INTERNATIONAL PARTNER

A big focus of Oasis’ international partner is offshore product development and brand-building. Oasis is responsible for managing their portfolios. “We are at the forefront of the Islamic asset management industry globally,” says Ebrahim. Initially, he adds, these global funds were primarily used by Oasis’ SA clients but they have now built a big global client base.

With their global funds domiciled in Ireland, Ebrahim says its international partner is ideally placed to benefit from a European Islamic financial services market just beginning to take off. “Islamic financial services have been the fastest growing of all financial sectors for 20 years, but have been driven primarily by growth in the Middle East and Far East. The future growth leaders will be from Europe,” says Ebrahim. “Ireland is part of the EU [European Union] which enables them to sell products across the region,” adds Ebrahim.

Adding further weight to Oasis’ global expansion drive are the global funds’ ‘Gold ratings’ by Standard & Poor’s (S&P) in a rating hierarchy that goes from bronze to the highest level, platinum. “S&P lays down strict criteria and only 10% of Islamic fund managers are rated bronze, silver or gold,” says Ebrahim. “Many financial institutions will only look at funds rated gold or platinum.”

To achieve platinum status, a fund manager must have been rated for 10 years. Oasis is within two years of achieving its goal of platinum status, says Ebrahim.

Oasis’ global drive was taken to another level with the opening of a London office by its international partner in July 2012. “The UK is a very accommodating environment,” says Ebrahim. “The government views Islamic finance as big growth area for its financial services industry.”

Another major step forward for Oasis has been its partner’s recent obtaining of a UK advisory licence. The licence enables them to market their funds through their own tied agents which, says Ebrahim, provides an important competitive advantage. It has also opened up the UK’s biggest distribution channel: independent financial advisors (IFA).

As a third part of Oasis’ multi-channel distribution strategy, the funds’ it manages are being included on a growing number of UK and global investment product platforms. “They like the Shari’ah space and Oasis’ leadership position,” says Ebrahim.

The company’s international partner is now on a major brand-building drive in the UK. Initiatives include advertising on three community TV stations and participation in high-profile events and extending its brand building drive by deploying staff in Belgium, France and the Middle East, says Ebrahim. Their product building cycle in the UK will be completed within 12 to 18 months, says Ebrahim with the final, key building block to be put in place a self-invested personal pension product.

Ebrahim says the end of the product building cycle will enable Oasis to turn its full attention to expansion. “Our staff have coped admirably during the product expansion cycle,” he says. “When the cycle is finished there will be a big release of energy focused on brand building and growing assets under management.”