Emerging 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:The current landscape of Islamic financeThe rise of cryptocurrency and other digital assetsHow these technologies could disrupt the industryYou can email your comments, feedback or suggestions to us: hassan@majlisandmarkets.comIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In 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 covered several topics including:Why the Gulf is becoming a hub for private capital and institutional financeThe diverse range of investors in the GulfA deep-dive into the traditional and emerging asset classesSoling Partners website-https://solingpartners.com/You can email your comments, feedback or suggestions to us: hassan@majlisandmarkets.comIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

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 several topics including:Look at Turkey's economic reforms since 2023 Presidential electionsExamining the rapprochement with Gulf countries like the UAE and Saudi ArabiaTurkey's FDI landscape and the challenges in attracting capitalYou can email your comments, feedback or suggestions to us: hassan@majlisandmarkets.comIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In 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 Finance in Australia and the UK' (Routledge, 2022). He is also the host of the podcasts Muslim Money and Arabic with Imran Lum. In this episode, we covered several topics including:An overview of the different Muslim communities in AustraliaInsights and challenges in the Australian marketThe similarities between Islamic finance in the UK and AustraliaIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since 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 positions at various financial institutions in Libya including Chairman of Assaray Trade And Investment Bank as well as Founding member of Tadawul Financial Services, Libya's first asset management company.In this episode we covered several topics including:Deep dive into Libya's political and economic landscape since 2011An insight into the banking sectorWhat sectors Libya could offer in the futureIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over 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 insights.In this episode, we spoke about several topics including:Defining what an SWF isWhy they are important economic actorsThe current landscape of Gulf SWFs (strategies and challenges)Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In 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 facing tech ecosystems in the OICIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

The 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 energy sector. She is Senior Advisor, Sanctions at Horizon Engage,  Adjunct Senior Fellow at the Center for New American Security (CNAS) and Founder of Ziemba Insights, a strategic advisory firm.  She is also an Adjunct Lecturer at New York University’s Center for Global Affairs, set to teach economic statecraft in the Fall of 2024.In this episode, we talked about several topics including:The drivers behind de-dollarization, Alternative assets like gold and cryptocurrencyThe rise of BRICS and the potential for a common currency.Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

The 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 the history, political economy, and international relations of the Gulf States. With a wealth of expertise, including eight books, including his recent book "Centers of Power in the Arab Gulf States."  He is currently working on a book about football in Saudi Arabia.In this episode, we spoke about topics including:The historical rise of Gulf statesThe changing political economies in the regionThe broader economic challenges facing each of the Gulf monarchiesIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since 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. Recognised as an "Emerging Markets Superstar" by Global Finance magazine, Angus's insights are sought after by the likes of Bloomberg and the BBC.In this episode, we spoke about several topics including:An overview of Egypt's since 2011The country's mounting debt burdenChallenges facing the business environmentEmerging climate risksIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Foreign 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 with more than 20 years of media experience. In this topic, we spoke about several topics including:Defining what FDI is and why it is importantThe challenges surrounding data collectionWhy OIC economies struggle to attract FDIThe outlook for FDI for the rest of 2024 and beyondIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since 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 episode we spoke about several topics including:Turkey's political economy dynamicsThe current political and economic environment Ankara's rapprochement with Gulf statesIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In 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 emerging start-up ecosystem.Topic discussed in this episode include:Matteo's backgroundHis journey to and work experience in IraqMatteo's account (opportunities and challenges) of running a start-up in IraqIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In 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. In this episode, we touched on topics, including:Opportunities and challenges facing Tanzania's VC ecosystemThe development of Islamic banking & finance in TanzaniaTanzania's trade relations with Islamic countriesIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over 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 investor in MENA debt markets for the past 15 years, covering public and private markets.Topics discussed in this episode include:Sharif's thoughts and outlook on EM and macro-risksHis outlook on MENA fixed income for 2024Looking at the emergence of private credit in the MENA and globallyThe challenges in the sukuk market from an investor's perspectiveIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Islamic 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. Harris is CEO of Cordoba Capital Markets and the former co-founder of Deutsche Bank's Islamic finance team.  He is also the author of "Heaven's Bankers: Inside the Hidden World of Islamic Finance".In this episode, we spoke about several topics including:Harris' involvement in landmark Islamic finance transactionsWhy it is difficult to adopt a more wholesome Islamic finance systemThe state of Islamic finance in the UKHarris' thoughts on BitcoinIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over 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 or are they just labels like green or faith washing?In our sixth episode, we spoke to Blake Goud, CEO of RFI Foundation. RFI’s mission is to enable financial players in OIC markets and Islamic finance to deliver sustainable values through research, training and implementation programs.In this topic, we discussed topics including:The similarities and differences between ESG, SRI and Islamic financeThe role of ESG-linked sukuk and whether they have a real impactWhy IFIs are not adopting frameworks like the PRI and PRBAssessing whether Cop28 was successful and what climate risks facing OIC countriesIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since 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 Monetary Fund. He served as the IMF’s mission chief for Saudi Arabia and as the chief of the Gulf Cooperation Council countries’ division from 2012-2021.He is currently a visiting fellow at the Arab Gulf States Institute in Washington.In this episode we touch on topics including:Saudi Vision 2030 and assessing the progress so farThe development of the kingdom's financial and capital marketsLooking at FDI levels into the kingdomThe increasing influence of the PIF in the economyChallenges facing Saudi Arabia's economy in 2024 and beyondIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Unlike 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, a family holding company operating businesses in the US, Europe and the Middle East.He is also General Partner of Iraq Venture Partners, a Baghdad based early-stage venture capital firm. Mohammed is also the co-founder of Iraq Tech Ventures, an early-stage investment firm.In this episode we touch on several points including:Why Iraq should be considered a tech ecosystemThe opportunities within Iraq's emerging start-up ecosystemSpecific challenges and risks facing start-up founders, users and investorsThe future outlook for Iraq's start-up sceneIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Located 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 served as an Advisor to the Minister and Head of the newly established Debt Management Office in September 2018.He is currently the CEO and Co-Founder of Infrasia Capital, an advisory firm based in London and Tashkent focusing on infrastructure projects in Uzbekistan and other frontier markets.During the conversation we touched on topics including:Key reforms since 2017Uzbekistan's journey in the international capital marketsThe potential of Islamic finance and sukuk in UzbekistanFDI levels and opportunitiesHow Tashkent manages geopolitics Emerging climate risks in UzbekistanIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay