Islamic Finance Ecosystem
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Islamic Finance Ecosystem

πŸ’‘
Updated 25 September 2022: @Sheeza Shah has created this project dashboard for the planning and development of the Islamic Capital Collective.

Introduction

Islamic finance is a centuries-old tradition that has inspired people to develop tools for equitable economies based on widespread ownership, taxation of idle assets, risk-sharing, responsible trade, and the avoidance of interest. Unfortunately, much of what is practiced in Islamic financial markets today has failed to honour the true values that underpin Shariah-based transactions while wealth inequalities soar around the world.

The purpose of the Islamic Capital Collective is to unlock capital for responsible enterprises and equitable solutions underpinned by Shariah ethics for marginalised groups.

Rationale:

  1. Islamic finance has been focused on repurposing western conventional products and making them Shariah compliant rather than designing new, impactful products. Despite increasing demand, most in the Islamic finance sphere have side-stepped fundamental Islamic finance principles in order to maximise profits. In so doing, we miss an opportunity to center the core objective of the Islamic economy, which is to create wealth equality.
  2. The tenets of Islam effectively serve as design principles for creating capital products that uplift enterprises serving the most vulnerable members of society through job creation, entrepreneurship, co-ownership (co-operatives) and fair trade.

Emerging Programmatic Ideas:

  1. Convene a roundtable with stakeholders to understand challenges and opportunities for Islamic finance practitioners building these solutions; investigate gaps and opportunities; and what it will take to reimagine and redesign Islamic financial products to transfer wealth to marginalised groups through trade and enterprise
  2. Create a concept paper describing the outcomes of the roundtable and the opportunity to redesign Islamic finance products that distribute capital to responsible Muslim and non-Muslim enterprises using Shariah principles.
  3. Design and deploy Shariah-aligned financial product(s). This will involve a consultative design process and a number of experiments as well as a facilitated process to articulate the purpose, values, and strategic roadmap for the Collective going forward.

Resources

Planning + Progress

All ZU Capital Collectives follow roughly the same process, which is captured in the items marked with πŸ’ :

To-do
Draft concept paper
πŸ’ 
Draft concept paper
Sheeza Shah
πŸ’ 
Execute MOU with core partners
πŸ’ 
Secure financial + in kind resources
πŸ’ 
Launch the collaborative design process
Sheeza Shah
πŸ’ 
Convene initial roundtable
Sheeza Shah
In progress
Identify core partners
πŸ’ 
Identify core partners
Astrid ScholzSheeza Shah
Put together the project team
πŸ’ 
Put together the project team
Complete
Identify sector / geography / demographic intersection
πŸ’ 
Identify sector / geography / demographic intersection
Sheeza ShahAstrid Scholz
Please give some thought to potential roles + mark up the stakeholder table
🎯
Please give some thought to potential roles + mark up the stakeholder table
Sheeza ShahAstrid Scholz
Finalise invitation email copy
Finalise invitation email copy
Sheeza ShahAstrid Scholz
Schedule meeting with ZU, Armillaria & UpEffect
Sheeza ShahAstrid ScholzCameron Burgess

πŸ’ŒΒ Stakeholders:

  • In terms of stakeholders, we make the following distinctions:
    • Core Team: 3 - 5 organizations who form the operational core of the project, and take responsibility for fundraising, experience design, coordination and project management.
    • Key informants: They have direct experience of the capital ecosystem as entrepreneurs, investors, intermediaries, or others who are touching capital. These are people we want to at least interview, and potentially invite to a Define and / or Design workshop;
    • Contributors: These are technical experts that intersect with the ecosystem, and who have pertinent capacities that we might want to tap, e.g. financial engineers who could help build a new product, conduct desk research, or participate in the analysis, typically in a paid capacity;
    • Influencers: These are people we want to invite to the Define and Design workshop because they are in key positions of authority in financial and / or government institutions and are allies for advancing the capital product and interventions we identify in the project.
    • Funders: These are companies, foundations and / or individuals who are aligned in their interests and can contribute financial resources to the project. They may or may not be potential investors in the capital product(s) we create in the project.
NameOrganizationProspective Role(s)PriorityOwner(s)StatusExpertiseCommentWebsiteLinkedIn
Aamir Rehman
Fajr Capital
Funder
Sheeza
Not started
Abdallah
Contributor
Sheeza
Not started
Abdul Haseeb Basit
Elipses
Team
High
Sheeza
Contacted
TaxFinanceAccountsIslamic Finance sector
Adam Sadiq
New World Group
Funder
Sheeza
Not started
Ahmad Salam
EME Capital
Funder
Sheeza
Not started
Ahmed Danyal
Review of Religions
Interested
Asif Ahmed
Acclivity Advisors
Contributor
Sheeza
Not started
Astrid Scholz
Zebras Unite
Team
Verbally committed
Aysh-Ahmed Choudhry
Clifford Chance
Team
High
Sheeza
Contacted
Legal
Azam Jaafri
Funder
Sheeza
Not started
Blake Goud
RFI
Contributor
Sheeza
Not started
Bonnie Chiu
TSIC
Contributor
Medium
Sheeza
Interested
Social enterpriseDEIJ
Cameron Burgess
Armillaria
Team
Interested
David (Daud) Vicary (Abdullah)
RFI
Contributor
Sheeza
Not started
David Lynn
Mission Driven Finance
Contributor
Astrid
Not started
Dr Rushdi Siddiqui
Funder
Sheeza
Not started
Faizal Karbani
Simply Ethical
Sheeza
Not started
Harris Irfan
Gateway Global
Team
Sheeza
Not started
Hoda Katebi
Blue Tin Production
Sheeza
Not started
Ibrahim Khan
IFG
ContributorInfluencer
Sheeza
Not started
Jenny Ahlzen
Amam Ventures
Not started
Karina Soemarwoto
FIIND Impact
Contributor
Sheeza
Not started
Manan
Funder
Sheeza
Not started
Nizam Uddin OBE
Algbra
Contributor
Sheeza
Not started
Nyra Mahmood
Team
Sheeza
Not started
Raza Ullah
Primay Finance
Contributor
Sheeza
Not started
Safdar Alam
Influencer
High
Sheeza
Not started
Islamic finance instruments
Shahed Amanullah
Frost Capital
Funder
Sheeza
Not started
Sheeza Shah
UpEffect
TeamContributor
High
Sheeza
Verbally committed
VisionProject Management
Stella Cox
DDCAP
Funder
Sheeza
Not started
Tariq el Diwany
Influencer
Sheeza
Not started
Umar Nasser
Contributor
Sheeza
Not started
Yasser Khan
Growth Factor
Team
High
Sheeza
Not started
TaxFinanceAccounts
Falcon Network
Not started
Aga Khan Development Network
Not started