Muslim Money Talk

In this episode of Muslim Money Talk we sat down with Omar Khaliel, the founder of the Riba Free Foundation to discuss WHY interest is forbidden in Islam, its widespread harmful effects and how to uplift communities with financial literacy.

The conversation touches on the global economic system, Islamic financial principles, and the need for education to foster economic justice.

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

Timestamp Breakdown:

00:00 - intro

00:37 - Episode introduction by Arif Siddiqui, introducing guest Umar Khalil.

00:49 - Overview of Umar Khalil’s journey into Islamic finance and the foundation of Riba Free.

01:44 - Call to action for podcast subscriptions and support.

02:02 - Start of interview with Umar Khalil.

02:27 - Discussion about Riba Free Foundation’s objectives and Umar’s personal approach to the mission.

04:01 - Umar explains what the Riba Free Foundation is and its connection to Islamic Finance Guru.

06:10 - Explanation of marabaha contracts and the difference between Islamic and conventional banking.

08:19 - Umar shares his personal journey and career background.

10:10 - Discussion on the lack of understanding of riba and financial literacy.

14:42 - Importance of fiqh and Islamic jurisprudence in finance.

18:56 - Riba Free’s three pillars: education, advocacy, and directory.

24:35 - Conversation about the importance of providing financial alternatives and resources.

33:40 - Detailed discussion on why riba is forbidden in Islam.

38:22 - Analysis of the global economic debt crisis and its impacts.

50:54 - Addressing feelings of hopelessness and the importance of maintaining faith and perseverance.

57:04 - Conclusion: Encouraging Muslims to adhere to their principles despite challenges.

In this episode of Muslim Money Talk, host Areeb Siddiqui engages in a candid conversation with the founding team of Kestrl, discussing the journey of building a startup during COVID, the challenges they faced, and the lessons learned along the way. They reflect on the importance of perseverance, the role of family support, and the excitement of growing both the company and the team.

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

Timestamp Breakdown:

00:00 - Intro

01:30 - Reflecting on the idea of starting a podcast and the initial resistance.

03:50 - Founding Kestrel during the peak of COVID.

08:15 - The realities of being a startup founder.

11:40 - Early conversations and the idea for Kestrel.

19:00 - Challenges of Islamic finance and the digital banking space.

28:30 - Forming the founding team and the importance of technical expertise.

33:00 - The journey of raising funds and facing rejections.

41:15 - The transition from a consumer app to B2B services.

47:00 - Early struggles and learning from past failures.

54:30 - The pivotal moment of securing investment to avoid bankruptcy.

01:03:45 - The importance of team dynamics and hiring unconventional candidates.

01:12:00 - Reflections on family support and cultural differences.

01:20:00 - Looking ahead: ambitions for Kestrel and beyond.

01:26:50 - Final thoughts and closing remarks.

In this podcast episode, Areeb Siddiqui speaks with Niaz Azad, the founder of Millennial Money UK, about his journey from a legal career to launching a peer-to-peer learning platform for millennials and Gen Zs to better manage their finances. They discuss the intersection of entrepreneurship, faith, and financial literacy, touching on the challenges of making money more Sharia-compliant and the importance of understanding and avoiding Riba.

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

Timestamp Breakdown:

00:00 - Intro

01:36 - Niaz talks about his background and journey into entrepreneurship.

02:40 - Discussion on family influence and entrepreneurship.•

05:34 - The inception of Millennial Money UK and peer-to-peer learning.

08:46 - The “anti-guru” approach and summary of Millennial Money UK.

10:02 - The challenges of starting a business with friends.

13:32 - Early days of Millennial Money UK and initial success.

15:19 - Discussion on unfair advantages and education in business.

19:17 - Transition to commercialization and revenue streams.

22:29 - Evolution and challenges of the brand, including working full-time.

26:00 - Niaz’s thoughts on going full-time with Millennial Money.

32:54 - Impact of entrepreneurship on personal life and challenges.

40:38 - Discussion on the biggest financial challenges in the Muslim community.

45:08 - The complexities and challenges of Islamic finance.

48:46 - Global issues tied to Riba and financial exploitation.

54:15 - The importance of educating Muslims about ethical financial practices.

58:47 - The potential impact of Islamic finance on global problems.

1:02:36 - Encouragement to build generational wealth with ethical financial practices.

1:09:37 - Final thoughts on managing wealth versus income.

1:10:35 - Book and podcast recommendations for financial education.

1:13:16 - Where to find more information about Niaz and Millennial Money UK.

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.

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

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.

In this podcast episode of "Muslim Money Talk," host Areeb Siddiqui is joined by Saalim Chowdhury, a renowned VC investor and former director of Techstars London. They discuss Saalim's journey from a small village in Wales to his success in venture capital, emphasising the importance of building businesses based on lived experiences and solving real problems. They also touch on the challenges and opportunities for minority and Muslim founders in the entrepreneurial world.

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

00:00 - Intro

02:46 - Recounting the application process to Techstars.

03:10 - Screening process for Kestrl and initial misinterpretation.

04:02 - Discussion on the lack of awareness and understanding of Islamic fintech.

04:27 - Importance of diverse founders with lived experiences.

05:54 - Saalim's diverse investment portfolio and focus on lived experiences.

07:08 - Saalim's background and upbringing with a scarcity mindset.

08:00 - Importance of abundance mindset for minority founders.

08:56 - Reflection on Kestrl's mission and empathy in product development.

09:40 - Money as a reflection of value creation.

10:53 - Building institutions to cater to Muslims without guilt or exploitation.

12:05 - Challenges of Islamic banks and legacy systems.

13:18 - Influence of Saalim's father and the importance of community.

15:39 - Saalim's admiration for his father's forward-thinking mindset.

17:20 - Growing up in a Welsh village and community respect.

18:58 - Encouragement from Saalim's father to take risks wisely.

20:55 - Value of diverse opinions and healthy team dynamics.

21:21 - Strengths and insecurities of immigrant founders.

27:34 - Saalim's admiration for Areeb’s dedication during challenging times.

28:43 - Differences between UK and US VCs' backgrounds and risk appetites.

31:07 - Cultural and structural differences in early-stage investments.

34:12 - Professional investors vs. founder investors and their risk assessment.

39:37 - Saalim's framework for selecting companies in an accelerator.

41:08 - Team dynamics as a critical factor in startup success.

42:27 - Advice on co-founders and conflict resolution.

46:00 - Saalim's reflections on being a founder vs. a VC.

48:50 - Importance of finding one's calling and the influence of Salim's father.

Saalim Chowdhury:
 https://www.linkedin.com/in/saalimc/

In this episode of Muslim Money Talk, Areeb Siddiqui interviews Alia Mahmud, a compliance expert who shares her career journey from working in large financial institutions to fintech startups. Alia discusses her transition from criminal law to financial compliance, the importance of compliance in fintech, and the personal challenges she faced balancing work and family responsibilities.

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

Timestamp Breakdown:

00:00 - Intro
03:25 - Leaving Med School in Pakistan for Law in the UK
03:50 - Alia’s experience moving to the UK for her law degree.
07:13 - Shifting from criminal law to traditional banking
10:39 - Transition to Qatar National Bank and regulatory responsibilities.
15:14 - Move to Oak North and challenges with interest-based products.
16:43 - Revolut's hiring process and responsibilities
19:10 - Importance of compliance in fintech and Revolut’s approach.
20:41 - Crypto and blockchain technology.
21:55 - Balance between work and personal responsibilities.
25:02 - Discussion on the perception of compliance as a business enabler.
28:27 - Challenges faced as a female and ethnic minority in compliance.
31:04 - Conclusions and connections 

Alia Mahmud: 
https://www.linkedin.com/in/alia-m-10431322/

In this episode of Muslim Money Talk, host Areeb Siddiqui interviews Nahim Bassa Group Head of Strategy & Transformation @ Bank Aljazira. Nahim shares his invaluable insights from over two decades of designing, building, and operationalising new businesses and brands in the Financial Services industry globally. 

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

TIMESTAMPS: 

00:00 - Intro 
01:49 - Difference between Riyadh and London Financial Landscape 
06:09 - Saudi 2030 Vision 
11:36 - The change of narrative for the female workforce in Saudi Arabia 
16:12 - Challenges with transforming a legacy bank Bank Al Jazeera 
19:13 - Discussion around traditional banks wanting to digitise 
26:21 - Harmonising commercial and sharia compliant financial regulations 
30:43 - Foreign islamic banks partnering with UK fintechs 
35:32 - The concept of Islamic banking itself 
40:44  - Core metrics for Bank Al Jazeera (for the next 500 years) 
48:19 - Why the role of CEO is tough 
51:13 - One takeaway you could give to a CEO
55:01 - What made Nahim move to Saudi?
01:05:50 - The gap in financial literacy 
01:09:12 - How does Saudi fit your personal and commercial mission ?
01:12:43 - Tips for balancing personal and work life as a CEO 

Nahim Bassa: 
https://www.linkedin.com/in/nahimbassa/

Bank AlJazira:
https://www.linkedin.com/company/bankaljazira/

In this episode of Muslim Money Talk, host Areeb Siddiqui interviews Muazzam Mohamed, the CEO of Bank Islam, Malaysia's largest and oldest Islamic bank. Muazzam shares insights on his journey to becoming CEO, his strategies for digital transformation within the bank, and advice for navigating bureaucracy and implementing meaningful change in large organisations.

This podcast is powered by Kestrl. 

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

Kestrl - The Muslim Money App 

https://kestrl.io/

00:00 - Intro 

01:24 - Muazzam expresses his hopes for the podcast and discusses his career achievements.

01:51 - Muazzam talks about his determination and career journey.

02:40 - Experiences and philosophies on career setbacks and achievements.

04:20 - Muazzam's unexpected career advancements and perspectives on his achievements.

09:12 - Discussion on challenges and opportunities at Bank Islam.

11:18 - Handling crisis moments and leadership challenges at Bank Islam.

17:46 - Launch of Malaysia's first digital Islamic bank, BU.

18:30 - Collaboration with external fintech partners like Kestrel.

19:22 - Merging traditional and digital banking services at Bank Islam.

20:38 - Collaboration with fintechs and the importance of technology in banking.

25:14 - Addressing credit access and support for gig economy workers.

36:38 - Balancing family life with a demanding career.

40:49 - Managing self-doubt and the importance of faith.

43:57 - Prioritising family and maintaining a work-life balance.

46:42 - Reflecting on career choices and satisfaction with the journey.

48:49 - Final advice for young professionals and entrepreneurs.

Muazzam Mohamed 

https://www.linkedin.com/in/muazzam-mohamed-06b327159/

Bank Islam 

https://www.linkedin.com/in/bank-islam-malaysia-berhad-299aa415b/