As a seasoned professional with over 40 years of experience in the Islamic banking industry and a creative director and filmmaker, I am compelled to highlight the pressing need for creativity and innovation in this sector. From the early days of being in the team introducing the first Islamic home finance in England, I have witnessed a lack of significant advancements that have had a profound impact on the lives of both Muslims and non-Muslims. Regrettably, we have yet to achieve noteworthy milestones that instil a sense of pride. One of the primary reasons for this stagnation is the prevalence of individuals transitioning from the Riba sector into Islamic ethical banking.
These professionals often find it challenging to break free from their legacy and Riba corporate banking relationships, which prevents them from thinking outside the box. Also, we have too many technocrats and MBAs in Islamic Finance and not radical free thinkers. Content with maintaining the status quo allows things to run on autopilot. However, such complacency is unacceptable when considering the immense potential of Islamic ethical finance, which boasts some of the most beautiful ethical and social impacts—goals within the global economic system. What we lack is a mindset of innovation and creativity. Instead of focusing solely on redundant theories and conventional practices, we must foster a culture that values creative thinking and innovation.
To drive the growth of Islamic ethical banking and inject it with a fresh perspective, we need every banker, at every level and within every organisation, to embrace creativity. We must encourage them to think differently, to think outside the box, and to realise. That there are no barriers imposed by the Western system that we cannot overcome. By reclaiming the mastery of our banking system’s destiny, we can unlock its full potential. I propose that every conference or event be organised. By your organisation and similar institutions worldwide should allocate at least 10% of the speakers and presenters to discuss creativity and innovation.
These sessions should delve into the essence of creativity, its applications, and the benefits it offers. As someone who has been a creative practitioner for over 40 years, specialising in filmmaking and product development in banking, I am eager to contribute my expertise and insights to these events. I am willing to offer my time voluntarily to speak at conferences and share the importance of creativity and how it can be nurtured. By doing so, we can empower individuals within the banking sector to design products and services that truly matter to the masses and have a far-reaching impact on society at large. My intention is not to promote any personal interests or financial gains; I genuinely wish to aid in improving the lives of Muslims and the broader global community. Every company in the space of Islamic or ethical finance must employ a Creative Director, preferably from outside the industry with creative credentials.
It is imperative to acknowledge that the capital of the future extends beyond academics. Qualifications and knowledge of systems and processes. The ability to create. And innovate, to develop novel products and services will shape the trajectory Of success. Therefore, I strongly advocate for creativity to be an integral part of every conference, event, and educational system produced and supported. by your organisation. Together, we can foster an environment that values and encourages creativity, propelling Islamic ethical banking to new heights and fulfilling its ethical transformative potential.
Wa’qar
