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Majlis & MarketsEpisode 67-The Islamic Economy: How to Build Global Muslim BrandsIn this episode, we interview Rafi-uddin Shikoh, CEO and founder of DinarStandard, about his journey in the Islamic economy sector. We discuss Rafi-uddin's background, the impact of 9/11 on his career, and the inception of DinarStandard. The conversation explores the current state of the Islamic economy, the challenges and opportunities within Islamic finance, and the future of the halal market. Rafi-uddin shares insights from the latest State of the Global Islamic Economy report, highlighting consumer trends and market opportunities.Access SGIE 2024/2025 report-https://salaamgateway.com/reports/the-state-of-the-global-islamic-economy-sgie-202425-report-2DinarStandard-https://www.dinarstandard.com...2025-07-241h 07Majlis & MarketsEpisode 66-Trade War 2.0? BRICS on the Brink in 2H25In this episode, we speak with geo-economics analyst Rachel Ziemba about trade policy shifts, BRICS fractures, China’s trade outlook, de-dollarization, and what investors should watch in the second half of 2025.🔗 More from Rachel Ziemba: Website → https://ziembainsights.com Summer reading → https://rziemba.substack.com/p/summer-reading-weaponized-economy🎧 Listen & Watch: YouTube → https://www.youtube.com/@MajlisMarketspod RSS → https://majlisandmarkets.buzzsprout.com🕒 Timestamps:00:00 – Introduction and Guest Introduction05:30 – Globalization: A New Era?10:36 – BRICS Achievements and Future Prospects15:49 – Tariffs and Trade Dynamics20:52 – Comparative Advantage and Economic Policies28:59 – China's Ec...2025-07-1557 minMajlis & MarketsEpisode 65 – What’s Really Holding Islamic Finance Back?Why does Islamic finance still struggle with standardisation, accessibility, and product credibility?In this episode, we speak with Ijlal Alvi, CEO of International Islamic Financial Market (IIFM) about what’s really holding the industry back. We talked on topics from the overuse of tawarruq and the lack of unified Shariah standards, to why retail sukuk remain out of reach. We also cover IIFM’s mission, milestones, and the future of Islamic capital markets.Latest IIFM sukuk report-https://www.iifm.net/sukuk-reports🕒 Timestamps: 00:00 – Introduction to Islamic Finance and Guest Background...2025-07-0852 minMajlis & MarketsEpisode 64-Boom, Bubble or Hedge? Making Sense of AltsIn episode 64, we're joined by Dr. Ryan Lemand, Co-Founder & CEO of NeoVision Wealth Management and a prominent voice in global finance.They dive into the world of alternative assets, from gold and crypto to meme stocks, and unpack how regulation, social media, and investor psychology are reshaping markets.Ryan explains why Bitcoin behaves more like an asset than a currency, the renewed appeal of gold, and what rising volatility could mean for investors in the months ahead.🎧 Available on Spotify, Apple Podcasts, Audible and all major platforms 📺 Watch the full episode...2025-07-0238 minMajlis & MarketsEpisode 63-Is MENA the Next Silicon Valley?In this episode, we spoke to Said Murad, a Dubai-based Senior Partner at Global Ventures.The conversation explores the growth of the MENA startup ecosystem, investment opportunities, challenges faced by founders, and the impact of global economic conditions on the region. The episode covered several topics including:The importance of talent acquisition, the evolving regulatory landscape, and the future of fintech in democratising financeThe outlook for MENA VC in 2H25📺 YouTube: Majlis & MarketsEmail us: hassan@majlisandmarkets.comFollow Majlis & Markets on LinkedIn-https://lnkd.in/eXKNRVcFFollow Majlis & Market...2025-06-2225 minMajlis & MarketsEpisode 62-Why Islamic Finance Isn’t Driving Impact🎙 Episode 62 – Why Islamic Finance Isn’t Driving Impact We welcome back Reza Zain Jaufeerally to explore why Islamic finance is falling short on climate action, development goals, and real-world impact—and what must change.This wide-ranging conversation touches on everything from AI and sustainability to grassroots initiatives, cultural challenges, and the persistent issue of Islamophobia in global finance.If you care about the future of faith-based finance and its role in solving urgent global challenges, this one’s not to miss.🔁 Related episodes: • Episode 27 – Profit Over Principles? The Ethical Dilemma in Islamic...2025-06-0854 minMajlis & MarketsEpisode 61-What Do Shariah Scholars Do?In our 61st episode, we spoke to Datuk Prof. Dr Mohamad Akram Laldin.He is a Professor at INCEIF University and a globally respected Shariah scholar. He was formerly Executive Director of ISRA and has advised central banks and financial institutions across Malaysia, the GCC, and Central Asia.He currently serves on the Shariah Advisory Council of Bank Negara Malaysia, chairs the Shariah Boards of EPF Malaysia and Labuan FSA, and advises institutions including Dubai Islamic Bank, First Abu Dhabi Bank, and Bank Muscat. He holds a PhD in Usul al-Fiqh from the U...2025-06-011h 01Majlis & MarketsEpisode 60-Has Islamic Finance Lost Its Way?In our 60th episode, we spoke to Ryan Calder.Ryan is an assistant professor of sociology and director of the Program in Islamic Studies at Johns Hopkins University. He studies fast-changing global markets where money and morality intersect. His first book, The Paradox of Islamic Finance (Princeton University Press 2024), draws on over 280 interviews across Saudi Arabia, Pakistan, the UAE, the UK, Malaysia, Oman, and beyond to show how shariah experts make Islamic law compatible with 21st-century finance. His second book project investigates frequent-flyer programs, and his third the global spread of “halalization” across logisti...2025-05-231h 04Majlis & MarketsEp 59-Is Journalism Broken? Moniify, Media Shifts and the Road AheadIn our 59th episode, we spoke to Paromita Dey.She is a wealth management journalist with over 14 years of experience covering private banking, asset management, and investment trends across the Middle East and India. Her work has appeared in top publications including Citywire, AsianInvestor, and Business Today. Known for turning complex finance into clear, engaging stories, she brings sharp insight and strong industry connections to every piece.We covered several topics including:Financial journalism in the GulfInsights into her time at Moniify (and what went wrong)?The power of social mediaE...2025-04-3059 minMajlis & MarketsEpisode 58-Fund Focus: The GCC Investment BoomIn this episode, we’re joined by Dounia Mansour, a Dubai-based partner at King & Spalding.She advises on setting up a wide range of investment funds—from private equity and real estate to Shariah-compliant structures.We covered several topics includingThe funds landscape in the Middle EastThe rise of Shariah-compliant fundsWhy the UAE—is becoming a major hub for capital and fundsEmail us: hassan@majlisandmarkets.comFollow Majlis & Markets on LinkedIn-https://lnkd.in/eXKNRVcFFollow Majlis & Markets on Instagram-https://www.instagram.com/majlismarkets/Intro theme song-Arab and Muslim...2025-04-1133 minMajlis & MarketsEpisode 57-Counting the cost: Inside Syria's economyDecember 8 2024 will forever be a turning point in Syria’s modern history. The fall of Bashar Al-Assad’s regime brings new risks, challenges, and opportunities. But how did we get here?In this episode, we break down Syria’s economy under Assad, from pre-2011 through the 14-year civil war, and explore the economic challenges ahead.Joining us is Jihad Yazigi, founder & editor-in-chief of The Syria Report. With over two decades of expertise, he unpacks Syria’s economic past, present, and uncertain future.We covered several topics including:Syria's political economyThe economic f...2025-03-191h 47Majlis & MarketsEpisode 56-Gulf Currents: Bahrain in a Changing GulfBahrain’s economy is often overshadowed by its larger Gulf neighbours, but it plays a crucial role in the region’s financial landscapeIn episode 56, we spoke to Duncan Mayall, Chief Economist at Consulum. He has over 15 years experience advising sovereign wealth funds and investment bodies across the Gulf, North Africa, and China.In this episode, we covered several topics, including:An overview of Bahrain's economyThe role of sovereign wealth funds in Gulf economiesBroader economic shifts taking place in the regionEmail us: hassan@majlisandmarkets.comFollow Majlis & Markets on Li...2025-03-091h 06Majlis & MarketsEpisode 55-Decrypting MENA’s Crypto SurgeIn episode 55, we’re joined by Alex Chehade, a finance and crypto veteran with over two decades of experience. His experience includes market-making in traditional finance to leading Binance FZE in Dubai. As the Middle East cements its status as a global crypto hub, Alex is focused on bridging the gap between traditional finance and DeFi—making digital assets more accessible, compliant, and user-friendly.In this episode, we covered several topics including:The future of crypto adoption, Regulatory challengesWhat’s next for the crypto industry in the MENA regionAlex's Twitter-AlexCrypto42Emai...2025-02-261h 08Majlis & MarketsEpisode 54-The Gold Standard: Power, Policy & MarketsIn our 54th episode, we’re joined by Andrew Naylor, Head of Middle East and Public Policy at the World Gold Council. We discuss gold’s role in global markets, its significance in Islamic finance, and what the future holds for this precious metal.We covered several topics including:The drivers behind the recent gold price rallyGold's role in Islamic economies and financeWhether gold is a better alternative than cryptoWorld Gold Council research-https://www.gold.org/goldhubEmail us: hassan@majlisandmarkets.comFollow Majlis & Markets on LinkedIn-https://lnkd.in/eXKNRVcF...2025-02-1951 minMajlis & MarketsEpisode 53-Saudi Unscripted: Content, Change & GrowthIn our 53rd episode, we're joined by Yasmin AlKhowaiter, host of The Majlis, a podcast where she talks to global thought leaders about Saudi Arabia’s economic transformation.With a background in consulting, Yasmin has worked with both private and public sector clients—giving her a unique perspective on the region’s rapid evolution.In this episode, we covered several topics including:The rise of content creators in Saudi ArabiaNoticeable socioeconomic changes since 2016Saudi's relationship with Trump 2.0 and ChinaListen to the Majlis-https://media.podeo.co/rss/MT...2025-02-1147 minMajlis & MarketsEpisode 52-Profit with Purpose: Halal InvestingMonem Salam, Director and Portfolio Manager at Saturna Capital. With years of experience in Islamic investing, he’s been is a leading voice in the industry. In this episode, we explore:The evolution of Islamic financeThe latest investment trendsWhere the industry is headed nextPlease note that this discussion is for informational purposes only and does not constitute financial advice. Please consult a qualified advisor for financial guidance.About Amana Mutual Funds Trust-https://www.saturna.com/amanaHalal Money Matters podcast-https://www.saturna.com/amana/hmmEmail me: hassan@maj...2025-02-0345 minMajlis & MarketsEpisode 51-The Venture Shift: MENA’s Next Big MovesIn our 51st episode, we’re joined by Philip Bahoshy, founder and CEO of MAGNiTT, the leading start-up data platform for emerging venture markets. In our conversation, we covered several topics including:The region’s VC ecosystem—its challenges, opportunitiesHow MAGNiTT is bridging gaps with data and insightsPhilip's outlook for 2025MAGNiTT's five predictions for 2025-https://magnitt.com/news/our-5-predictions-for-emerging-venture-markets-in-2025-53975MAGNiTT summary on MENA VC in 2024-https://magnitt.com/research/2024-Emerging-Venture-Markets-Investment-Summary-50967Email us: hassan@majlisandmarkets.comFollow Majlis & Markets on LinkedIn-https://lnkd.in/eXKNRVcFFollow Majlis & Markets...2025-01-2739 minMajlis & MarketsEpisode 50: Tackling Liquidity in Islamic FinanceIn our 50th episode, we spoke to Mohamad Safri, CEO of the International Islamic Liquidity Management Corporation (IILM).With nearly 30 years in banking and over 20 as a leader in Islamic finance, Safri has been instrumental in shaping the global Islamic capital market.In our conversation, we covered topics including:The liquidity challenges Islamic financial institutions faceHow the IILM is tackling these gapsThe potential impact of AAOIFI’s new sukuk standardEmail us: hassan@majlisandmarkets.comFollow Majlis & Markets on LinkedIn-https://lnkd.in/eXKNRVcFFollow Majlis & Markets on Instagram-https://www.in...2025-01-0954 minMajlis & MarketsEpisode 49-Setting the Standard: AAOIFI's Impact on Islamic FinanceIn this exclusive episode, we’re joined by Omar Ansari, Secretary General of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)—the global standard-setter for Islamic finance.In this depth conversation, we covered several topics including:AAOIFI’s role in shaping the industryWhy standardisation and implementation are importantDeep dive into Sharia standards 59 and 62Email us: hassan@majlisandmarkets.comFollow Majlis & Markets on LinkedIn-https://lnkd.in/eXKNRVcFIntro theme song-Desert Meditation by omar sahel via Pixabay 2024-12-311h 09Majlis & MarketsEpisode 48-The Alt Shift: The Rise of Alternative AssetsAlternative assets like gold, cryptocurrency, and private credit have gained momentum in recent years, driven by the COVID-19 pandemic, the Ukraine war, and uncertainty around interest rates. These investments have become key as investors seek stability and higher returns.With President Trump 2.0 preparing to take office and new uncertainties on the horizon, what’s next for these assets and global markets?Joining us for our 48th episode is Charles-Henry Monchau, Chief Investment Officer at Bank Syz. Syz Blog-https://blog.syzgroup.com/In this episode, we spoke about several topics including:Defining alternative as...2024-12-2647 minMajlis & MarketsEpisode 47-Islamic Finance Decoded: Growth and GapsThis year, Islamic finance has made significant strides, with sukuk issuances reaching record highs and the market expanding into green and sustainable finance. With the industry on track to hit $6 trillion by 2027, its growth is undeniable.However, challenges persist. Rising compliance costs, the push for harmonisation, and the introduction of AAOIFI’s Sharia Standard 62 are poised to reshape the industry.In our 47th episode, we’re joined by Mohamed Damak, Global Head of Islamic Finance at S&P Global Ratings. In this episode, we covered several topics including:Opportunities and challenges facing Islam...2024-12-061h 01Majlis & MarketsEpisode 46-Building Markets: The GCC IPO SurgeIn recent years, the IPO market in the GCC has been on fire. Driven by government initiatives and a push to expand regional equity markets, the region has seen a surge in IPO activity. Saudi Arabia is expecting over 50 IPOs in 2024, while the UAE has led the way in IPO proceeds, especially in 2023.But what’s behind this rise? What challenges do companies face as they list, and what opportunities are out there? In today’s episode, we’re joined by Salmaan Khawaja and Alex Tusi from Grant Thornton UAE to help us dive into the drive...2024-12-0351 minMajlis & MarketsEpisode 45-Faith and Friction: The UK’s Islamic Banking StoryThe UK is the leading hub for Islamic finance in the West. The London Stock Exchange holds 35% of the US dollar sukuk market, and English law governs most sukuk worldwide.But domestically, the industry is small. By the end of 2023, Islamic banks made up just 0.1% of UK banking assets, according to Fitch.In our 45th episode, we spoke to Mohammed Paracha. A key figure in the early 2000s, he helped shape the sector as part of the Bank of England’s Committee on Islamic Finance. Today, he’s managing partner for the Middle East...2024-11-291h 05Majlis & MarketsEpisode 44-Bonding Over Green: The GCC’s ESG ShiftSustainability and ESG are now key priorities in the GCC, with green bonds, sustainable loans, and major projects like Masdar City and NEOM driving change. But, are banks and institutions doing enough? And how does the GCC compare globally?In our 44th episode, we spoke to Daniel Gribbin, Deloitte Middle East’s Sustainability and ESG Lead. With over a decade of experience and recognition as a top ESG leader in MENA, Daniel shares his insights on the region’s sustainable future.In this episode, we covered several topics including:Whether there is too m...2024-11-2532 minMajlis & MarketsEpisode 43-Banking on Belief: Islamic Finance in CanadaWith Muslims now making up nearly 5% of the population, demand for Shariah-compliant financial services is growing in Canada. Yet, the sector remains small and underdeveloped.To unpack the challenges and opportunities, we spoke with Mohamad Sawwaf, Founder and CEO of Manzil, Canada’s leading Islamic FinTech firm. With a Doctorate in Islamic Finance and a mission to reshape the industry, Mohamad shares his vision for its future.Please note, this episode was recorded last month, before the Manzil recently acquired the US based Islamic fintech firm Aghaz.Email us: hassan@majlisandmarkets.com2024-11-2243 minMajlis & MarketsEpisode 42-Emirates of Influence: The UAE’s Rise in Global MarketsThe United Arab Emirates (or UAE), once known mainly for its oil, now drives growth across finance, trade, and technology.Dubai stands out as a global hub for finance and tourism, while Abu Dhabi channels its wealth into high-tech industries and global investments. Meanwhile, other emirates, like Sharjah and Ras Al Khaimah, are developing their own unique sectors.To learn more about these trends, we spoke with Justin Alexander, founder of Khalij Economics. With years of experience across the Gulf, Justin offers insights into the UAE’s growing influence on regional and global markets.2024-11-101h 16Majlis & MarketsEpisode 41-Malaysia’s Future: Balancing Growth and GiantsIn the last decade, Malaysia has experienced dramatic shifts— from the 1MDB scandal that shook the nation, to its rise as an economic player, all while balancing relationships with global powers like the US and China. To help us unpack these complex dynamics, we’re joined by Nick Khaw, economist and Head of Research at Khazanah Nasional, Malaysia’s sovereign wealth fund. With years of experience shaping policy in the Economic Planning Unit, Nick offers unique insights into Malaysia's growth, its political landscape, and what the future holds. In this episode, we spoke about sev...2024-10-2142 minMajlis & MarketsEpisode 40-Kingdom Capital: Shaping Saudi’s Economic FutureSince Crown Prince Mohammed bin Salman launched Vision 2030 in 2016, Saudi Arabia has undergone major changes. The kingdom is opening up its society and reshaping its economy by investing in industries like mining and tourism. In particular, the financial sector, is driving much of this progress and attracting global attention.In our 40th episode, we spoke to Abdulaziz Alnaim, founder and Managing Director of Mayar Capital. With over 20 years of investment experience, Abdulaziz offers a unique perspective on both global and Saudi markets.In this episode, we discussed several topics including:The socioeconomic changes taking...2024-10-1443 minMajlis & MarketsEpisode 39-Fuelling the Future: The Middle East’s Energy ShiftNatural resources are central to Middle Eastern economies. While climate change and green financing are on the rise, oil and gas still dominate, shaping economies and global markets. At the same time, Gulf nations are exploring new energy options to meet their climate goals.In our 39th episode, we’re joined by Carole Nakhle, founder and CEO of Crystol Energy. With deep expertise in energy, economics, and geopolitics, Carole provides valuable insights into the shifting energy landscape in the MENA region.In this episode, we spoke about several topics including:Why oil and...2024-10-0937 minMajlis & MarketsEpisode 38-Venture Into Iraq: Start-Ups on the RiseAfter years of instability, Iraq’s political and security situation is improving, opening up new opportunities for economic growth. With a young, tech-savvy population, many are starting businesses in areas like fintech and e-commerce. The potential is there, but challenges like funding, infrastructure, and regulations still slow things down.Our guest today is Zahra Shah. Her experience spans roles at the United Nations, Gaza Sky Geeks, and Re:Coded, where she focused on supporting refugees, entrepreneurs, and youth through tech education and innovative programs Since 2019, she’s been leading Iraqi Innovators, a media and data hub...2024-09-2637 minMajlis & MarketsEpisode 37-Banking on Faith: Australia’s First Islamic BankIslamic finance is gaining traction in Australia. With over 813,000 Muslims—about 3.2% of the population—there's an increasing demand for financial services that align with their faith. However, Islamic finance still makes up a small part of the banking sector, with limited options from major banks and a few non-bank providers.Change is on the horizon. Australia has signed a significant free trade deal with the UAE, its top trading partner in the MENA region, which opens doors for stronger economic ties. Now, the country is getting ready to launch its first Islamic bank.In our 37th e...2024-09-2036 minMajlis & MarketsEpisode 36-Crypto Currents: Fintech and Digital Assets in the GulfThe digitalisation of finance is reshaping the industry, with new asset classes like cryptocurrency gaining traction. Dubai and the UAE have become key hubs for fintech and crypto, driven by new frameworks and initiatives to attract firms and talent. Saudi Arabia and Qatar are also enhancing their regulatory systems.But what are the benefits and challenges of these shifts? In our 36 episode, we spoke to Anna Zeitlin, Partner at Addleshaw Goddard. She leads the fintech and financial services practice in Dubai, advising both government and private clients across the region.In thi...2024-09-1637 minMajlis & MarketsEpisode 35-Egypt’s Fintech Focus: Growth and ChallengesEgypt is quickly becoming a major tech and fintech hub in MENA and Africa. With over 100 million people, many of them young and tech-savvy, and a strategic location connecting continents, the country is set for impressive growth.But the path forward isn’t without its challenges. These include regulatory hurdles, market fragmentation, and infrastructure issues that could slow its progress.In our 35th episode, we spoke to Walid Hassouna, founder and CEO of Valu, a leading Egyptian fintech firm. Walid is also a leader in Egypt’s financial sector.In this episode, we cove...2024-09-1238 minMajlis & MarketsEpisode 34-Feeling the Heat: Gulf States and Climate ShiftsAcross the MENA region, environmental challenges are rising, but the six Gulf Arab states—Saudi Arabia, the UAE, Kuwait, Oman, Qatar, and Bahrain—are feeling the impact the most. With economies built on oil and gas, they’re now on the frontlines of climate change.COP28 in Dubai last year called for urgent action, but what are Gulf countries actually doing? How are they tackling climate risks while trying to diversify their economies?In our 34th episode, we spoke to Aisha Al-Sarihi. She is a Research Fellow at the Middle East Institute at the National Univer...2024-09-0653 minMajlis & MarketsEpisode 33-Islamic Finance: Kazakhstan's Next FrontierSince 2009, Kazakhstan has been integrating Islamic finance into its economy to attract foreign investment and diversify its financial sector. Leading this effort is the Astana International Financial Centre, or AIFC, which aims to make Kazakhstan a financial bridge between East and West. With its strategic location and a growing Muslim population, Kazakhstan is keen to tap into the $4 trillion global Islamic finance market. Today, we’re joined by Madina Tukulova, Head of Islamic Finance at the AIFC Authority. With over a decade of experience, Madina has been a key player in advancing Islamic finance in Kaza...2024-09-0240 minMajlis & MarketsEpisode 32-Building Trends: UAE & Saudi Real Estate InsightsDubai's real estate has surged in the past decade, driven by its strategic location and luxury demand. Abu Dhabi is advancing, and even smaller emirates like Ras Al Khaimah are attracting attention with new projects.Saudi Arabia is the major focus, with Vision 2030 transforming the real estate landscape through NEOM’s futuristic cities and ambitious homeownership goals.In our 32nd episode, we spoke to Faisal Durrani, Partner, Head of Research at Knight Frank MENA, who brings over 15 years of global real estate expertise. In this episode, we touched on several topics including:Dub...2024-08-2052 minMajlis & MarketsEpisode 31-Pyramids of Pressure: Egypt's Economic BalanceEgypt's economy is under intense pressure, with a currency crisis, soaring debt, rampant inflation, and a struggling private sector. But a major UAE investment in February 2024 and a recent IMF bailout offers hope. Plus, Egypt’s entry into BRICS in 2023 hints at a shift eastward.In our 31st episode, we spoke to Beth Morrissey, managing partner and co-founder of Kleiman International Consultants. As a specialist in emerging markets, Beth offers valuable insights into global economic trends.In this episode, we covered several topics, including:Defining what emerging markets areEgypt’s currency crisis, debt...2024-08-1357 minMajlis & MarketsEpisode 30- Inside the Gulf bonds bonanzaAccording to Fitch, the GCC debt capital market has soared to nearly $1 trillion. In 1H24, GCC primary debt issuance reached $75.5bn compared to $54.8bn in the same period last year, representing a 38% increase, according to Markaz, a Kuwait-based financial institution. In the first five months of 2024, emerging market dollar debt issuance—excluding China—topped $200 billion, with Saudi Arabia leading at 18.5% and the UAE at 9%.This growth highlights the GCC’s rising role in global bond markets, but it also brings challenges like fluctuating US interest rates and oil price swings.In our 30th episode...2024-08-0945 minMajlis & MarketsEpisode 29-Exploring the GCC Private Credit BoomAccording to the IMF, private credit assets grew to $2.1 trillion globally in 2023. With banks less willing to lend to riskier firms in the US and Europe, private credit has stepped in as a key lender.In the GCC, private credit activity has surged, with financial institutions setting up new funds and financing transactions. Examples include Mubadala and Goldman Sachs setting up a $1bn private credit fund in February 2024.In our 29th episode, we spoke to Ahmad Alanani, co-founder and CEO of Sancta Capital. With over 20 years of experience in debt restructuring and structured...2024-07-2851 minMajlis & MarketsEpisode 28-MENA VC Insights: Saudi surge and regional trendsThe Middle East, Pakistan and Turkey secured $665 million in funding in the first half of 2024, equating to an 18% drop from last year, according to Magnitt, a Dubai-based VC data platform. Meanwhile, Saudi Arabia led the MENA region with $412 million in VC funding, despite a slight 7% decline. Investor numbers in the MENA increased by 33%, showing resilience in early-stage funding. In our 28th episode, we spoke with Ivo Detelinov, General Partner at Oryx Fund, an early stage VC fund focused on the MENA region and managed by London-based VC firm Salica Investments.In this episode, we...2024-07-2138 minMajlis & MarketsEpisode 27-Profit Over Principles? The Ethical Dilemma in Islamic FinanceThe modern Islamic finance industry has grown since the 1970s into a $5 trillion industry. Critics argue that despite its ethical roots, it often prioritizes shareholder returns over impact investing. Whilst Islamic finance shares principles with ethical finance, it usually focuses on profits rather than social and environmental outcomes. In our 27th episode, we spoke to Reza Jaufeerally, a specialist in Islamic and ethical finance at the University of Leuven in Belgium. In our discussion, we touch on several topicsUnpacking what impact investing isWhy Islamic finance struggles with impact investingHow to enhance Isl...2024-07-151h 04Majlis & MarketsEpisode 26-Central Asia's Fintech RevolutionDespite a young, tech-savvy, and predominantly Muslim population, Islamic finance in Central Asia remains small and underdeveloped. The region's financial services and fintech sectors also lag behind their global counterparts.In our 26th episode, we spoke to Abdullo Kurbanov, co-founder of Alif Bank, a leading challenger bank in Central Asia. Today, Alif serves 1.3 million customers in Tajikistan and 1 million customers in Uzbekistan. It also employs 1022 people in Tajikistan and 264 in Uzbekistan. Adding to this, Alif recently launched in the UAE and plans to enter Pakistan.Abdullo is also the co-founder Ayan Capital, a...2024-07-101h 05Majlis & MarketsEpisode 25-Qatar's Next Play: From the World Cup to Future GrowthFollowing the successful 2022 World Cup, Qatar is now focusing on diversifying its economy beyond hydrocarbons.In our 25th episode, we spoke to Akber Khan, Acting CEO of Al Rayan Investment, to discuss Qatar's post-World Cup strategy.In this episode, we covered several topics including:Qatar's economic landscape before the 2022 World CupThe challenges Qatar's economy faces in the coming yearsThe development of the region's equity capital marketsEmail us your comments, feedback or suggestions: hassan@majlisandmarkets.comIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay2024-07-0357 minMajlis & MarketsEpisode 24-Bricks and Bytes: Iraq's Real Estate Tech BoomReal estate is becoming a major sector in Iraq's economy. According to Statista, a Germany-based market research and data company, it's the fourth largest among Arab countries and is expected to grow at a healthy rate of 6% over the next few years. In our 24th episode, we spoke to Mahdi Zewin, founder and managing director of Bayt Al Iraqi (BaytIraqi), a new Iraq-based proptech company. In this episode, we spoke about several topics including:Why investors should consider investing in IraqThe opportunities and challenges in Iraq's real estate sectorIraq's emerging tech ecosystemYou ca...2024-06-171h 06Majlis & MarketsEpisode 23-Islamic Fintech: Navigating the Landscape and ChallengesOver the past decade, digitalisation and technology have transformed financial services, including payments and interactions between customers and businesses. Islamic fintech aims to do the same but in a Sharia-compliant way.So, what makes Islamic fintech different? What challenges does it face, and what does its future look like?In our 23rd episode we spoke to Abdul Haseeb Basit, a digital finance expert with over 25 years of experience. He is a Co-Founder and Principal of Elipses, an advisory and investment firm focused on digital disruption in the finance sector.In this episode we c...2024-06-1248 minMajlis & MarketsEpisode 22-Redefining Islamic Finance: The Tech DisruptionEmerging technologies like cryptocurrency and blockchain are rapidly growing in financial services, including Islamic finance. These technologies promise to democratize and improve services, but some argue that Islamic finance still mirrors conventional products.In our 22nd episode we spoke to Khalid Howladar, Founder and Managing Partner of Acreditus, an advisory firm specialising in credit, Islamic, and digital assets. With 16 years at Moody’s, Khalid is a specialist in Islamic finance and digital assets. He also serves as Chairman of MRHB Network, a halal digital asset platform.In this episode, we covered several topics including:Th...2024-05-3059 minMajlis & MarketsEpisode 21-Gulf investment boom: Inside the rise of private capitalIn recent years, private capital and institutional finance in the Gulf have surged, with investors venturing into infrastructure and emerging areas like private credit and equity. This has attracted attention from major players like BlackRock, especially focusing on key Gulf markets such as Saudi Arabia.In our 21st episode, we spoke to Richard Banks, a seasoned expert in financial communication and investment. With over 25 years of experience, Richard has played a crucial role in shaping the region's financial narrative. Today, he guides private clients through Soling Partners, a boutique advisory firm.This episode...2024-05-271h 13Majlis & MarketsEpisode 20-Turkey’s Economic Shift: Crisis or Comeback?Since the May 2023 Presidential elections, Turkey's economic policy has changed significantly. Mehmet Şimşek, now the finance minister, signals a return to orthodox economic policymaking. This includes raising interest rates and implementing key reforms.However, challenges persist with a weak currency, high inflation, and declining FDI. The March 2024 local elections marked a critical moment as Erdogan and the AKP suffered a major defeat.In our 20th episode, we spoke with Serhat Süha Çubukçuoğlu from TRENDS Research and Advisory, an Abu-Dhabi based geopolitical advisory firm basedIn this episode, we covered severa...2024-05-2059 minMajlis & MarketsEpisode 19-Rising Down Under: Australia's Islamic Finance LandscapeIn recent years, Islamic finance has gained traction in Australia. With Muslims comprising 3.2% of the population and a median age of 27, their financial needs align closely with their religious beliefs. Moreover, Australia's trade with Muslim nations like Indonesia and the UAE underscore the growing importance of Islamic finance.Yet despite these positive trends, the industry faces challenges like unfavourable regulations and raising awareness.In our 19th episode, we spoke to Imran Lum, Head of Islamic Finance at a major Australian bank. He is the author of 'A Comparative Study of Islamic...2024-05-1056 minMajlis & MarketsEpisode 18-Libya Uncovered: Post-2011 Dive into Politics & EconomicsSince the 2011 revolution ousted long-time leader Muammar al Gaddafi, Libya has been in turmoil, with rival factions fighting for control amidst vast oil reserves. However, conflicts intensified notably after 2014, worsening the nation's instability.Last year, the IMF highlighted Libya's economic paradox: despite high GDP per capita, challenges persist due to heavy reliance on hydrocarbons. Additionally, devastating floods in September 2023 underscored climate risks.In our 18th episode, we spoke to Naaman Elbouri, a seasoned Libyan investment banker. His background includes more than 20 years of international investment banking experience including 10-years at UBS.Naaman holds p...2024-05-021h 10Majlis & MarketsEpisode 17-Charting Gulf Sovereign Wealth FundsOver the last two decades, sovereign wealth funds (SWFs), particularly those from the Gulf, have emerged as significant economic players.With Gulf SWFs holding nearly $4 trillion in assets, they wield considerable influence on both local and global economies, investing across sectors like finance, infrastructure, and even sports teams! But what hurdles do they encounter?In our 17th episode, we're joined by Diego Lopez, Founder and Managing Director of Global SWF, an advisory firm specialising in SWFs and Public Pension Funds.With over 18 years of experience advising sovereign wealth funds worldwide, Diego shares his...2024-04-2949 minMajlis & MarketsEpisode 16-Venturing Forward: Unlocking the OIC's Venture Capital PotentialIn recent decades, the global venture capital industry has experienced a significant surge, propelling ground-breaking start-ups like Uber and Airbnb into mainstream recognition.Despite the promising emergence of venture capital hubs in OIC countries like Dubai, Pakistan, and Malaysia, challenges persist, including regulatory hurdles and restricted access to funding.In our 16th episode, we're joined by Hussein Kanji, Partner at Hoxton Ventures, a leading VC firm in London. In this episode we cover several topics, including:Hussein's previous investmentsWhat he looks for in companies before investingHis thoughts on Islamic orientated start-upsThe challenges f...2024-04-2554 minMajlis & MarketsEpisode 15-Shifting Tides: Exploring de-dollarization and the rise of BRICSThe shift from the US dollar to non-dollar currencies in trade, known as de-dollarization, impacts capital markets, global trade, and geopolitics.Moreover, the influence of BRICS, a coalition of major emerging economies, is reshaping the global economic landscape. With more nations exploring alternative currencies and key Islamic countries like Saudi Arabia, the UAE, Iran, and Egypt joining BRICS in 2023, the Islamic world's global role gains significance.In our 15th episode, we spoke to Rachel Ziemba. Rachel is an expert in geo-economics and country risk, specializing in global economic statecraft policies, particularly within the...2024-04-221h 13Majlis & MarketsEpisode 14-Gulf Monarchies Unveiled: Power, Wealth and Global InfluenceThe Arab monarchies of the Arabian Peninsula have become key players globally in politics, economics, and security, largely due to their extensive oil and gas reserves. With their substantial wealth, these Gulf states exert significant influence in energy markets and global investments. Furthermore, the hosting of major events like the 2022 World Cup in Qatar and COP 28 in Dubai has garnered worldwide attention.In our 14th episode, we spoke to Kristian Coates Ulrichsen, an expert in Gulf affairs.Kristian, a Fellow for the Middle East at Rice University's Baker Institute for Public Policy, focuses on...2024-04-171h 07Majlis & MarketsEpisode 13-Unpacking Egypt's EconomySince 2011, Egypt has faced political and economic challenges, worsened by a surge in foreign debt and unfavourable policies. COVID-19 in 2020 and the Russia-Ukraine conflict in 2022 hit hard, especially as Egypt is the world's largest wheat importer.Today, Egypt is dealing with soaring inflation, a weakened currency, and heightened climate and geopolitical risks. Yet, recent aid, like an IMF bailout and a major investment by the UAE in February 2024, brings hope.In our 13th episode, we spoke to Angus Blair, an expert in MENA markets renowned for his work in investment banking and asset management. 2024-04-121h 02Majlis & MarketsEpisode 12-FDI Insight: OIC EconomiesForeign direct investment or FDI is a vital driver of economic growth for many nations. This can be through job creation, tax revenue, and technology exchange.FDI also faces challenges including data collection accuracy, regulatory hurdles, and domestic economic policies.Despite its importance, the Organization of Islamic Cooperation (OIC), representing nations like the UAE, KSA, and Malaysia, contributes less than 8% to global FDI inflows.To shed more light on this, in our 12th episode we’re joined by Courtney Fingar.Courtney is a leading expert on FDI and a business editor wi...2024-04-0647 minMajlis & MarketsEpisode 11-Turkey's economy: Past, Present and FutureSince the Presidential elections in May 2023, Turkey has shifted back to orthodox economic policymaking. This included the appointment of Mehmet Şimşek, a well-respected figure, as finance minister, and adopting more conventional economic policies.With a renewed focus on containing inflation, stabilising the currency, and attracting foreign investors, Turkey is slowly recovering from years of economic strain. Notably, diplomatic relations with the UAE and Saudi Arabia have improved, leading to increased investment and trade. In our 11th episode, we spoke to Atilla Yesilada, a respected economist and political commentator.In this epis...2024-03-291h 01Majlis & MarketsEpisode 10-Accelerating Iraq's Startup RevolutionIn our 10th episode, we spoke to Matteo Mantovani, co-founder of Baly, an Iraq-based ride-hailing and super app. Matteo has dedicated a significant portion of his career to Iraq's advancement, managing multimillion-dollar projects in Basra and overseeing critical infrastructure initiatives.As a co-founder of Baly, Matteo has observed first-hand Iraq’s thriving entrepreneurial spirit.In 2022, Baly secured $10.5 million in funding from a consortium of investors including Kingsway Capital and Majid Al Futtaim. This funding catapulted the start-up into prominence and marking a significant moment in Iraq's tech history, showcasing the potential of its eme...2024-03-2347 minMajlis & MarketsEpisode 9-Venture & Faith: Inside Tanzania's Financial EvolutionIn recent years, Tanzania's venture capital scene has been flourishing. In just 2022, the East African country reached a significant milestone, raising $24 million across 6 deals, according to Magnitt, a Dubai-based VC data platform. Industries like FinTech, Agriculture, and E-commerce have been driving this growth with numerous successful funding rounds.In tandem, Tanzania's Islamic finance sector is also progressing, despite the absence of specific regulations. Activities such as sukuk and takaful are gaining momentum.In our ninth episode, we spoke to Salum Awadh, CEO of SSC Capital, an investment banking firm in Tanzania. 2024-03-1849 minMajlis & MarketsEpisode 8-Exploring the MENA Capital Markets LandscapeOver the past decade, Middle Eastern bond markets have experienced significant growth. With governments and corporates tapping into these markets, bonds have become an essential tool. In parallel, the emergence of private credit has added a new dimension to the region’s financial landscape. Furthermore, Islamic finance and sukuk in particular continue to thrive as a distinct and influential segment of the MENA's financial ecosystem.In our eighth episode we spoke to Sharif Eid. Sharif is a Partner and Co-Head of Fixed Income at Amwal Capital Partners, a MENA-focused investment manager. He has been an in...2024-03-151h 08Majlis & MarketsEpisode 7-Halal or Hype? Demystifying Islamic FinanceIslamic finance has seen remarkable growth over the past couple of decades. Its principles have gained traction not only in Muslim-majority nations but also in non-Muslim countries.However, despite its growing popularity and an industry worth an estimated $4 trillion, questions persist regarding the authenticity of Islamic finance. For example, whilst Islamic banks adhere to Sharia, there are concerns about whether they genuinely uphold the spirit of Sharia or merely fulfil the legal requirements. This raises fundamental questions about the ethical and moral dimensions of Islamic finance.In our seventh episode, we spoke to Harris Irfan...2024-03-041h 23Majlis & MarketsEpisode 6-Greenwashing or Genuine? Decoding ESG, SRI, and Islamic FinanceOver the past decade, the financial world has undergone a notable transformation, marked by the substantial rise of Environmental, Social, and Governance (ESG) principles and Socially Responsible Investing (SRI). This surge has not only reshaped the financial landscape but has also brought integrating ethical considerations into investment strategies to the forefront.Similarly, within the framework of Islamic finance, Sharia principles guide investment decisions.However, whilst there are similarities, what are the differences? And how do these forms of finance help Muslim nations meet their climate commitments? And are they having a real impact o...2024-02-101h 13Majlis & MarketsEpisode 5-Beyond the Mirage: Saudi Arabia's Economic RevolutionSince 2016, under the leadership of Crown Prince Mohammed bin Salman, Saudi Arabia has been experiencing something of an economic transformation. At the heart of this shift is Vision 2030, an ambitious and visionary plan for a post-oil economy.As the world's largest oil exporter, Saudi Arabia is an important country. Its economic transformation has far-reaching implications, not only for the Kingdom but for the Middle East and the rest of the world.In our fifth episode, we spoke to Tim Callen, a former assistant director in the Middle East and Central Asia department at the International...2024-01-2159 minMajlis & MarketsEpisode 4-Navigating Iraq's emerging tech ecosystemUnlike other countries in the region, Iraq does not have a thriving start-up ecosystem and largely goes unnoticed by most regional or international venture capital investors. However, an increase in new start-ups, an improving political and security environment as well as an improving economy could change this in the coming years.The year 2022 was the biggest year for funding in Iraq's start-up ecosystem, with over $18 million being deployed, according to Magnitt, a Dubai-based data platform on MENA start-ups.In our fourth episode, we spoke to Mohammed Khudairi, the Managing Partner of Khudairi Group...2023-12-2848 minMajlis & MarketsEpisode 3-Uzbekistan's Economic EvolutionLocated on the ancient Silk Road crossing Central Asia and South Asia, Uzbekistan has a deep historical legacy and rich culture.Over the past six years, Uzbekistan has engaged in a reform agenda and has been a success both in economics and foreign direct investment. Despite impressive growth, the country faces domestic challenges as well as broader risks including the impact from the Russia-Ukraine conflict, a faltering global economy and increasing geopolitical risk.In our third episode, we spoke to Odilbek Isakov, the former Deputy Finance Minister from 2019 to 2023. Prior to this, he s...2023-12-1654 minMajlis & MarketsEpisode 2-Kuwait Unveiled: decoding politics, economics, public debt law and moreDespite possessing 7% of the world's oil reserves and housing one of the largest sovereign wealth funds globally, the spotlight on Kuwait often dims in comparison to the UAE, Saudi Arabia, or Qatar.In our second episode, we had a conversation with Issam Al Tawari, a Kuwaiti banker and academic. He has a wealth of experience in debt markets, financial consulting, and venture capital across the GCC.Currently serving as Managing Partner at Newbury Economic Consultancy, a Kuwait-based debt capital markets advisory, Issam provided insightful perspectives on a range of topics, including:Kuwait's political system...2023-12-1052 min