In my view there is still a great deal of work to be done in the area of EPL for the Islamic Finance Industry.
E standing for Education,
P for Perception (or Brand Image if you want to be really clever!)
and L for Liquidity.
As it was close to the start of the World Cup, I used the football metaphor as an introduction to a lunchtime address that I gave to the Malaysian Financial Association in early June. A somewhat light-hearted approach drew a great deal of audience participation as I ventured to discuss the role of education in Islamic Finance and Financial Literacy. How that impacted on perceptions regarding Islam and Islamic Finance. And, at the end of the day, if you do not have liquidity, you do not have a business.
In the press conference that followed, I was asked an array of questions, some not immediately associated with the topic that had been presented prior to lunch, which included “Who did I think was going to win the World Cup?” The best question, however, was from a Chinese business magazine, who wanted to know why IF was good for business. I replied, a win/win for all, fairer and more transparent and by 2050 more than half the worlds’ population will be Muslim!
Now in late December we know who won the World Cup and we also know where the finals will be held in 2018 and 2022. The event in Qatar will not only be a tremendous opportunity for World football, but also for Islam and Islamic Finance to present itself to a Global audience. The opportunity to start changing Perceptions begins now and in the coming few months I will explain further to you my thoughts on the issues surrounding EPL.
As usual, there is much to do and not a moment to lose.