Majlis & Markets

In recent years, Islamic finance has gained traction in Australia. With Muslims comprising 3.2% of the population and a median age of 27, their financial needs align closely with their religious beliefs. Moreover, Australia's trade with Muslim nations like Indonesia and the UAE underscore the growing importance of Islamic finance.Yet despite these positive trends, the industry faces challenges like unfavourable regulations and raising awareness.In our 19th episode, we spoke to Imran Lum, Head of Islamic Finance at a major Australian bank. He is the author of 'A Comparative Study of Islamic Finance in Australia and the UK' (Routledge, 2022). He is also the host of the podcasts Muslim Money and Arabic with Imran Lum. In this episode, we covered several topics including:An overview of the different Muslim communities in AustraliaInsights and challenges in the Australian marketThe similarities between Islamic finance in the UK and AustraliaIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since the 2011 revolution ousted long-time leader Muammar al Gaddafi, Libya has been in turmoil, with rival factions fighting for control amidst vast oil reserves. However, conflicts intensified notably after 2014, worsening the nation's instability.Last year, the IMF highlighted Libya's economic paradox: despite high GDP per capita, challenges persist due to heavy reliance on hydrocarbons. Additionally, devastating floods in September 2023 underscored climate risks.In our 18th episode, we spoke to Naaman Elbouri, a seasoned Libyan investment banker.  His background includes more than 20 years of international investment banking experience including 10-years at UBS.Naaman holds positions at various financial institutions in Libya including Chairman of Assaray Trade And Investment Bank as well as Founding member of Tadawul Financial Services, Libya's first asset management company.In this episode we covered several topics including:Deep dive into Libya's political and economic landscape since 2011An insight into the banking sectorWhat sectors Libya could offer in the futureIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Diego Lopez, founder of Global SWF, discusses Gulf sovereign wealth funds worth $4 trillion, their economic impact, and investment strategies across finance, infrastructure, and sports. He covers defining SWFs, their importance, and challenges faced. Exploring topics like investment choices, diversification, soft power through sports investments, and involvement in the EV sector, hinting at Saudi Arabia becoming an EV manufacturing hub.

In recent decades, the global venture capital industry has experienced a significant surge, propelling ground-breaking start-ups like Uber and Airbnb into mainstream recognition.Despite the promising emergence of venture capital hubs in OIC countries like Dubai, Pakistan, and Malaysia, challenges persist, including regulatory hurdles and restricted access to funding.In our 16th episode, we're joined by Hussein Kanji, Partner at Hoxton Ventures, a leading VC firm in London. In this episode we cover several topics, including:Hussein's previous investmentsWhat he looks for in companies before investingHis thoughts on Islamic orientated start-upsThe challenges facing tech ecosystems in the OICIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

The shift from the US dollar to non-dollar currencies in trade, known as de-dollarization, impacts capital markets, global trade, and geopolitics.Moreover, the influence of BRICS, a coalition of major emerging economies, is reshaping the global economic landscape. With more nations exploring alternative currencies and key Islamic countries like Saudi Arabia, the UAE, Iran, and Egypt joining BRICS in 2023, the Islamic world's global role gains significance.In our 15th episode, we spoke to Rachel Ziemba. Rachel is an expert in geo-economics and country risk, specializing in global economic statecraft policies, particularly within the energy sector. She is Senior Advisor, Sanctions at Horizon Engage,  Adjunct Senior Fellow at the Center for New American Security (CNAS) and Founder of Ziemba Insights, a strategic advisory firm.  She is also an Adjunct Lecturer at New York University’s Center for Global Affairs, set to teach economic statecraft in the Fall of 2024.In this episode, we talked about several topics including:The drivers behind de-dollarization, Alternative assets like gold and cryptocurrencyThe rise of BRICS and the potential for a common currency.Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Kristian Coates Ulrichsen, an expert in Gulf affairs, discusses the rise of Gulf states, changing political economies, and economic challenges. Topics include leadership transitions, UAE diversification, Qatar's global influence, and power dynamics in Arab Gulf states. Also, a peek into Saudi Arabian football and the uncertainty post-Ronaldo.

Since 2011, Egypt has faced political and economic challenges, worsened by a surge in foreign debt and unfavourable policies. COVID-19 in 2020 and the Russia-Ukraine conflict in 2022 hit hard, especially as Egypt is the world's largest wheat importer.Today, Egypt is dealing with soaring inflation, a weakened currency, and heightened climate and geopolitical risks. Yet, recent aid, like an IMF bailout and a major investment by the UAE in February 2024, brings hope.In our 13th episode, we spoke  to Angus Blair, an expert in MENA markets renowned for his work in investment banking and asset management. Recognised as an "Emerging Markets Superstar" by Global Finance magazine, Angus's insights are sought after by the likes of Bloomberg and the BBC.In this episode, we spoke about several topics including:An overview of Egypt's since 2011The country's mounting debt burdenChallenges facing the business environmentEmerging climate risksIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Foreign direct investment or FDI is a vital driver of economic growth for many nations. This can be through job creation, tax revenue, and technology exchange.FDI also faces challenges including data collection accuracy, regulatory hurdles, and domestic economic policies.Despite its importance, the Organization of Islamic Cooperation (OIC), representing nations like the UAE, KSA, and Malaysia, contributes less than 8% to global FDI inflows.To shed more light on this, in our 12th episode we’re joined by Courtney Fingar.Courtney is a leading expert on FDI and a business editor with more than 20 years of media experience. In this topic, we spoke about several topics including:Defining what FDI is and why it is importantThe challenges surrounding data collectionWhy OIC economies struggle to attract FDIThe outlook for FDI for the rest of 2024 and beyondIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since the Presidential elections in May 2023, Turkey has shifted back to orthodox economic policymaking. This included the appointment of Mehmet Şimşek, a well-respected figure, as finance minister, and adopting more conventional economic policies.With a renewed focus on containing inflation, stabilising the currency, and attracting foreign investors, Turkey is slowly recovering from years of economic strain. Notably, diplomatic relations with the UAE and Saudi Arabia have improved, leading to increased investment and trade. In our 11th episode, we spoke to Atilla Yesilada, a respected economist and political commentator.In this episode we spoke about several topics including:Turkey's political economy dynamicsThe current political and economic environment Ankara's rapprochement with Gulf statesIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

In our 10th episode, we spoke to Matteo Mantovani, co-founder of Baly, an Iraq-based ride-hailing and super app. Matteo has dedicated a significant portion of his career to Iraq's advancement, managing multimillion-dollar projects in Basra and overseeing critical infrastructure initiatives.As a co-founder of Baly, Matteo has observed first-hand Iraq’s thriving entrepreneurial spirit.In 2022, Baly secured $10.5 million in funding from a consortium of investors including Kingsway Capital and Majid Al Futtaim. This funding catapulted the start-up into prominence and marking a significant moment in Iraq's tech history, showcasing the potential of its emerging start-up ecosystem.Topic discussed in this episode include:Matteo's backgroundHis journey to and work experience in IraqMatteo's account (opportunities and challenges) of running a start-up in IraqIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay