Following our very popular article on the premise behind Islamic finance, it makes me very happy to have the latest TML career interview with Amir Tyebally. Having completed a law degree and then a Masters in Islamic Finance he provides a great insight into what the course is about as well as his current role of being involved in corporate merger and acquisition deals.
1) You’ve got an interesting mix of legal and financial qualifications and experiences. Was this something you wanted to do?
Growing up I never really did know what I wanted to do! For A Levels, I studied Physics, Chemistry, Biology and Maths as advised by my parents, on the chance I wanted to be a doctor. In the end, I followed their path but studied Law. I actually initially struggled to make the transition from the fact driven nature of Science to the essay and argumentative nature of studying Law, but eventually managed to catch up through hard work and support from friends.
At university, quite a few of my friends were interested in investment banking and I guess I got caught up in the buzz and applied for internships without success. I knew I would be able to make the cut given my strength in Maths and the Sciences. Towards the end of my second year, and without a substantial summer internship secured, I signed up to attend the Islamic Finance Summer School at Durham University.
2) Why did you choose to study a MSc in Islamic Finance?
I knew that Durham had a very reputable Islamic Finance school, and I was also at a point where I was very interested in learning more about Islam in general. So when they announced that they were starting an MSc in Islamic Finance the next year, I spoke with my parents and they thought it would be a great idea if I enrolled. At that point in 2010, and just after the Financial Crisis, Islamic Finance was supposed to be the next big thing, so my plan was supposed to become an Islamic Finance lawyer.
I even did an Islamic Finance legal internship in Dubai, however I was unable to secure a training contract. Later that summer, I decided to accept an offer from Barclays to join their UK M&A team in London, after a successful internship. I guess I had one plan, but ultimately ended up doing something else.
I’ve come to realise that a career is never a straight path, you may not end up doing what you planned to do, or you might start somewhere, move to do another thing, move back, or move a few times, before eventually settling on something totally different.
Despite this, you can always apply the lessons learnt from earlier roles to new situations. Studying Law gave me the confidence to analyse dense material, to pick out the key points quickly, and then write clearly, succinctly and persuasively. Whilst studying Islamic Finance gave me a good understanding of both conventional and Islamic Finance principles, the former being very relevant to day to day corporate life.
3) What kind of people were on the course with you?
It was a very small class, I think there were 12 of us in total. If I remember correctly there were 9 males and 3 females in the class. The majority came from the Middle East, and about 3-4 of us were from South East Asia. A few of us already had Islamic Finance backgrounds, but I think there were a few like myself who knew very little but were very keen to learn.
4) It was probably quite difficult to find someone who’d studied the course to give you an idea of what it was about; what was one thing that surprised you?
The one thing that surprised me was that the course was 60% Islamic Finance and 40% conventional Finance. I do agree that one does have to understand how conventional finance works, before one can understand how certain things within Islamic Finance works. The second thing that surprised me was that the majority of Islamic Finance as how it is practised, is merely a replication of conventional finance but in a more inefficient way, to avoid the prohibitions of interest and gambling.
I can see why it is this way, but I think we lost an opportunity to do something genuinely different, not so much to create a parallel system, but to establish something that is fully aligned with the Islamic objectives.
“We lost an opportunity to do something genuinely different, not so much to create a parallel system.”
5) Can you give a background of your current role and its responsibilities?
So I’ve been working at Deloitte for just over 2 years now. I’m part of a team within Transaction Services that does M&A, but from an operational perspective. We get into the detail of how you integrate two businesses together, or split them apart so the business either operate as one, or can function standalone. We do this across everything from Finance, to HR, to Sales, Supply Chain, Communications etc.
In terms of what we do, it really depends on what the client asks for. Sometimes it is the creation of a blueprint to prepare for the transaction, sometimes it is the blueprint to close the transaction, but often they also ask us to execute on these blueprints. I really enjoy this type of work, because we work very closely with the clients, most of the time on their premises, to solve problems, to complete activities and milestones to close the transaction according to timelines.
As a Senior Manager, this often involves leading a team which requires strong interpersonal skills, teamwork, the discretion to ask challenging questions in the right way to the right people and at the right time, to move things forward.
6) Sounds intense! What are the hours like?
The hours vary, it does get more intense closer to the end of a deal, but it’s certainly not as bad as investment banking. We do travel quite a bit though. I spent my first year at Deloitte commuting weekly to Munich. We were a team of 4, and we would fly out on a Monday and return on a Thursday evening. But the transaction was a very high profile one, and Munich is a beautiful and amazing city so it was rewarding from that perspective.
I’m currently on a project in Staffordshire, which is about 3 hours door to door by train. It’s not the most glamorous of places, but I’ve settled into a nice routine, the food is good, and there is an excellent gym!
7) Do you share the same background with your colleagues?
It’s a real mix, we have people from all over, which is great. We have lots of Aussies, people from Canada, South Africa, Sri Lankans etc. I am one of 3 Muslims in a team of 100+. In terms of qualifications, I think it’s a mix as well. I know one of my colleagues used to be a school teacher, some of us worked in industry and then made the move to consulting. Others used to be part of the Audit practice before making the transition over.
8) What is the hardest aspect about your role?
Two things I would say. The first is developing a sense of where problems can arise, and then coming up with the right way of resolving them. This ability comes from a combination of experience, and having “professional scepticism”, by not taking everything at face value, by asking the right questions in the appropriate way to probe gently.
The second is the travel. It’s nice sometimes to see a new place and have space to yourself, but it is difficult being away from family on a weekly basis. What I do try to do is be more “present” on the days I am home, helping with chores, and just spending quality time as a family.
9) You’ve MashAllah achieved a senior position, what did you find were the skills needed to progress?
Developing a sense of where problems can arise and then being proactive to resolve them in the appropriate ways. You need to be someone who is personable, yet consistently delivers on work. There is also a need to contribute to the development of the team, in terms of industry specific analytical content etc. Eventually as one progresses there will be a need to win business and bring in revenue.
10) Have you found it easy to practice being a Muslim in all your roles?
Yes completely Alhamdulillah, I’ve never had a problem. When I was more junior, there were some meetings that clashed with Jummah etc, but I always made it clear that I would not be able to skip Jummah because it was a religious obligation, and that was respected. Now with a bit more control over my diary, I can plan around the daily prayers. It helps when I travel I can combine prayers too! With food, it has always been easy to find a curry or kebab shop if I needed chicken, otherwise I’m very happy eating fish or vegetarian!
11) What advice would you give to someone who starting or thinking to start in this role?
I would say to be prepared to give 100%. Always make sure your work is top notch, no mistakes. Always proof read everything including emails at least twice. And then go further by looking at whatever you are doing from the perspective of the client, to see how it would be viewed, to see if you can make any improvements, or if there was anything big that has been missed.
Also, always communicate clearly. Sometimes it is better to over-communicate than to under. And make sure this is done in the right way. I guess an interest in the corporate world, so you are kept abreast of trends as well as an understanding of corporate finance or company law would be useful.
12) Final Four
13) LinkedIn
