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.

This podcast is powered by Kestrl. 

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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.