Interview with Asif Aziz: billionaire, entrepreneur and philanthropist

Renowned as a billionaire real estate mogul, Asif Aziz, CEO of Criterion Capital, is also an investor, entrepreneur, and philanthropist. Asif’s journey began at the age of 16 when he acquired his first property at an auction. Today, Criterion Capital boasts a portfolio valued at £3.6 billion, comprising some of London's most iconic landmarks in the West End area including the London Trocadero, Pavilion, and Criterion Building.

Beyond his business and entrepreneurial ventures, Asif also holds the role of Chairman at the Aziz Foundation, a family charity committed to providing scholarships, community grants, and fellowships to support British Muslims. Trainee solicitor Ibrahim Mohammed interviewed Asif to find out more about his work.

As a trainee solicitor at Farrer & Co, I owe a portion of my journey to your philanthropy, which provided me with a scholarship to pursue a master’s degree at Oxford University and funded a legal internship. What drives your commitment to supporting and empowering young British Muslims?

My ambition to make a real difference in their lives. Today, 15 per cent of London’s population are struggling financially. The average British Muslim household doesn’t even make £30,000 a year, a stark reminder of the clear, economic disparities across the UK. Through the Aziz Foundation, we provide educational programs and professional opportunities, which serve to alleviate immediate financial hardships but also enriches diversity and inclusivity in workplaces. It’s a real privilege to directly transform the lives of those born into lower socio-economic backgrounds and watch them thrive, not only changing their lives through equipping them with education and the professional tools needed today to be successful, but to change the lives of their families.

Can you tell us more about the Aziz Foundation's initiative to introduce the first aerial Ramadan Lights and first ariel Eid Lights in Western Europe. The 30,000 lights adorn buildings within the Criterion Capital portfolio. Can you explain the significance of investing in this project?

Ramadan is a special month: it’s a time of reflection, charity and community and the lights help create an outward manifestation of this special ambience in our multicultural city of London and ensure that everyone in our wonderful city shares in the joy of Ramadan. This is the second year that I have supported efforts to put up aerial lights in Piccadilly Circus and seeing the beautiful new design of this year’s lights illuminating the heart of London is a privilege and a joy.

Planning for this year’s lights began soon after last Ramadan and I’m delighted with this new design, which takes inspiration from Islamic geometric patterns and reflects the transition from dawn to sunset, which of course coincide with suhoor and iftar respectively. It is phenomenal that we have been able to incorporate a change from Happy Ramadan to Happy Eid in this year’s lights, allowing the celebrations to continue. 

Also, it is great to see that we have inspired communities in cities including Cologne and Frankfurt to put up their own inaugural displays of Ramadan lights. 

While working with you before I joined Farrer & Co, I saw your determination to develop your unique strategic thinking. You were always coming up with fresh ideas and solutions to tackle problems. What experiences have influenced your entrepreneurial mindset?

I’m influenced by my pursuit for excellence and the ability to be my best coach and toughest critic. Staying nimble, agile and keeping decision-making simple are some major components in shaping my approach to innovation and problem-solving. These principles have not only shaped my entrepreneurial journey but also drive my continuous quest for groundbreaking ideas and effective solutions.

What was one particularly risky decision you made on your entrepreneurial journey that turned out to be successful?

Work isn’t just my profession, it’s my passion, it’s my hobby, it’s something I enjoy and something I thrive in. I am my harshest critic, and this allows me to be my greatest motivator as well. Mistakes are inevitable but how you learn from them becomes the defining factor of your success. Business is all about risk. Taking something as iconic as the Trocadero and turning it into an 800 room hotel was certainly a huge risk, but it was a risk worth taking.

Your endeavour to refurbish the lower basement unit of the Zedwell Hotel into a prayer space made worldwide news, albeit with some misrepresentation in the media headlines. Why did you take on the responsibility to provide a prayer space and community centre for the community in central London?

I came to London as a young Muslim, and I’ve seen how the city has changed for the better in terms of diversity. I’ve been based In Piccadilly for almost two decades now and have witnessed fellow Muslims praying on the streets, spilling out from Soho Islamic Centre where there simply isn’t space for the number of Muslims that work in the area, let alone for the thousands of Muslim tourists we get. I felt that it was my responsibility as a Muslim who has spent such a significant part of his life in this area to give back in a way that helps muslims from all over to feel comfortable here. I am blessed to have the financial means to provide this, and I hope that it is a hub for Muslims for the years to come.

The Aziz Foundation has supported 550+ scholars to pursue Master’s degrees ranging from all disciplines. But if you were to do a Master’s degree, what subject would you study, and why?

If I was to study for a Master’s degree, I would most likely do an MBA. I have a thirst for learning when it comes to property markets, real estate, and business management strategies. I enjoy discussing stock and shares and seeing which businesses are currently on the up. I am also eager to explore what motivates people, so I can get the best from the people around me.

What does Eid al-Fitr hosted by Asif Aziz look like, and do you have a particular Eid memory you cherish?

Eid is always a family event, so getting the whole family together. Eating, spending quality time together. We eat all the foods from my childhood: biriyani, samosas, akni, you name it and it’s on the table. I come from a family of foodies and there is no better example of this than during our Eid celebrations. 

Growing up I would wake up on Eid morning to the smell of my mother’s lamb curry, fresh karak chai and Rooh Afza. These are moments I share with my own children now, and memories I will always cherish. 

You funded the largest Open Iftar in Western Europe, emphasising inclusivity with those from all faiths and none. Could you elaborate on why interfaith initiatives are important in making society more inclusive for religious communities?

At a time of division and polarisation, it’s so important for unity and harmony – and the best way to achieve this is to lead by example. The Aziz Foundation is associated with championing Muslim causes, but we also support several interfaith initiatives, such as the St James’s Piccadilly Church’s winter outreach programme, the MuJu Crew, a Muslim-Jewish collaborative theatre group and the West London Mission’s Night Shelter project in Westminster. This particular project brought mosques, churches and synagogues together in hosting rough-sleepers. I firmly believe that religious groups and leaders have a duty to not only preach but practise social justice, compassion, and cooperation – especially in a city like London where there are so many in need of basic amenities and in need of positivity and kindness.

This publication is a general summary of the law. It should not replace legal advice tailored to your specific circumstances.

© Farrer & Co LLP, April 2024