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Majlis and Markets brings you thought-provoking conversations with influential leaders in Islamic and global markets. 🌐💬 Join us as we explore the landscape of Islamic finance, delve into the intricacies of Middle Eastern and global financial markets enter the realms of venture capital and much more!
22 Episodes
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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 ...
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 ...
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 Çubukçuo...
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...
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 sp...
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 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 episod...
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 Rach...
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 i...
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...
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...
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, lead...
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 a...
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...
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 Par...
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 requirem...
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...
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...
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 ...
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...
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