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.

This podcast is powered by Kestrl. 

Kestrl is an app that helps Muslim to grow their wealth without compromising their beliefs 

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https://kestrl.io/

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