Fintech Insider Podcast by 11:FS

856. Insights: How can Islamic finance serve Western markets?

May 16, 2024

Financial expert Rachel Pandyan and guests discuss Islamic finance in Western markets, including definitions, opportunities, Islamophobia impact, and fintech solutions. They explore growth potential, ethical banking, and challenges faced by Islamic and Western banks. The podcast also delves into inclusive financial products and the role of fintech in addressing financial exclusion.

47:02

Episode guests

Rachel Pandyan

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Islamic finance principles focus on risk-sharing and productive value, shifting from exploitative transactions.

Islamic banking promotes equitable engagements through participatory profit-sharing contracts.

Islamic finance market in Western countries offers growth potential due to ethical finance trends and untapped Muslim population.

Fintechs can bridge financial inclusion gaps by offering Sharia-compliant products and addressing Islamophobia barriers.

Deep dives

Islamic Finance Principles and Sharia Compliance

Islamic finance principles extend beyond the prohibition of earning interest to include legitimate trade and investment. Certain activities are prohibited, such as those related to interest-generating industries. Islamic finance is based on risk-sharing, eliminating exploitative transactions, and avoiding speculation and uncertainty.

Introduction

2min

Exploring Islamic FinTech and the Evolution of Financial Markets

2min

Understanding Sharia Compliance in Islamic Finance

8min

Exploring Islamic Finance in Western Markets

24min

Inclusive Islamic Financial Products and Ethical Concerns

6min

Exploring the Role of Fintech in Addressing Financial Exclusion

5min

Rachel Pandyan is joined by some great guests to discuss how how Islamic financing works, what Western banks can learn from Shari’ah compliant services and the challenges of launching and scaling Islamic financial services in Western or non-Muslim countries.

Since the turn of the century, Muslim populations across Europe and North America have increased massively, with 44 million in the former, and over 5 million across the US and Canada.

As the needs of the population become more diverse, how does the financial ecosystem scale to meet those needs and what role can fintech play to fill the gaps where the incumbents are not supporting those needs?

This week's guests include:

Abdul Haseeb Basit - Co-Founder and Principal at Elipses, CFO at GDF and Partner at the Islamic Fintech Fund
Dr. Mohamad Sawwaf, Co-Founder & CEO at Manzil
Umer Suleman, Chief Risk Officer at Wahed

Highlights from this episode:

Definitions of islamic finance
The opportunity space to serve the Muslim population in Western markets
The impact Islamophobia has on Islamic Finance and Muslim customers
The role fintechs can play in providing solutions

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Fintech Insider by 11:FS is a bi-weekly podcast dedicated to all things finance, banking, technology, and financial services.

Our expert hosts, with real industry experience, are joined by the biggest decision-makers, VCs, and reporters from across financial services including guests from Visa, Nubank, M-Pesa, Starling, and JP Morgan Chase to discuss the latest news, developments, and trends within the industry.

Our weekly news show drops every Monday and tackles the biggest news stories, from acquisitions and launches, to regulatory changes and innovation. Then, every Friday our Insights show dives deeper into the hottest topics shaping the industry like web3 and BNPL.

Whether you’re already immersed in the world of financial services, or just keen to learn more, this is the #1 podcast for you.

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Fintech Insider Podcast by 11:FS

856. Insights: How can Islamic finance serve Western markets?

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Islamic Finance Principles and Sharia Compliance

Profit and Loss Sharing Contracts in Islamic Finance

Addressing Economic Injustice and Oppression in Conventional Banking

Challenges and Opportunities in the Market for Islamic Finance

Discussion on Islamophobia and Its Impact on Financial Inclusion

Learnings for Western Banks and Fintechs from Islamic Finance

Offering Islamic Financial Services in Western Markets

Potential of Fintechs in Promoting Islamic Finance Principles

Remember Everything You Learn from Podcasts