Muslim Money Talk Is Islamic Banking TRULY Islamic? | Harris Irfan - Muslim Money Talk Ep 23
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Dec 9, 2024 Harris Irfan, a veteran in Islamic finance, offers a critical perspective on the industry's adherence to foundational principles. He discusses the need for innovation to align modern practices with prophetic economics. The conversation delves into the disconnect between demand and actual use of Islamic financial products, while promoting Bitcoin as a 'freedom currency.' Irfan also highlights fintech's potential to bridge gaps in Islamic finance and emphasizes the importance of ethical leadership and genuine risk-sharing instruments.
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Career Advice for Ethical Finance
- Gain skills in financial services through diverse roles, not just direct RIBA-related ones.
- Prioritize learning at reputable organizations and apply skills to ethical ventures later.
Disconnect Between Demand and Use
- Despite high demand for ethical finance, actual usage remains low due to various factors.
- These factors include poor customer service, high fees, and lack of awareness.
Early Innovation at Deutsche Bank
- At Deutsche Bank, Harris Irfan and his team pioneered innovative, Sharia-compliant financial products.
- They prioritized aligning modern finance with prophetic principles, challenging traditional approaches.