Muslim Money Talk Islamic Mortgages are BROKEN - Here's Why | Raza Ullah - Muslim Money Talk Ep 14
In today's episode, Areeb interviews Raza Ullah, founder and CEO of Pfida, an Islamic fintech company providing debt-free homeownership solutions as an ALTERNATIVE to Islamic Mortgages.
Raza shares his journey from a successful actuarial career to creating an innovative, Sharia-compliant alternative to conventional mortgages, driven by his desire to align his work with Islamic values and serve the Muslim community.
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Timestamp Breakdown
00:00 - Introduction
03:33 - Raza's career background
06:54 - The conversation that changed EVERYTHING
08:17 - Inspiration on Hajj
11:29 - Choosing to work in Islamic Finance
12:20 - Comparing Hajj experiences
14:20 - Raza’s wife’s reaction
15:35 - The problems with Islamic Mortgages
19:44 - The dangers of dual contracts (commodity Murabaha)
22:21 - Why are Islamic Banks more expensive?
25:04 - A step in the right direction
26:28 - Why do Islamic Scholars sign off on these products?
28:38 - What is PFIDA and how it works?
31:59 - Pfida cost vs Conventional Mortgages
34:40 - How to buy a house Debt Free
41:22 - Finding a Co-Founder & Shariah Scholar
45:10 - Community support and fundraising
52:02 - What does Pfida look like today?
54:21 - Hopes for collaboration between FinTechs
56:06 - The power of a Mother’s Prayer
59:36 - Advice for aspiring entrepreneurs in Islamic finance