Econ­o­mist: How will they cope if there is mass re­demp­tion?

The Sun (Malaysia) - - SUNBIZ -

How has your life ex­pe­ri­ence made you the leader you are to­day? I con­sider my­self as an easy-go­ing leader and a hum­ble per­son. I’m from a kam­pung (vil­lage). I grew up in Ke­lan­tan and I led a tra­di­tional life where fam­ily val­ues are im­por­tant. When I be­came CEO, I continued to ap­ply these val­ues. You have to treat your cus­tomers and em­ploy­ees as your fam­ily mem­bers. By do­ing that, you can be suc­cess­ful. Ev­ery week­end I meet up with my taka­ful agents and I re­ally go on the ground.

How has your pre­vi­ous em­ploy­ment ex­pe­ri­ence aided your cur­rent po­si­tion? Be­fore I joined Great Eastern Taka­ful Bhd (GETB), I worked in Saudi Ara­bia’s Bank AlJazira in a CFO-equiv­a­lent po­si­tion. There, the style was dif­fer­ent. It was not easy for a soft-spo­ken per­son like me to man­age the strong-minded lo­cals. But I wanted to use my val­ues and showed that I could still man­age to get things done. un­der­ly­ing in­vest­ment? What did you do with the money?” he asked.

“Many schemes start off as mem­bers’ schemes. You join me

What have the high­lights and chal­lenges been dur­ing your ten­ure at GETB? In the third year of op­er­a­tions, we man­aged to se­cure the Best Taka­ful Op­er­a­tor (Asia) 2013 Award from Is­lamic Busi­ness & Fi­nance. We also made a profit in 2013 which was my first year as CEO in GETB. As a CEO, I need to man­age peo­ple. I then you will get a cer­tain priv­i­lege among the group mem­bers,” he added.

The size of the al­ter­na­tive in­vest­ments mar­ket is un­known but it looks to be grow­ing.

Hence, the econ­o­mist is con­cerned over the in­vest­ment re­turn for the al­ter­na­tive schemes.

“The at­trac­tive­ness is the amount of de­pos­i­tors that come in. It will crack one day when there is mass re­demp­tion. Then how do they deal with it?

“When there is mass re­demp­tion, then it will face an illiq­uid sit­u­a­tion and you don’t have un­der­ly­ing as­sets to sup­port the mass re­demp­tion,” he said, not­ing that all these schemes should be sub­ject to rules and reg­u­la­tions, es­pe­cially if they in­volve de­posit-tak­ing from the pub­lic.

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