IslamicFinanceGuru Podcasts
Sultan Choudhury | Building the 1st UK Islamic Bank, Islamic Mortgages DISSECTED, Al-Rayan Analysed
Oct 2, 2023
Sultan Choudhury, a leader in Islamic Finance, spills the tea on Islamic banking, halal mortgages and more. They discuss building the first UK Islamic bank, implementing diminishing Musharaka, challenges in UK Islamic banking, building a home finance company, exploring the HPP product, the importance of product innovation in Islamic finance, and the nature and creation of money.
01:21:30
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Quick takeaways
- Islamic banking needs to prioritize values and connection with consumers over profit to create a genuine connection with the Muslim community.
- Obstacles to wider acceptance of Islamic banking include consumer inertia, lack of education, and misperceptions about Islamic mortgages, but a focus on values and continuous improvement can help overcome these challenges.
Deep dives
The Need for a Shift in Approach
There is a need for a shift in approach in Islamic banking to prioritize values and connection with consumers over pure profit. Current models focus on being a bank first and Islamic second, leading to a disconnect with the target audience. A long-term vision and a focus on the needs of the Muslim community are necessary to create a genuine connection. Shareholders should prioritize values and protect the principles that Islamic banking stands for, rather than compromising for short-term profit. A more authentic and empathetic approach is needed to truly engage the Muslim population and provide them with products that align with their values.
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