Egypt's economy is under intense pressure, with a currency crisis, soaring debt, rampant inflation, and a struggling private sector. 

But a major UAE investment in February 2024 and a recent IMF bailout offers hope. Plus, Egypt’s entry into BRICS in 2023 hints at a shift eastward.

In our 31st episode, we spoke to Beth Morrissey, managing partner and co-founder of Kleiman International Consultants. As a specialist in emerging markets, Beth offers valuable insights into global economic trends.

In this episode, we covered several topics, including:

• Defining what emerging markets are
• Egypt’s currency crisis, debt, foreign investment and private sector struggles
• The challenges facing Egypt's political economy

Email us: [email protected]

Kleiman International's substack-https://kleimaninternational.substack.com/

Kleiman International-X (Twitter) handle-https://x.com/KleimanIntCon

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According to Fitch, the GCC debt capital market has soared to nearly $1 trillion. In 1H24, GCC primary debt issuance reached $75.5bn compared to $54.8bn in the same period last year, representing a 38% increase, according to Markaz, a Kuwait-based financial institution.

 In the first five months of 2024, emerging market dollar debt issuance—excluding China—topped $200 billion, with Saudi Arabia leading at 18.5% and the UAE at 9%.

This growth highlights the GCC’s rising role in global bond markets, but it also brings challenges like fluctuating US interest rates and oil price swings.

In our 30th episode, we spoke to Abdul Kadir Hussain, Head of Fixed Income Asset Management at Arqaam Capital. With over 30 years of experience, he explains why the GCC is so attractive to investors and the key risks to watch for. 

In this episode we covered several topics including:

• Why the GCC is an important part of the EM bond universe
• Thoughts on AAOIFI standards on the Gulf's sukuk market
• Some of the risks facing EM and GCC bonds

Email us: [email protected]

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According to the IMF, private credit assets grew to $2.1 trillion globally in 2023. With banks less willing to lend to riskier firms in the US and Europe, private credit has stepped in as a key lender.

In the GCC, private credit activity has surged, with financial institutions setting up new funds and financing transactions. Examples include Mubadala and Goldman Sachs setting up a $1bn private credit fund in February 2024.

In our 29th episode, we spoke to Ahmad Alanani, co-founder and CEO of Sancta Capital.

With over 20 years of experience in debt restructuring and structured lending, Ahmad shares his insights into the growth of private credit in the region and its future.

In this episode, we covered several topics including

• The development of private credit in the Gulf
• Exploring different financing structures
• Looking at the risks in the coming years

Email us: [email protected]

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The Middle East, Pakistan and Turkey secured $665 million in funding in the first half of 2024, equating to an 18% drop from last year, according to Magnitt, a Dubai-based VC data platform.

 Meanwhile, Saudi Arabia led the MENA region with $412 million in VC funding, despite a slight 7% decline. Investor numbers in the MENA increased by 33%, showing resilience in early-stage funding.

 In our 28th episode, we spoke with Ivo Detelinov, General Partner at Oryx Fund,  an early stage VC fund focused on the MENA region and managed by London-based VC firm Salica Investments.

In this episode, we spoke over several topics including:

• The current VC landscape in Saudi Arabia and the region
• Type of financing to start-ups
• VC outlook for 2H24 and 2025

Email us: [email protected]

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The modern Islamic finance industry has grown since the 1970s into a $5 trillion industry. Critics argue that despite its ethical roots, it often prioritizes shareholder returns over impact investing. 

Whilst Islamic finance shares principles with ethical finance, it usually focuses on profits rather than social and environmental outcomes. 

In our 27th episode, we spoke to Reza Jaufeerally, a specialist in Islamic and ethical finance at the University of Leuven in Belgium. 

In our discussion, we touch on several topics

• Unpacking what impact investing is
• Why Islamic finance struggles with impact investing
• How to enhance Islamic impact investing in Muslim-majority countries

Email us: [email protected]

Reza's Twitter (now X) handle-https://x.com/RZJ1

Serenity Prayer by Reinhold Niebuhr; If by Rudyard Kipling

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Despite a young, tech-savvy, and predominantly Muslim population, Islamic finance in Central Asia remains small and underdeveloped. The region's financial services and fintech sectors also lag behind their global counterparts.

In our 26th episode, we spoke to Abdullo Kurbanov, co-founder of Alif Bank, a leading challenger bank in Central Asia.

Today, Alif serves 1.3 million customers in Tajikistan and 1 million customers in Uzbekistan. It also employs 1022 people in Tajikistan and 264 in Uzbekistan. Adding to this, Alif recently launched in the UAE and plans to enter Pakistan.

Abdullo is also the co-founder Ayan Capital, a new Islamic car finance provider in the UK.

In this episode we covered several topics including:  

• Insights on managing a fintech in Tajikistan and Uzbekistan
• Challenges for Islamic finance in the region
• Establishing a new venture in the UK

Email us your comments, feedback or suggestions: [email protected]

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Following the successful 2022 World Cup, Qatar is now focusing on diversifying its economy beyond hydrocarbons.

In our 25th episode, we spoke to Akber Khan, Acting CEO of Al Rayan Investment, to discuss Qatar's post-World Cup strategy.

In this episode, we covered several topics including:

• Qatar's economic landscape before the 2022 World Cup
• The challenges Qatar's economy faces in the coming years
• The development of the region's equity capital markets

Email us your comments, feedback or suggestions: [email protected]

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Real estate is becoming a major sector in Iraq's economy. According to Statista, a Germany-based market research and data company, it's the fourth largest among Arab countries and is expected to grow at a healthy rate of 6% over the next few years.

 In our 24th episode, we spoke to Mahdi Zewin, founder and managing director of Bayt Al Iraqi (BaytIraqi), a new Iraq-based proptech company. 

In this episode, we spoke about several topics including:

• Why investors should consider investing in Iraq
• The opportunities and challenges in Iraq's real estate sector
• Iraq's emerging tech ecosystem

You can email your comments, feedback or suggestions to us: [email protected]

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Over the past decade, digitalisation and technology have transformed financial services, including payments and interactions between customers and businesses. Islamic fintech aims to do the same but in a Sharia-compliant way.

So, what makes Islamic fintech different? What challenges does it face, and what does its future look like?

In our 23rd episode we spoke to Abdul Haseeb Basit, a digital finance expert with over 25 years of experience.  He is a Co-Founder and Principal of Elipses, an advisory and investment firm focused on digital disruption in the finance sector.

In this episode we covered several topics including:

• Defining what Islamic fintech is and the ecosystem's landscape
• Asking whether there is a branding/marketing issue
• Looking at some of the challenges facing Islamic fintechs

Abdul's Twitter handle-@abdulhbasit

Global Islamic fintech report 2023/24-https://salaamgateway.com/reports/global-islamic-fintech-report-2023

You can email your comments, feedback or suggestions to us: [email protected]

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Emerging technologies like cryptocurrency and blockchain are rapidly growing in financial services, including Islamic finance. These technologies promise to democratize and improve services, but some argue that Islamic finance still mirrors conventional products.

In our 22nd episode we spoke to Khalid Howladar, Founder and Managing Partner of Acreditus, an advisory firm specialising in credit, Islamic, and digital assets. With 16 years at Moody’s, Khalid is a specialist in Islamic finance and digital assets. He also serves as Chairman of MRHB Network, a halal digital asset platform.

In this episode, we covered several topics including:

• The current landscape of Islamic finance
• The rise of cryptocurrency and other digital assets
• How these technologies could disrupt the industry

You can email your comments, feedback or suggestions to us: [email protected]

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