The BIG Problem with Islamic Banking | Umer Suleman - Muslim Money Talk (Episode 5)

In this episode of Muslim Money Talk, Areeb Siddiqui speaks with Umer Suleman, Chief Risk Officer at Wahed, 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 - How Kestrl started 04:16 - Early career and passion for Islamic Finance 05:55 - Public and Private sector experience at EY and HSBC 10:46 - Finance and Fighting the persecution of Muslims 14:42 -Why are Muslims so bad with money? 16:43 - Kestrl tackling financial illiteracy and scams 20:17 - Why Muslims don't trust Islamic Banks? 24:11 - How Islamic is Islamic Finance? 30:07 - Disruption and FinTechs in Islamic Finance 34:36 - FinTechs collaborating for the BIGGER picture 37:13 - Has Gaza united Muslims? 45:16 - What Kestrl can do for Banks 45:49 - How can Muslims unlock their potential? 48:19 - Start-Ups helping Palestine 51:41 - What does Wahed do today? 57:45 - The future of Islamic finance 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 - Ethical vs Islamic Finance in AAOFI standards 1:15:30 - The broader impact of boycotts and financial ethics.