Irshad Akhtar is CEO of Hilal, a Sharia Compliant Investment Fund currently being established in Abu Dhabi. He is also the founder of Buzz EV which specialises in renewables, including solar, batteries, EV and environmental management for homes, businesses and community centres (mosques & temples etc) in the UK.
In an interview with Asian Voice, Irshad shared insights on balancing profit with social responsibility in business and banking, as well as the benefits of activities in Europe and the Middle East for the Asian subcontinent, and much more.
1) You have been involved in business and banking for many years. How do you reconcile the need to make profits with being a force for good?
Being an engineer and an investment banker has given me the right background for my businesses. Buzz EV is focussed on the environment and Hilal, our investment fund can enable people to do good things through funding their ventures. I don’t see a conflict between making profit and a force for good. Hilal is focused on investment in five business areas we believe are universally beneficial to everyone: environment, healthcare, food security, education, and technology. By investing in — and enabling people to develop ideas in these areas — I believe we can enable people to profit. Society gains our investors a good return.
2) What motivates you?
Both my Islamic faith and my cultural origins are motivation. Islam fosters beliefs in ethical practices, trust, and fairness which are essential for building strong relationships with clients, partners, and employees. Our investment fund Hilal provides people the opportunity for people to profit from which encourages equitable financial dealings and risk-sharing, promoting sustainable growth. I am a strong believer in community development and long-term positive impact. All these principles — which are shared beyond Islam by the wider Asian community — are implicit in the principles of ESG, Environmental, Social and Governance. By embedding these values into their structure and principles, businesses can foster integrity and cooperation, boosting profitability while promoting social goodwill.
3) Does your business activities in Europe and the Middle East bring any benefits for the sub-continent and Asia?
The Middle East has benefitted from exceptional wealth delivered by oil which has sustained our economies at the same time as damaging the world we live in. A number of leaders and HNW individuals in those countries now see the opportunity to invest in businesses ethically. Similarly, the wealth creators of Asia, most of which have prospered through technology are now at the stage where they can invest. By doing so they may bring profit back into the region. Projects Hilal is developing in solar, healthcare, education and food security bring universal benefits wherever they are deployed. But we're also seeking to enable entrepreneurs who are currently deprived of capital to develop their ideas, assisting them in finding the funding they need. Hilal welcomes entrepreneurs of all backgrounds to approach us with business ideas in our specialised investment areas.
4) You come from a "big business" background - why did you establish a new business in Buzz EV?
I have worked in big business but have great respect for the entrepreneurialism of the Asian community which manifests both in Asia and in Asian communities worldwide. I share that small business heritage and am very proud to have been the founder of Buzz EV. Buzz is an environmental company specialising in the installation and management of renewables, be that solar, batteries, heat pumps, EV chargers and integrate them through a management system which makes them work together. I decided to found the business when I saw the financial benefits — or rather savings — that a similar system delivered at my own home. We have developed a new system for home and commercial use, currently installing it in leisure centres, golf clubs, hotels, and mosques, in addition to residential installations.
5) Where do you see Hilal and Buzz taking you in future?
Hilal is currently focused on securing investment from the Middle East as well as High Net Worth Individuals and Family Offices in Europe and Asia which we invest in projects both in the region and worldwide. We would like to see it develop as an opportunity for both Sharia-compliant and ethical investment globally. My business partner in Hilal founded the first regulated Sharia compliant fund in the UK and that is certainly an option.
My aim for Buzz is to establish it as the go-to brand for both businesses and homes in the renewables sector building a reputation for quality and good service delivered at low prices. I see it as my small contribution to Net Zero and a step on the way to my children and their children living in a cleaner, better world.
