Why Islamic Finance Is Losing Its Purpose | Ep. 80

Описание: Islamic finance is now a multi-trillion-dollar industry. But has it drifted away from what it was meant to achieve?

In this episode of Majlis & Markets, we’re joined by Harris Irfan, CEO and co-founder of Cordoba Capital Markets, to unpack why Islamic finance struggles to reform, why the system resists meaningful change and whether a healthier, partnership-based alternative can realistically emerge.

We discuss why blind support for an established industry is unhealthy, how asymmetric financial relationships undermine economic justice, and why investors may increasingly gravitate towards alternative models that better align with their values. From Islamic finance standards and regulation to Bitcoin, crypto, and ethical investment, this is a wide-ranging conversation about incentives, power, and purpose.

This is not a conversation about outrage. It’s about systems, markets, and whether Islamic finance can still deliver on its original promise.

🔍 Topics covered

Why Islamic finance struggles to change
Has the industry lost its purpose?
Partnership-based finance vs asymmetric relationships
Ethical investment and economic justice
AAOIFI standards and enforceability
Bitcoin, crypto, and alternative financial systems
The future of Islamic finance in the UK

👤 Guest

Harris Irfan
Founder, Cordoba Capital Markets
🌐 https://ccmkts.com/
🐦 https://x.com/harris_irfan

🔗 Related episodes

🎙️ Halal or Hype? Demystifying Islamic Finance (Ep. 7)
A foundational conversation with Harris Irfan on the promises and pitfalls of Islamic finance
👉 https://majlisandmarkets.buzzsprout.c...

🎙️ Setting the Standard: AAOIFI’s Impact on Islamic Finance (Ep. 49)
A deep dive into regulation and standard-setting with Omar Ansari
👉 https://majlisandmarkets.buzzsprout.c...

⏱️ Chapters
0:00 Intro
1:48 The current state of Islamic finance
4:12 AI’s role in Islamic finance
8:35 Quality of growth in Islamic finance
10:50 AAOIFI Sharia Standard 62
15:27 Enforceability challenges
17:57 Industry support for SS62
20:27 Asset-backed vs asset-based structures
23:41 AAOIFI credibility
24:53 Investor returns
27:24 Returns vs social good
29:37 Islamic economies and global institutions
33:10 CBDCs vs stablecoins
37:27 Bitcoin and market resilience
41:11 Skepticism towards crypto
43:33 The future of UK Islamic finance
47:22 Maqasid al-Shariah efforts

🎧 Listen on audio
Available on all major podcast platforms or listen here:
👉 https://majlisandmarkets.buzzsprout.com/

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Islamic finance, ethical investment, partnership-based finance, AAOIFI, Bitcoin, alternative finance, Islamic economics, Sharia finance, global markets, financial reform