In this episode of Muslim Money Talk we sat down with Omar Khaliel, the founder of the Riba Free Foundation to discuss WHY interest is forbidden in Islam, its widespread harmful effects and how to uplift communities with financial literacy.
The conversation touches on the global economic system, Islamic financial principles, and the need for education to foster economic justice.
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Timestamp Breakdown:
00:00 - Introduction
04:01 - Building a career in the UAE
06:10 - How Islamic Finance contracts work
08:19 - Career journey: football to finance
09:41 - Studying Islamic Finance in the UAE vs UK
14:51 - What is the 'Fiqh' of Islamic Finance?
16:01 - Founding Riba Free Foundation
19:26 - Riba Free’s 3 pillars: Education, Advocacy, and Guidance
24:35 - Today's Islamic Finance solutions
27:33- What RFF wants to do
30:54 - Why Interest is Forbidden in Islam.
36:26 - What does Kestrl do?
37:28 - Societal impacts of Interest
41:00- Interest cripples Third World countries
50:21 - If interest is everywhere, is it all hopeless?
55:20 - How to deal with the rioters
57:58 - Leicester Square attack
1:00:01- Addressing Islamic Finance being 'contextual'
1:09:21- Interest by another name?
1:11:43- Is Elon Musk a race baiter?
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