Invested in the future

Naim Azad Din FCCA is always learning about people. Outside of his role as CFO of Boursa Kuwait, the operator of the country’s stock exchange, he has immersed himself in the study of psychology, developing an understanding of people’s behaviour that has helped him to engage with stakeholders in a more meaningful and in-depth way.

‘I think the world has become a rather interesting place to explore,’ he observes. ‘With people travelling all the time, it has become smaller.’

It makes sense: his own career has taken him all over the world, working with a variety of stakeholders, people and economic issues in several countries. Born in Malaysia, Azad Din obtained a degree in accounting and finance from New Zealand’s University of Auckland in 1999, thanks to a scholarship from the Renong Group Scholarship Trust Fund, which is now part of UEM Group, one of the largest conglomerates in Malaysia.

Following graduation, he worked with UEM Group for several years, rotating to various functions across its vast collection of companies, from real estate development, facilities management and construction to financial services, highway construction and maintenance.

It was while he was with the group that he gained the ACCA Qualification. ‘At that time, pursuing ACCA seemed an appropriate progression,’ he says. ‘I knew that a degree alone would not take me further in my career.’

Change of direction

Eager to advance, Azad Din’s next step saw him switch industries. ‘In the early 2000s, investment banking was booming and attracting a lot of talent,’ he recalls. ‘I was keen to make the shift, and finally got my break when I received an offer from Malaysia’s Public Investment Bank in 2004, after I became an ACCA member.’

Building on this experience, he then moved to HSBC in Kuala Lumpur before relocating to a new role in Saudi Arabia, where he pursued a professional qualification in Islamic finance with INCEIF University alongside his work.

The move to Saudi Arabia was serendipitous. An HSBC senior colleague got an offer to set up Jeddah-based Sidra Capital, and Azad Din followed. ‘It was January 2009, two or three months after the collapse of Lehman Brothers, so it was an interesting time to set up a new investment bank,’ he notes wryly.

‘However, we went ahead, focusing on a few key areas of corporate finance, asset management and advisory.’ The business started with zero assets under management (AUM), with two small offices and around 10 to 15 employees. When Azad Din left, the company had around US$7bn AUM and has been profitable for almost a decade.

‘I always describe my experience at Sidra Capital as akin to getting an MBA in real life,’ he says. ‘The experience I gained has largely shaped who I have become today.’

Azad Din left Sidra Capital in 2020 – just prior to the pandemic. ‘For whatever reason, I seem to move when big events are happening,’ he says with a smile.

‘Boursa Kuwait was searching for a CFO with expansive experience, not only in accounting but also in investment banking. Some acquaintances sounded me out for the role, and I moved, after giving it lengthy thought over months.’

His sell-side experience in particular has proven to be useful as the role entailed setting up an investor relations department, which he continues to oversee, along with three other departments: financial operations and reporting; strategic financial planning and management; and administration and procurement.

‘Initially, I wasn’t sure that I would fit the role, but I decided to join because the challenge presented was very enticing – it was a new environment for me,’ he says.

Transparent approach

In his role as CFO, Azad Din ‘wears many hats’, he says. ‘We regulate the functioning of the stock exchange but, at the same time, as a listed entity we are a participant in the stock exchange ourselves. As a stock exchange operator, we need to set the trail for other companies to follow.’

Accordingly, Azad Din explains, Boursa Kuwait requires all companies listed on its Premier Market to have their own investor relations department to promote transparency and engagement with stakeholders.

Having previously worked more on the sell side of financial services, Azad Din says that his current role taps his accounting knowledge more intensely, especially in managing financial operations and reporting. ‘My previous role at Sidra Capital also placed me in a position to be able to support the CEO in steering the company in terms of strategic direction and in understanding what stakeholders want when they invest,’ he says.

Unique perspective

That experience has given him a unique perspective. ‘On the one hand, I am able to handle certain situations quickly, focusing on stakeholders’ needs when they invest in a company like ours. On the other, the investor relations role leverages on my ability to tell a story about a company, articulate data and information to investors, and field any questions they have.’

His interest in psychology has been useful here too, and not just because he manages a team of 26. ‘Living abroad gives me a wider perspective and a point of comparison in how people think in different cultures,’ Azad Din says.

‘The pandemic, for example, has been a disruptor that has caused shifts in people’s psychological positioning. Learning about behaviour has helped me as an employee and a father, and in dealing with stakeholders. The stakeholders at Boursa Kuwait are more wide-ranging than they are in just a company: your regulator is also a stakeholder and, with ESG coming to the forefront, your community is a stakeholder, too.’

The acquisition of knowledge has been a theme throughout Azad Din’s career, whether it’s learning about people, or the range of finance qualifications he has attained. His ACCA experience in particular served as a valuable stepping stone when he went on to pursue an Islamic finance qualification. ‘The ACCA Qualification not only enabled me to get enrolled easily but elements of the ACCA course also form part of the Islamic finance certification, which was promoted by the Central Bank of Malaysia,’ he says.

Holistic professional

Azad Din recently began the process of enabling Boursa Kuwait to become an ACCA Approved Employer. ‘What ACCA brings in terms of dynamism as well as its education content is very relevant and more focused than other alternatives,’ he explains.

‘The ACCA ethics element in particular is crucial, especially in capital markets where we promote transparency and accountability. Our stakeholders deserve the most relevant and accurate information, and these issues are all covered within the body of the ACCA Qualification.

‘Having ACCA as the foundation, alongside my other qualifications, provides me with a breadth of knowledge that makes me a truly holistic professional in a strategic role such as CFO of a stock exchange.’