Majlis & Markets

In recent years, Tanzania's venture capital scene has been flourishing. In just 2022, the East African country reached a significant milestone, raising $24 million across 6 deals, according to Magnitt, a Dubai-based VC data platform. Industries like FinTech, Agriculture, and E-commerce have been driving this growth with numerous successful funding rounds.In tandem, Tanzania's Islamic finance sector is also progressing, despite the absence of specific regulations. Activities such as sukuk and takaful are gaining momentum.In our ninth episode, we spoke to Salum Awadh, CEO of SSC Capital, an investment banking firm in Tanzania. In this episode, we touched on topics, including:Opportunities and challenges facing Tanzania's VC ecosystemThe development of Islamic banking & finance in TanzaniaTanzania's trade relations with Islamic countriesIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over the past decade, Middle Eastern bond markets have experienced significant growth. With governments and corporates tapping into these markets, bonds have become an essential tool. In parallel, the emergence of private credit has added a new dimension to the region’s financial landscape. Furthermore, Islamic finance and sukuk in particular continue to thrive as a distinct and influential segment of the MENA's financial ecosystem.In our eighth episode we spoke to Sharif Eid. Sharif is a Partner and Co-Head of Fixed Income at Amwal Capital Partners, a MENA-focused investment manager. He has been an investor in MENA debt markets for the past 15 years, covering public and private markets.Topics discussed in this episode include:Sharif's thoughts and outlook on EM and macro-risksHis outlook on MENA fixed income for 2024Looking at the emergence of private credit in the MENA and globallyThe challenges in the sukuk market from an investor's perspectiveIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Islamic finance has seen remarkable growth over the past couple of decades. Its principles have gained traction not only in Muslim-majority nations but also in non-Muslim countries.However, despite its growing popularity and an industry worth an estimated $4 trillion, questions persist regarding the authenticity of Islamic finance. For example, whilst Islamic banks adhere to Sharia, there are concerns about whether they genuinely uphold the spirit of Sharia or merely fulfil the legal requirements. This raises fundamental questions about the ethical and moral dimensions of Islamic finance.In our seventh episode, we spoke to Harris Irfan. Harris is CEO of Cordoba Capital Markets and the former co-founder of Deutsche Bank's Islamic finance team.  He is also the author of "Heaven's Bankers: Inside the Hidden World of Islamic Finance".In this episode, we spoke about several topics including:Harris' involvement in landmark Islamic finance transactionsWhy it is difficult to adopt a more wholesome Islamic finance systemThe state of Islamic finance in the UKHarris' thoughts on BitcoinIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Over the past decade, the financial world has undergone a notable transformation, marked by the substantial rise of Environmental, Social, and Governance (ESG) principles and Socially Responsible Investing (SRI). This surge has not only reshaped the financial landscape but has also brought integrating ethical considerations into investment strategies to the forefront.Similarly, within the framework of Islamic finance, Sharia principles guide investment decisions.However, whilst there are similarities, what are the differences? And how do these forms of finance help Muslim nations meet their climate commitments? And are they having a real impact or are they just labels like green or faith washing?In our sixth episode, we spoke to Blake Goud, CEO of RFI Foundation. RFI’s mission is to enable financial players in OIC markets and Islamic finance to deliver sustainable values through research, training and implementation programs.In this topic, we discussed topics including:The similarities and differences between ESG, SRI and Islamic financeThe role of ESG-linked sukuk and whether they have a real impactWhy IFIs are not adopting frameworks like the PRI and PRBAssessing whether Cop28 was successful and what climate risks facing OIC countriesIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Since 2016, under the leadership of Crown Prince Mohammed bin Salman, Saudi Arabia has been experiencing something of an economic transformation. At the heart of this shift is Vision 2030, an ambitious and visionary plan for a post-oil economy.As the world's largest oil exporter, Saudi Arabia is an important country. Its economic transformation has far-reaching implications, not only for the Kingdom but for the Middle East and the rest of the world.In our fifth episode, we spoke to Tim Callen, a former assistant director in the Middle East and Central Asia department at the International Monetary Fund. He served as the IMF’s mission chief for Saudi Arabia and as the chief of the Gulf Cooperation Council countries’ division from 2012-2021.He is currently a visiting fellow at the Arab Gulf States Institute in Washington.In this episode we touch on topics including:Saudi Vision 2030 and assessing the progress so farThe development of the kingdom's financial and capital marketsLooking at FDI levels into the kingdomThe increasing influence of the PIF in the economyChallenges facing Saudi Arabia's economy in 2024 and beyondIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Unlike other countries in the region, Iraq does not have a thriving start-up ecosystem and largely goes unnoticed by most regional or international venture capital investors. However, an increase in new start-ups, an improving political and security environment as well as an improving economy could change this in the coming years.The year 2022 was the biggest year for funding in Iraq's start-up ecosystem, with over $18 million being deployed, according to Magnitt, a Dubai-based data platform on MENA start-ups.In our fourth episode, we spoke to Mohammed Khudairi, the Managing Partner of Khudairi Group, a family holding company operating businesses in the US, Europe and the Middle East.He is also General Partner of Iraq Venture Partners, a Baghdad based early-stage venture capital firm. Mohammed is also the co-founder of Iraq Tech Ventures, an early-stage investment firm.In this episode we touch on several points including:Why Iraq should be considered a tech ecosystemThe opportunities within Iraq's emerging start-up ecosystemSpecific challenges and risks facing start-up founders, users and investorsThe future outlook for Iraq's start-up sceneIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Located on the ancient Silk Road crossing Central Asia and South Asia, Uzbekistan has a deep historical legacy and rich culture.Over the past six years, Uzbekistan has engaged in a reform agenda and has been a success both in economics and foreign direct investment. Despite impressive growth, the country faces domestic challenges as well as broader risks including the impact from the Russia-Ukraine conflict, a faltering global economy and increasing geopolitical risk.In our third episode, we spoke to Odilbek Isakov, the former Deputy Finance Minister from 2019 to 2023. Prior to this, he served as an Advisor to the Minister and Head of the newly established Debt Management Office in September 2018.He is currently the CEO and Co-Founder of Infrasia Capital, an advisory firm based in London and Tashkent focusing on infrastructure projects in Uzbekistan and other frontier markets.During the conversation we touched on topics including:Key reforms since 2017Uzbekistan's journey in the international capital marketsThe potential of Islamic finance and sukuk in UzbekistanFDI levels and opportunitiesHow Tashkent manages geopolitics Emerging climate risks in UzbekistanIntro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Despite possessing 7% of the world's oil reserves and housing one of the largest sovereign wealth funds globally, the spotlight on Kuwait often dims in comparison to the UAE, Saudi Arabia, or Qatar.In our second episode, we had a conversation with Issam Al Tawari, a Kuwaiti banker and academic. He has a wealth of experience in debt markets, financial consulting, and venture capital across the GCC.Currently serving as Managing Partner at Newbury Economic Consultancy, a Kuwait-based debt capital markets advisory, Issam provided insightful perspectives on a range of topics, including:Kuwait's political system: A historical overview and analysis of the current landscapeEconomic diversification efforts in KuwaitExploring the background and challenges associated with the proposed public debt lawUrgently needed reforms, including insights on the implementation of VATAssessing climate risks facing KuwaitIssam's outlook for Kuwait as we approach 2024Connect with Issam:LinkedIn: Issam's LinkedInTwitter: Issam's Twitter

The global Islamic finance industry is set to reach $4 trillion by 2026, according to some studies.In our pilot episode we deep dive into the history of Islamic finance and look at its practice in the real world.Ryan Calder is assistant professor of sociology and director of the Program in Islamic Studies at Johns Hopkins University. His first book, The Paradox of Islamic Finance: How Shariah Scholars Reconcile Religion and Capitalism, will be published by Princeton University Press in May 2024.In this episode we discuss:Ryan's background and interest in Islamic financeRyan's research on Islamic finance and economicsDefine what Islamic finance is and what are the core principlesThe political economy of the Islamic financeWhether Islamic finance products are really different from conventional financeWhat the future holds for the Islamic finance industryNote-This conversation was originally recorded in 2022.