Majlis & Markets

This year, Islamic finance has made significant strides, with sukuk issuances reaching record highs and the market expanding into green and sustainable finance. With the industry on track to hit $6 trillion by 2027, its growth is undeniable. However, challenges persist. Rising compliance costs, the push for harmonisation, and the introduction of AAOIFI’s Sharia Standard 62 are poised to reshape th...

In recent years, the IPO market in the GCC has been on fire. Driven by government initiatives and a push to expand regional equity markets, the region has seen a surge in IPO activity. Saudi Arabia is expecting over 50 IPOs in 2024, while the UAE has led the way in IPO proceeds, especially in 2023​. But what’s behind this rise? What challenges do companies face as they list, and what opportunities...

The UK is the leading hub for Islamic finance in the West. The London Stock Exchange holds 35% of the US dollar sukuk market, and English law governs most sukuk worldwide. But domestically, the industry is small. By the end of 2023, Islamic banks made up just 0.1% of UK banking assets, according to Fitch . In our 45th episode, we spoke to Mohammed Paracha . A key figure in the early 2000s, he help...

Sustainability and ESG are now key priorities in the GCC, with green bonds, sustainable loans, and major projects like Masdar City and NEOM driving change.  But, are banks and institutions doing enough? And how does the GCC compare globally? In our 44th episode, we spoke to Daniel Gribbin , Deloitte Middle East’s Sustainability and ESG Lead . With over a decade of experience and recognition as a t...

With Muslims now making up nearly 5% of the population, demand for Shariah-compliant financial services is growing in Canada. Yet, the sector remains small and underdeveloped. To unpack the challenges and opportunities, we spoke with Mohamad Sawwaf , Founder and CEO of Manzil , Canada’s leading Islamic FinTech firm. With a Doctorate in Islamic Finance and a mission to reshape the industry, Mohamad...

The United Arab Emirates (or UAE), once known mainly for its oil, now drives growth across finance, trade, and technology. Dubai stands out as a global hub for finance and tourism, while Abu Dhabi channels its wealth into high-tech industries and global investments. Meanwhile, other emirates, like Sharjah and Ras Al Khaimah, are developing their own unique sectors. To learn more about these trends...

In the last decade, Malaysia has experienced dramatic shifts— from the 1MDB scandal that shook the nation, to its rise as an economic player, all while balancing relationships with global powers like the US and China.  To help us unpack these complex dynamics, we’re joined by Nick Khaw, economist and Head of Research at Khazanah Nasional, Malaysia’s sovereign wealth fund.  With years of experience...

Since Crown Prince Mohammed bin Salman launched Vision 2030 in 2016, Saudi Arabia has undergone major changes. The kingdom is opening up its society and reshaping its economy by investing in industries like mining and tourism. In particular, the financial sector, is driving much of this progress and attracting global attention. In our 40th episode, we spoke to Abdulaziz Alnaim , founder and Managi...

Natural resources are central to Middle Eastern economies. While climate change and green financing are on the rise, oil and gas still dominate, shaping economies and global markets.  At the same time, Gulf nations are exploring new energy options to meet their climate goals. In our 39th episode, we’re joined by Carole Nakhle , founder and CEO of Crystol Energy .  With deep expertise in energy, ec...

After years of instability, Iraq’s political and security situation is improving, opening up new opportunities for economic growth. With a young, tech-savvy population, many are starting businesses in areas like fintech and e-commerce. The potential is there, but challenges like funding, infrastructure, and regulations still slow things down. Our guest today is Zahra Shah . Her experience spans ro...

Islamic finance is gaining traction in Australia. With over 813,000 Muslims—about 3.2% of the population—there's an increasing demand for financial services that align with their faith. However, Islamic finance still makes up a small part of the banking sector, with limited options from major banks and a few non-bank providers. Change is on the horizon. Australia has signed a significant free...

The digitalisation of finance is reshaping the industry, with new asset classes like cryptocurrency gaining traction.  Dubai and the UAE have become key hubs for fintech and crypto, driven by new frameworks and initiatives to attract firms and talent. Saudi Arabia and Qatar are also enhancing their regulatory systems. But what are the benefits and challenges of these shifts?  In our 36 episode, we...

Egypt is quickly becoming a major tech and fintech hub in MENA and Africa. With over 100 million people, many of them young and tech-savvy, and a strategic location connecting continents, the country is set for impressive growth. But the path forward isn’t without its challenges. These include regulatory hurdles, market fragmentation, and infrastructure issues that could slow its progress. In our...

Across the MENA region, environmental challenges are rising, but the six Gulf Arab states—Saudi Arabia, the UAE, Kuwait, Oman, Qatar, and Bahrain—are feeling the impact the most. With economies built on oil and gas, they’re now on the frontlines of climate change. COP28 in Dubai last year called for urgent action, but what are Gulf countries actually doing? How are they tackling climate risks whil...

Since 2009, Kazakhstan has been integrating Islamic finance into its economy to attract foreign investment and diversify its financial sector. Leading this effort is the Astana International Financial Centre , or AIFC, which aims to make Kazakhstan a financial bridge between East and West.  With its strategic location and a growing Muslim population, Kazakhstan is keen to tap into the $4 trillion...

Dubai's real estate has surged in the past decade, driven by its strategic location and luxury demand. Abu Dhabi is advancing, and even smaller emirates like Ras Al Khaimah are attracting attention with new projects. Saudi Arabia is the major focus, with Vision 2030 transforming the real estate landscape through NEOM’s futuristic cities and ambitious homeownership goals. In our 32nd episode,...

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 Consul...

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...

According to the IMF, p rivate 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 c...

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 28...

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 spe...

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 Taj...

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...

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 compan...

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 fin...