Khalid Al Subeai, CEO, Dukhan Bank: Interview

Interview: Khalid Al Subeai

How do you envision technology will change Qatar’s Islamic financial services sector?

KHALID AL SUBEAI: Qatar National Vision 2030, the country’s long-term economic development strategy, prioritises building a knowledge-based economy. This has required equipping our citizens with enhanced digital capabilities and widening the use of financial technology (fintech). Meeting these goals is being achieved through the National Fintech Strategy, ongoing support from the Qatar Central Bank and initiatives led by a variety of players in the sector.

The Islamic fintech sector presents a number of opportunities for local sharia-compliant banks. With its already developed sharia-based banking platforms, Qatar has a unique advantage in finding innovative digital solutions that answer the needs of the global Islamic finance segment. For instance, Islamic regulatory technology (regtech) is a niche segment with lots of untapped potential. Through the development of effective compliance tools, regtech can offer solutions for institutions by bridging the middle ground between Islamic financial regulations and sharia-compliance standards.

Elsewhere, there are other high-value opportunities available to players operating in the field, including infrastructure funding, green sukuk (Islamic bond) issuances and mortgage solutions. Indeed, it is expected that there will be a raft of exciting development in the fintech sphere in the coming years.

There has been an increasing digitisation of products and services in recent years in markets across the world. People and companies have rapidly adapted to growth in the digital space. With improved technology, banks can offer an advanced and seamless experience by facilitating easy payments that save customers time and efforts. For example, Dukhan Bank’s services are now available 24 hours a day, seven days a week after the launch of an interactive, multichannel virtual assistant called Rashid. This tool assists customers with online inquiries in a convenient and fast manner. To meet our customers’ constant and ever-evolving needs, our two other solutions, Fitbit Pay and Garmin Pay, enable contactless payments.

In what ways is digital transformation impacting recruitment and human capital development?

AL SUBEAI: Digital transformation within organisations and its impact on human resource development, and talent and performance management, can have a positive impact on wider productivity. Workers’ well-being, talent development, personal growth and retention is the management’s responsibility and the key driver of corporate success. Therefore, equipping them with the digital tools required to develop and realise their potential is a must.

Digital transformation is pushing banks and other financial institutions to upgrade the capabilities and experiences of their teams to ensure that they are familiar with emerging technologies. In this context, Dukhan Bank offers training programmes to develop the digital capabilities of staff members. In parallel – and as part of the Qatarisation programme aiming to recruit and develop qualified Qatari youth – we offer the opportunity for citizens to take various roles at the bank. Our aim is to improve the ability of employees to create innovative banking solutions that meet customers’ needs and help them achieve their financial aspirations.

Digitalisation is elevating human capital management by turning talent into a strategic business force. For example, there has been an increase in the adoption of mobile devices to manage human resources processes, with a focus on cloud-based services and e-signature technologies. Employees experience higher levels of satisfaction and productivity if they are able to manage their working hours through online tools, in turn attracting new talent.