Dr. Sami Al-Suwailem, Acting Director General at Islamic Development Bank Institute

Welcome to SettleMint’s newsletter, Chief Digital Heroes in Banking.?

Every week, I interview an expert leading the charge on all things digital transformation at the world’s most innovative banks and financial institutions, then write up a summary of the top actionable lessons you can learn from them.?

We recently spoke with Dr. Sami Al-Suwailem, Acting Director General at Islamic Development Bank Institute. Here are the top takeaways from the interview.?

#1: Balance Short-Term Wins and Long-Term Impact

“Simply to have an islamic bank, although it's something good for people who are synthetic with islamic finance, it has to have an impact, it has to have a value for people, you know, in the street, for the youth, for the community. So we have to see how this would translate into job creation, into development, into helping the building the economy and building the infrastructure of the economy…?

“And we have to always try to strike a balance between short-term, quick, so to speak, wins that would please our stakeholders, but at the same time find things that would have a strategic, lasting impact. Usually people think of quick wins and that is the problem. [T]o have a long-term impact, it would require a lot of work. The fruits will not come out very easily, very quickly. It will take some time, but that's something we have. So this striking the balance is basically our daily challenge that we are facing.”?

Actionable Takeaway: Ensure your bank delivers real value by translating its presence into job creation and economic development. Balance short-term achievements with strategic initiatives for lasting impact, understanding that long-term benefits require sustained effort and patience.?

#2: Leverage AI for Business Growth and Job Creation

“I don't think artificial intelligence would be too dangerous for us. It's how we use that technology, how we adapt this technology. And some people say, oh, this would kill jobs. Well, that's one side of the coin. The other side of the coin, you could have five AI assistants in your company, and you have five people working for you. Five agents working for you.?

“That means everyone could create his own company. Or more realistically, the opportunity for people to build their own businesses is now much better because you could have assistance of all kinds. So, yes, there is no free lunch. Obviously there will be a cost, but that happened in the past, you know, when machines were introduced, some laborers were upset. Why are you replacing us with these machines? But that's only a transitional period. Those people would need to learn something different and then move to a new level of industry.”

Actionable Takeaway: Embrace AI as an opportunity for business growth rather than a threat. Use AI assistants to enhance productivity and open avenues for new business ventures. Understand that although job displacement might occur, it can lead to new roles and industries with the right adaptation and learning.?

#3: In a World of Specialists, Be a Generalist

“Well, in the past years, Google and others, they are looking for generalists, not for specialists. So my advice to the youngsters in particular is to have at least two or three majors. Now, which majors that would, of course, depend on the person that would be, you know, would be different from one person to the other, from one environment to the other. Obviously, knowing how to deal with computers, with office software applications and so on, that is, it goes without saying, this is just like, you know, ABC of languages and writing and reading.?

“But beyond that, it would depend on the person. But combining, for example, accounting with law, with finance, that's one, for example, one way to go. You could have sharia for those in the Islamic finance industry, with accounting, and so on. So combining at least two or better, three. But more than that will not be good because a jack of all trades is not, you know, good at any. But to have more than one specialization is, in my opinion, is extremely important. That's how to survive.”

Actionable Takeaway: Cultivate multiple areas of expertise to stay competitive. Combining majors such as accounting, law, and finance can provide a versatile skill set. Aim for two or three specializations to avoid becoming a jack of all trades, ensuring a well-rounded yet focused professional profile.?

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