Raheela Khan: Banking for Social Change

Raheela Khan, 35, represents the future of banking. Having been born and raised in Dubai, she has a stellar record of achieving success in a male-dominated field and continues to climb to the top. Recently named one of Yale University’s prestigious World Fellow, Khan is a force to be reckoned with. We got a chance to speak to Khan.

Elan: How did you get involved with the banking/finance field? And what’s your secret to success?

Raheela Khan: One of my older brothers is a banker and was responsible for initially sparking my interest in treasury and finance. I started my career at the age of 19 with a financial brokerage firm, to self-finance my post-graduate education at a pay of PKR 5,000 (approximately $50 a month). And in the first nine months of my employment I was promoted twice, was handling a team of two with 38% of market turnover volumes and in a very short time started dominating this newly activated market segment of the industry for my employer.

The first step towards achieving success and the most empowering thing you can do is to continue to move forward with a positive mental attitude, persistence, and belief that everything is possible and nothing is impossible.

On a personal level, I’ve also conditioned myself to not seek a comfort zone and to always take risks without allowing myself to be held back by the fear of failure. This has helped me to explore opportunities and take decisions I may not have considered otherwise.

Elan: You’re renowned for your work in Pakistan’s Mercantile Exchange. What was that process like and how did it change lives in Pakistan?

RK: In 2007 I was hired by the Pakistan Mercantile Exchange Limited (PMEX), Pakistan’s first and only all-electronic demutualized derivatives exchange just before its formal launch. By that time, I had discovered that my purpose in the financial field was to contribute more socially, and to bring about meaningful change not only to the financial industry but also to Pakistani society on a larger scale. The opportunity to provide meaningful social change through the introduction of innovative financial products for the first time in Pakistan that would enhance the savings and thereby improve the lives of people on a massive scale was an ideal one for me and I jumped at this opportunity.

I’ve been fortunate to be associated with institutions like PMEX and KASB that made it possible for me and for people at large to develop their intellectual capital and awareness transitioning into a more controlled investor environment.

Ever since, I continue to seek meaningful social contribution through financial products and innovation in developing markets.

Elan: What have been your challenges as a woman, in this field, if any? And how did you overcome them?

RK: Jobs for women in the financial field in the early ‘90s were mostly limited to the receptionist, secretarial and telemarketing positions. In my case, my age as well as my gender was an issue. At 25, I was the Regional Group Head of Fixed Income and Money Markets at KASB, and though I had proven my capability and had a credible professional record by this time, I still faced the challenge of not being taken seriously. Unfortunately, not much has changed for me since then. I am 35 now but still have a harder time than my male colleagues in having my proposals accepted by a certain segment of higher management. And in terms of geography, the Middle East is definitely a tougher market for women compared to Pakistan.

On a happy note, things have changed for the better in Pakistan across the board. A growing number of firms have realized that it is time to give women a chance, train them and take them seriously for their skills and intellect. In fact, I’ve witnessed an exponential growth in women working in the industry and seen a growing number of women on management positions as well as a growing number of women CEOs.

Elan: You’ve done a number of executive level programs, you’re a Yale World Fellow, and attended a leadership program at Oxford, how did these programs help to shape your career?

RK: On my return from Oxford, I realized that it’s not just all about what you can do, but more about what you want to do and how you want to get there. My leadership program at Oxford gave me greater clarity of how I wanted to proceed in life and I set myself with an agenda to ‘Change.’ The first big change hence had to be within – the main goal should be to a better version of me without comparing myself to anyone else and continue to work hard on my self-development. I then opted for the Yale World Fellowship program to enhance my leadership impact and performance to help me achieve my long-term goals of providing positive change to society at large.

I have a great sense of belonging and nationalism and it troubles me to know that we have little to no control over the catastrophic leadership vacuum, political environment, economic and social inequality and absence of nationalism in Pakistan. I am truly passionate about reaching out to a small community, if not the whole country, for a better future of our people in Pakistan. I truly want to be able to make a valuable contribution to Pakistan’s financial markets and be able to enhance Pakistan’s cultural milieu.

An example of this is a current initiative of having the Pakistan and GCC sukuks listed on exchanges of both regions, a gateway which would introduce a new paradigm in the electronic trading of Islamic instruments.

Elan: What advice would you give to an up and coming young professional about entering into the banking field?

RK: The most important advice that I could give to anyone, whether they’re interested in banking or any other field, is to be absolutely clear on what your ultimate goals are, and then find an opportunity that is aligned with your passion and skills.

Young professionals should also understand that success in banking depends on a constant upgrading of your skills and constant learning. And to keep this process of continuous learning going, not only should you improve yourself professionally, but on a personal level vow to be better than you are, avoid all thoughts that weaken you, have an open mind to limitless potential and don’t shut yourself to the genius that resides within you.

As they say, “Treat Yourself As If You Already Are What You Would Like To Become.”