Islamic finance is now a multi-trillion-dollar global industry. But has it drifted away from what it was originally designed to achieve?

In Episode 80 of Majlis & Markets, Hassan Jivraj is joined by Harris Irfan, CEO and Co-founder of Cordoba Capital Markets, to examine why Islamic finance struggles to reform and why meaningful change remains so difficult. The conversation questions whether blind support for an established industry has created unhealthy, asymmetric financial relationships, and whether a more ethical, partnership-based alternative can realistically emerge.

We discuss the purpose and limits of Islamic finance standards, the role of regulation and enforceability, and why investors may increasingly seek alternative financial models that better align with ethical investment principles. The episode also explores Bitcoin, crypto, digital currencies, and whether the future of finance will move towards healthier economic relationships for borrowers, lenders, and society more broadly.

This is a conversation about markets, incentives, and systems, not outrage. It asks whether Islamic finance can still deliver on its promise, or whether new models will ultimately replace it.

Topics covered

• The current state of Islamic finance
• Why reform has stalled
• Partnership-based finance vs asymmetric relationships
• Ethical investment and economic health
• AAOIFI standards and enforceability
• Bitcoin, crypto, and alternative finance
• The future of Islamic finance in the UK

Guest

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

Related episodes

🎙️ Halal or Hype? Demystifying Islamic Finance (Episode 7)
https://majlisandmarkets.buzzsprout.com/1907033/episodes/14625977-episode-7-halal-or-hype-demystifying-islamic-finance

🎙️ Setting the Standard: AAOIFI’s Impact on Islamic Finance (Episode 49)
https://majlisandmarkets.buzzsprout.com/1907033/episodes/16355515-episode-49-setting-the-standard-aaoifi-s-impact-on-islamic-finance

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Sequoia Capital, Islamophobia, and the limits of Muslim capital in global markets.

In this episode of Majlis & Markets, we examine the controversy surrounding Sequoia Capital following public comments by Shaun Maguire, the firm’s response, and what this episode reveals about power, free speech, and discrimination in venture capital.

FT article from October 2025 [https://www.ft.com/content/8e6de299-3eb6-4ba9-8037-266c55c02170]

But this conversation goes well beyond one firm or one incident.

We discuss how investment strategies can contradict public statements, why freedom of speech carries different consequences in public versus private settings, and how rhetoric and culture can shape access to capital in global markets.

The episode also explores the role of Muslim investors in global entrepreneurship, why their economic importance often fails to translate into influence, and why venture capital ecosystems continue to struggle across much of the Muslim world. From Silicon Valley to Islamic finance, we look at how capital, politics, and culture increasingly intersect.

We also discuss Zohran Mamdani’s political rise, what it signals about disruption and representation, and why debates about inclusion are no longer separable from markets and power.

🔍 Key themes

• Sequoia Capital and venture capital governance
• Islamophobia and culture in Silicon Valley
• Public speech, power and consequences
• Muslim capital and global entrepreneurship
• Discrimination, incentives and access to finance
• Political disruption and Zohran Mamdani
• Why VC ecosystems struggle in Muslim markets

If you’re interested in venture capital across Muslim and OIC markets, listen to this earlier Majlis & Markets conversation:

🎙️ Episode 16 | Venturing Forward: Unlocking the OIC’s Venture Capital Potential

🔊 https://majlisandmarkets.buzzsprout.com/1907033/episodes/14955988-episode-16-venturing-forward-unlocking-the-oic-s-venture-capital-potential

🎧 Listen & follow

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#Sequoia #VentureCapital #MuslimCapital #Islamophobia #GlobalMarkets #IslamicFinance #FreeSpeech #Entrepreneurship #SiliconValley #MajlisAndMarkets

Is Iraq’s economy truly progressing or is new pressure starting to build?

In this episode, economist and strategist Ahmed Maan Tabaqchali breaks down the real state of Iraq’s economy, covering stability since 2019, the Iraqi dinar, de-dollarisation, banking sector challenges, fintech adoption, digital payments, tokenisation, the Iraq Stock Exchange and Iraq’s post-election outlook following the 11 November 2025 parliamentary vote.

As Chief Strategist of Asia Frontier Capital’s Iraq Fund, Ahmed offers a clear and data-driven view of what has improved and what still needs reform for Iraq to achieve sustained, broad-based growth.

Key Topics
• Iraq’s stability and growth indicators
• Banking sector bottlenecks and trust deficits
• Fintech expansion and digital payments
• Blockchain and tokenisation in Iraq
• Opportunities across the Iraq Stock Exchange
• The Iraqi dinar, dollar access and US oversight
• De-dollarisation trends and economic priorities for 2026

About Ahmed

LinkedIn: https://www.linkedin.com/in/ahmedtabaqchali/
Profile: https://auis.edu.krd/iris/iris-fellow/ahmed-tabaqchali
Asia Frontier Capital: https://www.asiafrontiercapital.com/

More Majlis & Markets episodes on Iraq

Ep 4 Navigating Iraq’s Emerging Tech Ecosystem
https://majlisandmarkets.buzzsprout.com/1907033/episodes/14213929-episode-4-navigating-iraq-s-emerging-tech-ecosystem

Ep 10 Accelerating Iraq’s Startup Revolution
https://majlisandmarkets.buzzsprout.com/1907033/episodes/14750565-episode-10-accelerating-iraq-s-startup-revolution

Ep 24 Bricks and Bytes: Iraq’s Real Estate Tech Boom
https://majlisandmarkets.buzzsprout.com/1907033/episodes/15264026-episode-24-bricks-and-bytes-iraq-s-real-estate-tech-boom

Ep 38 Venture Into Iraq: Start-Ups on the Rise
https://majlisandmarkets.buzzsprout.com/1907033/episodes/15817011-episode-38-venture-into-iraq-start-ups-on-the-rise

Follow Majlis & Markets
YouTube: https://www.youtube.com/@MajlisMarketspod

Follow Majlis & Markets

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