In this episode of Muslim Money Talk we sat down with Omar Khaliel, the founder of the Riba Free Foundation to discuss WHY interest is forbidden in Islam, its widespread harmful effects and how to uplift communities with financial literacy.

The conversation touches on the global economic system, Islamic financial principles, and the need for education to foster economic justice.

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Timestamp Breakdown:

00:00 - intro

00:37 - Episode introduction by Arif Siddiqui, introducing guest Umar Khalil.

00:49 - Overview of Umar Khalil’s journey into Islamic finance and the foundation of Riba Free.

01:44 - Call to action for podcast subscriptions and support.

02:02 - Start of interview with Umar Khalil.

02:27 - Discussion about Riba Free Foundation’s objectives and Umar’s personal approach to the mission.

04:01 - Umar explains what the Riba Free Foundation is and its connection to Islamic Finance Guru.

06:10 - Explanation of marabaha contracts and the difference between Islamic and conventional banking.

08:19 - Umar shares his personal journey and career background.

10:10 - Discussion on the lack of understanding of riba and financial literacy.

14:42 - Importance of fiqh and Islamic jurisprudence in finance.

18:56 - Riba Free’s three pillars: education, advocacy, and directory.

24:35 - Conversation about the importance of providing financial alternatives and resources.

33:40 - Detailed discussion on why riba is forbidden in Islam.

38:22 - Analysis of the global economic debt crisis and its impacts.

50:54 - Addressing feelings of hopelessness and the importance of maintaining faith and perseverance.

57:04 - Conclusion: Encouraging Muslims to adhere to their principles despite challenges.