In this special podcast episode, Harris Irfan, a veteran in Islamic finance, critiques the industry for not adhering to its foundational principles and discusses innovative solutions for real-economy, risk-sharing financial instruments.
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
02:13 – Haris’s career journey and contrarian perspective in Islamic finance.
06:12 – Challenges faced by Muslims in conventional finance and career advice.
08:28 – Analysis of the disconnect between demand and use of Islamic financial products.
12:50 – Early days at Deutsche Bank and innovation in Islamic finance.
16:50 – Transition from conventional banking to Islamic fintech and ethical dilemmas.
24:41 – Issues in Islamic banking culture and reverse engineering of conventional banking products.
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.
1:09:50 – The role of prophetic values in building a better economic system.
1:11:25 – Advice for aspiring Islamic fintech entrepreneurs.
