Leading the Charge in Accessible Financial Solutions in Bahrain!
As traditional banking falters under the weight of evolving customer expectations, innovative leaders are emerging to reshape the financial landscape. Fawaz Ghazal stands at the vanguard of this transformation, championing a new era of accessibility and efficiency in finance.
With over 22 years of experience in the financial services sector, he is the CEO of Flooss Bahrain BSC, the Kingdom’s pioneering digital lending company. His mission is clear: democratize access to financial resources while simplifying the user experience. In an industry often bogged down by outdated practices, Fawaz’s innovative approach leverages digital platforms to streamline loan processes, making financial management more intuitive for consumers.
His extensive background includes leadership roles at global giants like Orascom Telecom and Zain, where he excelled in sales, product development, and strategic partnerships. This wealth of experience equips him with a unique perspective on the needs of both consumers and businesses, allowing him to craft solutions that resonate with today’s digital-savvy clientele.
Fawaz’s vision extends beyond mere transactions; he aims to enhance economic growth and stability by ensuring that financial services are not just accessible but also user-friendly. As he leads Flooss Bahrain into the future, he exemplifies the innovative spirit needed to bridge the gap between traditional banking and the digital age, proving that with the right leadership, financial empowerment is within reach for everyone.
Here are the interview highlights:
Can you please introduce yourself and your motivation to embark on this sector?
I am Fawaz Ghazal, a seasoned financial services professional with over 22 years of experience in the industry. I am currently the CEO of Flooss Bahrain BSC, the first digital lending company in the Kingdom of Bahrain, which aims to democratize financial services. I hold a bachelor’s degree in communications and Electronic Engineering, as well as an MBA from NYIT.
Before this role, I had served as CEO of Payment International Enterprise, where I led the company to obtain a license from the Central Bank, launched as a Payment Service Provider in the Kingdom, and secured the first MasterCard issuer license for an independent issuer.
I also oversaw the launch of the largest QR-acquiring payment network in the Kingdom, as well as customized payment solutions for more than 20 ministries and authorities, all telecom operators (STC, Zain, Batelco, and cross-border services).
Could you please give a brief introduction to your company and its inception story?
Flooss is the first instant regulated Sharia-compliant service in the Kingdom of Bahrain, where the company changed the game. Customers can apply and get financing from $260 to $4000 within seconds! With no paperwork, rigid banking conditions, Anytime, Anywhere: Your Financing Application Can Be Done Anytime, Anywhere. Flooss promotes the convenience of digitizing financial services and reducing the time-consuming processes for customers for a simple experience. Flooss is licensed by CBB as a financing company and is in the process of expanding to the Kingdom of Saudi Arabia.
What has been the biggest challenge you’ve faced in your role as CEO, and how did you overcome it?
The main challenges at the launch of Flooss were the regulatory obstacles. We worked with EDB and CBB to issue new rules that support digital financing by launching Flooss first in Sandbox, then securing a license and launching it to the Bahrain market in 2023. Currently, we are awaiting final license approval for KSA, which we expect to launch in Q1 2025.
The second challenge was raising equity and debt to ensure the company’s ability to meet the high demand in the market. I successfully raised more than $17 million in equity and debt by working with multiple sources like family offices, banks, private equity, VCs, and investment banks.
How do you maintain a healthy work-life balance as the leader of a company?
Building and coaching a high-caliber team ensures my ability to delegate tasks so I can focus more on growing the company and reduce the requirements for the CEO in daily operations, thus ensuring a healthy work-life balance in the long term. Additionally, I try to take a family vacation every six months, even for a few days, to refresh.
How do you foster a positive and productive company culture, and what role do you play in shaping it?
It’s a continuous effort by the CEO to build a culture that is safe to fail but also demands high productivity and creativity by empowering members of the team to test new ideas and supporting them if they fail or succeed. This ensures a safe, creative, and collaborative environment.
What are the most important qualities or skills you believe a successful CEO must possess?
- Building and coaching leaders
- Build a positive, creative, and safe environment where the team can flourish.
- Ability to drive new business lines and revenues
How do you approach strategic decision-making, and what factors do you consider when making critical choices for the company?
Several factors come into play.
- Value-driven by the strategic decision and how that enhances the product’s position or the company’s ability to compete in the market
- Capex and opex impacts, along with future cash flows
- All stakeholders’s feedback—employees, customers, the board of directors, and investors’ aspirations
In your experience, what are the key drivers of innovation and growth within your industry?
Continuous product innovation, the ability to run many experiments, customer feedback, and the courage to come quickly from failures while double-down on success.
How do you stay informed about industry trends, emerging technologies, and changes in the competitive landscape?
- Read books and keep updating your skills.
- Attend regional and international conferences and exhibitions.
- Read about competitors’ successes and failures.
What is your leadership style, and how do you motivate and inspire your team to achieve the company’s goals?
Leading by example, I foster and challenge the team for innovation and take on responsibility and results.
What advice would you give to aspiring entrepreneurs or business leaders looking to follow in your footsteps?
Success is a long journey full of learning and failure; don’t stop learning; ensure to have the best teams around, and don’t accept mediocrity.
What is your vision for the future of your company, and what steps are you taking to ensure its long-term sustainability and growth?
Expanding both our products, like embedded finance, with our partners in insurance, health, and telecom, and expanding regionally in the GCC, the Middle East, and internationally to serve all Muslim populations worldwide.
