Muslim Money Talk Why are MUSLIMS so BAD with money? | Niaz Azad - Muslim Money Talk Ep 6
In this podcast episode, Areeb Siddiqui speaks with Niaz Azad, the founder of Millennial Money UK, about his journey from a legal career to launching a peer-to-peer learning platform for millennials and Gen Zs to better manage their finances. They discuss the intersection of entrepreneurship, faith, and financial literacy, touching on the challenges of making money more Sharia-compliant and the importance of understanding and avoiding Riba.
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Timestamp Breakdown:
00:00 - Intro
01:36 - Niaz talks about his background and journey into entrepreneurship.
02:40 - Discussion on family influence and entrepreneurship.•
05:34 - The inception of Millennial Money UK and peer-to-peer learning.
08:46 - The “anti-guru” approach and summary of Millennial Money UK.
10:02 - The challenges of starting a business with friends.
13:32 - Early days of Millennial Money UK and initial success.
15:19 - Discussion on unfair advantages and education in business.
19:17 - Transition to commercialization and revenue streams.
22:29 - Evolution and challenges of the brand, including working full-time.
26:00 - Niaz’s thoughts on going full-time with Millennial Money.
32:54 - Impact of entrepreneurship on personal life and challenges.
40:38 - Discussion on the biggest financial challenges in the Muslim community.
45:08 - The complexities and challenges of Islamic finance.
48:46 - Global issues tied to Riba and financial exploitation.
54:15 - The importance of educating Muslims about ethical financial practices.
58:47 - The potential impact of Islamic finance on global problems.
1:02:36 - Encouragement to build generational wealth with ethical financial practices.
1:09:37 - Final thoughts on managing wealth versus income.
1:10:35 - Book and podcast recommendations for financial education.
1:13:16 - Where to find more information about Niaz and Millennial Money UK.