In this episode of Muslim Money Talk, Areeb Siddiqui speaks with Umer Suleman, Chief Risk Officer at Wahid, about the complexities and evolving landscape of Islamic finance. Umer shares his journey from conventional banking to Islamic fintech, highlighting the challenges, ethical considerations, and the future potential for Islamic financial services.

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00:00 - Intro

02:25 - Reflecting on the initial idea of Kestrel and challenges faced.

03:24 - Discussing the ethical dilemmas in financial partnerships.

04:16 - Omar’s early interest in finance and Islamic finance’s emergence.

05:55 - Insights from Omar’s career in public and private sectors, including EY and HSBC.

07:38 - Involvement with UK IFC and mentorship from Omar Sheikha.

10:46 - Vision for Wahed and its growth journey.

12:24 - Challenges and ethics in Islamic finance products.

14:42 - Historical financial challenges faced by the Muslim community in the UK.

16:43 - Financial illiteracy and its generational impact on the Muslim community.

18:00 - Investment behaviour and susceptibility to financial scams in the community.

22:07 - Transition from initial Islamic finance products to more ethical innovations.

24:11 - Commodity Murabaha and its contentious nature.

26:29 - Discussion on the permissibility and context of Islamic finance products.

30:07 - Importance of disruption and innovation in Islamic finance.

34:36 - Strategies to ensure economic autonomy and avoid oppression.

38:15 - Addressing the global response to Gaza and the role of ethics.

41:36 - Broader impact of finance and ethics in societal change.

45:16 - Encouraging young Muslims to unlock their potential and make a difference.

48:19 - The importance of saving and avoiding debt.

51:41 - Developing Islamic finance with an ethical and community-focused approach.

57:45 - The future of Islamic fintech and supporting each other.

1:02:44 - Investing in people and creating high-performing teams.

1:07:08 - Islamic finance as a universal solution for ethical finance.

1:11:00 - Discussion on IOFI and ethical considerations in Sharia standards.

1:15:30 - The broader impact of boycotts and financial ethics.