How to Fix Islamic Finance? | Harris Irfan - Muslim Money Talk Ep 23

In today's episode, host Areeb Siddiqui is joined by Islamic Finance veteran, critic and pioneer: Harris Irfan, the founder & CEO of Cordoba Capital Markets and former founder of Deutsche Bank and Barclays' Islamic Banking departments.

Harris discusses the current state of Islamic Finance, what works and what doesn't, how Bitcoin could work as a truly

He emphasises the need for skills, innovation, and aligning modern Islamic finance practices with prophetic economic principles, while also advocating for Bitcoin as a freedom currency and discussing the future of Islamic fintech.

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TIMESTAMPS:

00:00 - Coming Up

01:32 – Islamic Finance as a career

07:24 - How do Muslims feel about Islamic Finance?

08:59– Realising Islamic Finance wasn't working

12:50 – Innovating and creating the Shariah Wrapper

17:45 – Reflections from working in banking

21:00 – Commodity Murabaha and issues with todays Islamic Banks

24:41 - Is Islamic Banking today contextual?

30:31 – Role of fintechs in addressing gaps in Islamic finance.

39:58 – Introduction to Cordoba Capital Markets and the Profit Participating Note (PPN).

52:14 – Discussion on AOFI Standard 62 and its implications for Sukuk.

58:02 – Pakistan’s aim to eliminate riba by 2028 and Bitcoin as freedom money.

01:09:50 – The role of prophetic values in building a better economic system.

01:11:25 – Advice for aspiring Islamic fintech entrepreneurs.