding and strengthens the industry.
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Be patient and principled: great Islamic products take time and careful governance. Never compromise on integrity.