Ethis Podcast

Hajj is a religious pilgrimage and is obligatory upon all adult Muslims who are physically, mentally and financially capable to do so once in their lives. In 2019 alone, there were nearly 2.5 million pilgrims that performed Hajj. Every year, there are many Muslims around the world who would like to perform Hajj however, there is a limit on the number of pilgrims per country who are able to do so. 

Indonesia is the country with the largest Muslim population and has a queue of 4.5 million people who would like to go for Hajj with the waiting time being as long as 38 years in certain parts of the country! Hence, due to this reason and to ensure that only those with the financial means to do so go, payment is required to secure a seat in the queue. This has resulted in a fund worth $139.5 trillion rupiah that is managed by the Haj Fund Management Agency or Badan Pengelola Keuangan Haji abbreviated as BPKH. But what exactly is the fund's purpose?

According to Dr Hurriyah El Islamy, a member of the executive board in the said fund, it is meant to generate good, Shariah-compliant income for the Hujjaj (pilgrims) so as to ensure that there is enough profit each year to subsidize Hajj for the pilgrims, to have better facilities for them and generate income for those who are awaiting their turn in the queue. How is this done though? Did COVID-19 and the cancellation of Hajj affect plans? What will happen next?

In this episode, Umar Munshi, Co-Founder and Group Managing Director of Ethis Global interviews Dr Hurriyah El Islamy, a member of the executive board in the Hajj fund for the Republic of Indonesia. She was appointed by the President of Indonesia, Joko Widodo. Previously, she was a consultant for the President of the Central Informatics Organisation in Bahrain. She has also served as an IFN Advisory Board member, Shariah Board Member and Strategic Advisor of Islamic Fintech Alliance and also as the Head of Professional Development in AAOIFI prior to which she served as AAOIFI Shariah Central Board Working Group member. In addition, she was an IMF expert in Islamic Finance and a member of the Islamic Finance Advisory Council of the AIFC. Join us as they discuss fintech, investing in Indonesia, Dr Hurriyah’s background and her current work.

You can also find and share this article at https://blog.ethis.co/podcast-dr-hurriyah/

The old adage ‘crisis is a catalyst for change’ has been proven true once again. COVID-19 has caused humanity to look at itself and adapt appropriate changes. The rise in the use of technology among all ages and groups can be considered as one such change as even those who may have been previously skeptical of technology cannot deny its usefulness. Of course, technology is not the only thing that has been re-examined so what are some of the other areas?

In this episode, Umar Munshi, Co-Founder and Group Managing Director of Ethis Global interviews Dr Humayon Dar who is the Director-General of Cambridge Institute of Islamic Finance, a research think tank that attempts to promote Islamic banking and finance in an academically rigorous way. Dr Dar previously served as the Director-General of Islamic Research and Training Institute which is a member of the Islamic Development Bank Group. Join us for a discussion on technology, the current situation’s impact on Islamic finance, the role of Islamic finance today, the Maqasid Al-Shariah or higher objectives of Shariah, how Dr Dar’s organization has been affected by the current situation and his advice to young professionals.

You can also find and share this article at blog.ethis.co/the-impact-on-the-role-of-islamic-finance-in-a-pandemic-world/

It is often said that women in business face a different playing field than their male counterparts. What are the challenges that they face and how do we level the playing field? According to Madam Fadilah, the Chairman of DEWI@SMCCI (the Women’s Wing of the Singapore Malay Chamber of Commerce), some of the solutions include changing the expectations on women and having men take a more active role in household/child-rearing activities.

Aside from empowering women to be entrepreneurs, Madam Fadilah is also one herself after having made a drastic change in her career. Switching from a stable career to entrepreneurship is not a path that many would choose to take but our guest is one of the few who did. After 27 years in her successful writing career, she decided to set up Bizmedia Publishing and also became owner of SpaJelita, the only Arabian spa in Singapore. Utilizing the knowledge gained from her experience as a journalist and business editor as well as the advice received from the numerous successful business owners, she is now successfully running her own businesses.

In this episode, Umar Munshi, Co-Founder and Group Managing Director of Ethis Global interviews Madam Fadilah A. Majid who is currently the Managing Director of SpaJelita Pte Ltd. In addition, she is also the Vice-President of the Singapore Malay Chamber of Commerce (SMCCI), the Chairman of DEWI@SMCCI (the Women’s Wing of the SMCCI), and the Director of Business Development for Bizmedia Publishing. Madam Fadilah also leads SMCCI’s Wellness Cluster. The interview will touch on the challenges that women in business face, how the playing field can be evened out, how COVID-19 has affected the wellness/beauty industry, the change in the way that people work and lastly, her advice to business owners.

You can also find and share this article at blog.ethis.co/fadhilah-majid-podcast/

When it comes to education, it can only go so far and putting the things that one has learnt into practice is what makes it effective. Education especially in business should follow this thought. According to Almir Colan, a Director of the Australian Centre for Islamic Finance (AUSCIF), a setup like Silicon Valley should be established for Islamic finance so that people can learn from established entrepreneurs and under their guidance be encouraged to start a business. In addition, Almir argues that Islamic finance goes hand in hand with the Islamic economy and that if we want to see something out of Islamic finance, we should start to invest in our schools. Furthermore, we should orient ourselves, the business sector and education sector in such a way that everyone is taught how to start a business regardless of their job or career. When a number of people in each profession start their own businesses and employ the rest, production happens and employment can be provided for all.

In this episode, Umar Munshi, co-founder and Group Managing Director of Ethis Global interviews Almir Colan, a Director of Australian Centre for Islamic Finance (AUSCIF). Almir is a prominent figure in the Islamic finance industry and serves as an advisor to community finance and investment institutions. Furthermore, he is also the CEO of Olive Investments, an investment firm committed to an ethical portfolio in the Australian healthcare sector. He was previously a consultant lecturer at La Trobe University Australia and is a member of a working group of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Join us as Almir shares his experience with AUSCIF, the role Islamic finance can play in the current crisis and some advice for new businesses looking to adopt Shariah principles.

You can also find and share this article at blog.ethis.co/almir-colan-podcast/

The word ‘halal’ meaning permissible is usually used in reference to food and the financial sector or services but it can also apply to a wider range of products and industries. According to an article by the FinancialManagement Magazine, the halal economy is said to amount to $3 trillion by 2023 so it is no wonder that more and more people are looking into it. But what are the challenges that entrepreneurs and startups in this space might face? According to Siddika Jaffer, the founder of the Halal Dining Club, a potential challenge could be the infancy of the investment space but she recognizes that this is slowly changing citing an event last year organized by Hambro Perks, a UK venture firm.

In this episode, Umar Munshi, co-founder and Group Managing Director of Ethis Global interviews Siddika Jaffer, founder of Enfoundery and Halal Dining Club, a dining app startup lauded as one of the Top 5 Muslim startups by Forbes. Siddika was named Top 500 Global Business Leader in the Islamic Economy by Islamica 500. She is currently working with BCG Digital Ventures, a venture builder company to create ventures from scratch. Join us as they delve into the halal economy and startups, how COVID-19 has affected these areas/groups, Siddika’s background, her current work and lastly, her advice to young people.

You can also find and share this article at blog.ethis.co/siddika-jaffer-podcast/

With travel bans and worldwide lockdowns, the tourism and aviation industry has been badly battered by COVID-19. While these measures are slowly being eased back, there is an increasing opinion that things will not return back to normal but rather will move onto a new normal. What does this mean for these two badly affected industries in particular? Will people travel? Will there be a reduction in certain types of travel? How can businesses bounce back from this crisis?

In this episode, Umar Munshi, co-founder and Group Managing Director of Ethis Global interviews Fazal Bahardeen who is involved in the Muslim travel market with his two brands CrescentRating, an established 10-year-old brand and Halal Trip, a startup. The interview will touch on how COVID-19 has affected the travel industry and travel both in the short and long term as well as the companies in the industry including CrescentRating and Halal Trip.

You can also find and share this article at blog.ethis.co/the-future-of-tourism-post-covid-19/

Waqf (voluntary charitable endowment), zakat (obligatory charity) and sadaqah (voluntary charity) are some of the cornerstones of Islamic social finance. Their impact and benefits are far-reaching and can be seen globally. In Singapore, the Yemenis — the Alsagoff, the Aljuneid and so on — were the ones who created the waqf and the income generated from that waqf or its capital is being disbursed globally. Embracing technology has definitely helped with the implementation of these cornerstones but are there some potential drawbacks of these actions especially when it comes to the older generation? What about those who are unable to embrace technology?

In this episode, Umar Munshi, Co-Founder and Group Managing Director of Ethis Global interviews Dr Shamsiah Abdul Karim who is the CEO of PERGAS Investment Holdings, an affiliate of PERGAS, the Religious Teachers and Ulama Association Singapore. In addition, Cambridge IFA named her as one of the top 20 most influential women in Islamic Finance. Previously, she was the Senior Vice-President at Bank Muamalat, the CEO of Albukhary Foundation and Deputy Director of Asset Development at MUIS, the Islamic Religious Authority Singapore. While at MUIS, she was instrumental in setting up and operationalising their subsidiary Warees, which developed the majority of waqf land in Singapore with an asset value of more than SGD700m today. The discussion will touch on the potential and challenges of waqf as well as zakat, what she is currently working on, embracing technology and closing the gap with the older generation, how COVID-19 has affected our society as well as her advice to young people today.

You can also find and share this article at blog.ethis.co/waqf-islamic-finance-dr-shamsiah/

COVID-19 has disrupted the lives of millions of people and the scale of its impact is unlike anything anyone has ever seen before. Discussions have been taking place all around the world on what steps should be taken next but there seems to be a general consensus that things will not revert back to normal and there will instead be a new normal or modus operandi. While there is no denying that there are devastating consequences to this crisis, some might argue that there are silver linings in the midst of all this as the pandemic has forced us to relook at the way things are being done and challenge the status quo to change things for the better. For example, people are questioning whether the creation of debt is something that we should continue to do. Additionally, concepts and solutions that were previously disregarded because they had the term ‘Islamic’ in them are now being re-examined and people are willing to listen.

You can also find and share this article at https://blog.ethis.co/daud-vicary-podcast/