Pakistan is moving towards an interest-free Islamic financial system, but can Islamic finance really fix economic challenges or are public expectations misplaced?

In Episode 81 of Majlis & Markets, Farrukh Raza from IFAAS explains why Islamic finance is not designed to create jobs overnight, how liquidity surpluses and sovereign debt complicate reform, and why this transition is ultimately about aligning Pakistan’s financial system with its Constitution, the Qur’an, and the Sunnah.

We explore the ethical foundations of Islamic finance, the risks of misunderstanding its role and what success should realistically look like as Pakistan moves toward an Islamic economy. 

This episode builds on an article from April 2025 on the challenges facing Pakistan’s interest-free banking push:
👉 https://salaamgateway.com/story/pakistans-push-for-an-interest-free-banking-system-faces-challenges

Topics covered

• Islamic finance and Pakistan’s economy
• Interest-free banking in practice
• Job creation myths and public expectations
• Liquidity and sovereign debt challenges
• Constitutional principles, Qur’an and Sunnah
• Ethics, transparency, and trust

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Islamic finance is now a multi-trillion-dollar global industry. But has it drifted away from what it was originally designed to achieve?

In Episode 80 of Majlis & Markets, Hassan Jivraj is joined by Harris Irfan, CEO and Co-founder of Cordoba Capital Markets, to examine why Islamic finance struggles to reform and why meaningful change remains so difficult. The conversation questions whether blind support for an established industry has created unhealthy, asymmetric financial relationships, and whether a more ethical, partnership-based alternative can realistically emerge.

We discuss the purpose and limits of Islamic finance standards, the role of regulation and enforceability, and why investors may increasingly seek alternative financial models that better align with ethical investment principles. The episode also explores Bitcoin, crypto, digital currencies, and whether the future of finance will move towards healthier economic relationships for borrowers, lenders, and society more broadly.

This is a conversation about markets, incentives, and systems, not outrage. It asks whether Islamic finance can still deliver on its promise, or whether new models will ultimately replace it.

Topics covered

• The current state of Islamic finance
• Why reform has stalled
• Partnership-based finance vs asymmetric relationships
• Ethical investment and economic health
• AAOIFI standards and enforceability
• Bitcoin, crypto, and alternative finance
• The future of Islamic finance in the UK

Guest

Harris Irfan
CEO and Co-Founder, Cordoba Capital Markets
🌐 https://ccmkts.com/
🐦 https://x.com/harris_irfan

Related episodes

🎙️ Halal or Hype? Demystifying Islamic Finance (Episode 7)
https://majlisandmarkets.buzzsprout.com/1907033/episodes/14625977-episode-7-halal-or-hype-demystifying-islamic-finance

🎙️ Setting the Standard: AAOIFI’s Impact on Islamic Finance (Episode 49)
https://majlisandmarkets.buzzsprout.com/1907033/episodes/16355515-episode-49-setting-the-standard-aaoifi-s-impact-on-islamic-finance

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Sequoia Capital, Islamophobia, and the limits of Muslim capital in global markets.

In this episode of Majlis & Markets, we examine the controversy surrounding Sequoia Capital following public comments by Shaun Maguire, the firm’s response, and what this episode reveals about power, free speech, and discrimination in venture capital.

FT article from October 2025 [https://www.ft.com/content/8e6de299-3eb6-4ba9-8037-266c55c02170]

But this conversation goes well beyond one firm or one incident.

We discuss how investment strategies can contradict public statements, why freedom of speech carries different consequences in public versus private settings, and how rhetoric and culture can shape access to capital in global markets.

The episode also explores the role of Muslim investors in global entrepreneurship, why their economic importance often fails to translate into influence, and why venture capital ecosystems continue to struggle across much of the Muslim world. From Silicon Valley to Islamic finance, we look at how capital, politics, and culture increasingly intersect.

We also discuss Zohran Mamdani’s political rise, what it signals about disruption and representation, and why debates about inclusion are no longer separable from markets and power.

🔍 Key themes

• Sequoia Capital and venture capital governance
 • Islamophobia and culture in Silicon Valley
 • Public speech, power and consequences
 • Muslim capital and global entrepreneurship
 • Discrimination, incentives and access to finance
 • Political disruption and Zohran Mamdani
 • Why VC ecosystems struggle in Muslim markets

If you’re interested in venture capital across Muslim and OIC markets, listen to this earlier Majlis & Markets conversation:

🎙️ Episode 16 | Venturing Forward: Unlocking the OIC’s Venture Capital Potential

🔊 https://majlisandmarkets.buzzsprout.com/1907033/episodes/14955988-episode-16-venturing-forward-unlocking-the-oic-s-venture-capital-potential

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#Sequoia #VentureCapital #MuslimCapital #Islamophobia #GlobalMarkets #IslamicFinance #FreeSpeech #Entrepreneurship #SiliconValley #MajlisAndMarkets

Is Iraq’s economy truly progressing or is new pressure starting to build?

In this episode, economist and strategist Ahmed Maan Tabaqchali breaks down the real state of Iraq’s economy, covering stability since 2019, the Iraqi dinar, de-dollarisation, banking sector challenges, fintech adoption, digital payments, tokenisation, the Iraq Stock Exchange and Iraq’s post-election outlook following the 11 November 2025 parliamentary vote.

As Chief Strategist of Asia Frontier Capital’s Iraq Fund, Ahmed offers a clear and data-driven view of what has improved and what still needs reform for Iraq to achieve sustained, broad-based growth.

Key Topics
• Iraq’s stability and growth indicators
 • Banking sector bottlenecks and trust deficits
 • Fintech expansion and digital payments
 • Blockchain and tokenisation in Iraq
 • Opportunities across the Iraq Stock Exchange
 • The Iraqi dinar, dollar access and US oversight
 • De-dollarisation trends and economic priorities for 2026

About Ahmed

LinkedIn: https://www.linkedin.com/in/ahmedtabaqchali/
Profile: https://auis.edu.krd/iris/iris-fellow/ahmed-tabaqchali
Asia Frontier Capital: https://www.asiafrontiercapital.com/

More Majlis & Markets episodes on Iraq

Ep 4 Navigating Iraq’s Emerging Tech Ecosystem
 https://majlisandmarkets.buzzsprout.com/1907033/episodes/14213929-episode-4-navigating-iraq-s-emerging-tech-ecosystem

Ep 10 Accelerating Iraq’s Startup Revolution
 https://majlisandmarkets.buzzsprout.com/1907033/episodes/14750565-episode-10-accelerating-iraq-s-startup-revolution

Ep 24 Bricks and Bytes: Iraq’s Real Estate Tech Boom
 https://majlisandmarkets.buzzsprout.com/1907033/episodes/15264026-episode-24-bricks-and-bytes-iraq-s-real-estate-tech-boom

Ep 38 Venture Into Iraq: Start-Ups on the Rise
 https://majlisandmarkets.buzzsprout.com/1907033/episodes/15817011-episode-38-venture-into-iraq-start-ups-on-the-rise

Follow Majlis & Markets
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In this episode, we sit down with Dr Lisa Gulesserian and John Gollifer from the GCC Board Directors Institute (GCC BDI) to discuss how governance, board effectiveness and investor relations are developing across the GCC.

We explore key regional differences in board maturity, the role of IR as Gulf markets deepen, and the challenges boards face around composition, diversity, succession and disclosure. 

This discussion offers a clear, research-based view of the issues shaping boardrooms across the region today.

Referenced Material:
GCC BDI Board Effectiveness Review 2025: https://gccbdi.org/gcc-bdi-board-effectiveness-review-2025

GCC Board Directors Institute: https://gccbdi.org

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Why is Dubai still booming while global real estate slows? And is Saudi Arabia’s transformation—from home ownership to hospitality—actually sustainable?

In this episode, we speak once again with Faisal Durrani, Partner & Head of Research at Knight Frank Middle East, to unpack what’s really driving the Gulf’s property cycle. 

We discuss affordability, foreign ownership, migration trends, rental pressures, hospitality demand, and the rise of Abu Dhabi and Ras Al Khaimah.

Reports mentioned:
Destination Saudi 2024 – https://www.knightfrank.com.sa/en/destinationsaudi

The Saudi Report 2025 – https://www.knightfrank.com.sa/en/thesaudireport

Destination Dubai 2025 – https://www.knightfrank.ae/destinationdubai

Related reading:
Financial Times – “The lingering wealth gap in Saudi Arabia”
http://www.ft.com/cms/23ac98f8-c65f-4c44-992f-e3e1182fddbd.html?FTCamp=engage/CAPI/website/Channel_muckrack//B2B

Previous episode with Faisal:
EP. 32 — UAE & Saudi Real Estate Insights
https://majlisandmarkets.buzzsprout.com/1907033/episodes/15612124-episode-32-building-trends-uae-saudi-real-estate-insights

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In our 75th episode, we’re joined once again by Abdul Kadir Hussain, Head of Fixed Income Asset Management at Arqaam Capital, to unpack the transformation reshaping GCC bonds and sukuk.

From Saudi Arabia’s Vision 2030-driven borrowing and UAE corporate issuance, to Kuwait’s market comeback and the future of AAOIFI sukuk standards, we explore how the region’s fixed income landscape is evolving and what it means for investors, policymakers, and global markets.

Revisit our last episode with Abdul Kadir-https://majlisandmarkets.buzzsprout.com/1907033/episodes/15556209-episode-30-inside-the-gulf-bonds-bonanza

🎧 Find us on your favourite podcast platform or listen here:
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In this episode, we welcome back Issam Altawari to unpack Kuwait’s political and economic crossroads.

We explore Kuwait’s unique political dynamics, the challenges of reform and the country’s efforts to diversify beyond oil. 

From parliamentary deadlock to infrastructure and tourism projects, citizenship issues, and the role of the sovereign wealth fund, the conversation dives deep into what’s holding Kuwait back and what could unlock its potential.

We also discuss Kuwait’s geopolitical positioning, relations with the US, and its approach to climate change and ESG, as well as the urgent need to create a business-friendly environment to attract FDI.

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In this episode, Hassan Jivraj speaks with George Huang, CEO of SenseTime MEA and a key player in Saudi Arabia’s AI ecosystem.

They discuss George’s journey into AI, the role of SenseTime in the Middle East, and how AI fits into Saudi Arabia’s Vision 2030. 

The conversation explores the opportunities and challenges facing the Kingdom, the importance of cultural sensitivity and ethics, and why localisation and talent development are critical for long-term success.

George also shares insights on Saudi Arabia’s evolving business environment, the role of international partnerships, and his predictions for the future of AI in the region.

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We’re joined once again by Beth Morrissey of Kleiman International Consultants to unpack Trump’s tariffs, dollar dominance, and the latest wave of EM debt restructurings. Why is EM unique, and what can history teach us about today’s turbulence?

We also dive into her new book, Emerging Economies and Financial Markets-A Career-Tested Approach to Analyzing the Markets

🔗 Follow Beth’s work:

📰 Substack → Kleiman International
🐦 X (Twitter) → @KleimanIntCon

🎧 Related Episodes on Emerging Markets:

• Pyramids of Pressure: Egypt’s Economic Balance
• Trade War 2.0: BRICS on the Brink in 2H25
• Counting the Cost: Inside Syria’s Economy

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