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Muhammad Ashfaq-Ur-Rehman

Founder & CEO, FINMAAL

Muhammad Ashfaq-Ur-Rehman is an entrepreneur with 25 years of international experience linked to start-ups, insurance, banking, takaful & management consulting.
As a solo founder, he founded and incorporated Finmaal in August 2018 in Dubai Multi Commodity Centre, Dubai, UAE. Since then, he has been working on building Finmaal from an idea stage to an established fintech venture. Finmaal is on a mission to simplify financial services for making people's lives easier. Finmaal's overall offerings are grouped into two broad categories; 1) Marketplace and 2) Digital Innovation Lab. The Company is moving towards a growth trajectory.

Before founding Finmaal, Ashfaq worked as an independent advisor and offered consulting & advisory services to financial & non-financial institutions besides e-commerce and fintech start-ups. He is passionate about strategy. He claims to be a problem–solver who can envision, formulate and recommend effective and efficient solutions to his clients. His interest lies in turning around sick businesses and taking mature ones to the next level of sustainable growth.


In between, Ashfaq worked for Noor Takaful (Islamic Insurer) as Head of Customer Experience and Strategy. His role also included marketing, data analytics/MIS and project management. He led a digital transformation initiative and launched a high-value technology project (with eight digital solutions) to broaden distribution capability, enhance customer experience, achieve operational efficiency, and a business intelligence application for better decision making.


Before this, he worked as Senior Vice President-head of Bancassurance at Standard Chartered Bank. He spearheaded the Insurance & Takaful mandate in the country, and he extracted value by
harnessing a multi-distribution network covering 160+ branches and a sales force of 1000+ staff. He formulated and executed a strategy to spin off the franchise by optimizing the product portfolio, achieving steady revenue growth, building annuity income, achieving operational efficiency, building a high-performance team and improving business governance.

Before joining SCB, he was Head of Takaful/Insurance Project Development at FWU Group. He led in developing markets covering start-up operations, acquired distribution partners, rolled out takaful projects/products and managed bank distribution partners. He successfully managed complex business initiatives concerning Takaful & Investment-linked products. He was instrumental in deploying technology-driven POS & admin solutions with 12 bank distribution- partners & 4 Takaful Operators across geographies. He was one of the key members who developed FWU markets in the
GCC, Malaysia and Pakistan.


He kicked off his career with Commercial Union (currently known as Jubilee Life). He spearheaded bancassurance, managed critical business relations with 700+ individual life insurance customers, and maintained the highest customer retention alongside consistent sales growth.

Ashfaq is an MBA from Cass Business School with a major in advanced strategy analysis, management decision making and relationship management & marketing. Additionally, He has
expanded his knowledge horizon by acquiring qualifications in the domains of Insurance, Islamic finance, Private Equity, Investment strategy, Applied Corporate Finance, Mergers & Acquisitions, Innovation & Entrepreneurship, Leadership & Change Management, and New Venture Creation. Further, he enjoys sharing his experience and knowledge through writing and speaking.