Saudi Arabia is no longer just a spectator in global sports—it’s becoming the epicenter. From the "Ronaldo effect" to the 2034 World Cup, is the Public Investment Fund (PIF)’s $trillion strategy actually working?

In this episode of Majlis & Markets, recorded on 24 February 2026, we sit down with Dr. Kristian Ulrichsen to dismantle the strategy behind Saudi Arabia's massive sports investments. We go beyond the headlines of "sportswashing" to explore how football serves Vision 2030, the economic diversification goals of the PIF, and the geopolitical high-stakes of hosting the world's biggest tournament.

Key Discussion Points

• ⚽ The Ronaldo Catalyst: Why his move to Al Nassr changed the global market.
• 💰 PIF & Giga-Projects: How football fits into Neom and economic reform.
• 🏆 2034 World Cup: The logistical and infrastructure hurdles facing the Kingdom.
• 🗣️ The Sportswashing Debate: Analysing international perceptions vs. domestic goals.
• 📈 The Future of the SPL: Is the league a sustainable powerhouse or a bubble?

📖 Books by Kristian Ulrichsen:

Kingdom of Football: Saudi Arabia and the Remaking of World Soccer [https://www.hurstpublishers.com/book/kingdom-of-football/]

Centers of Power in the Arab Gulf States [https://www.hurstpublishers.com/book/centers-of-power-in-the-arab-gulf-states/]

🎙️ Previous Episode with Kristian:

Episode 14: Gulf Monarchies Unveiled – Power, Wealth, and Influence [https://majlisandmarkets.buzzsprout.com/1907033/episodes/14906145-episode-14-gulf-monarchies-unveiled-power-wealth-and-global-influence]

🎓 Guest Profile: Dr. Kristian Ulrichsen - Baker Institute [https://www.bakerinstitute.org/expert/kristian-coates-ulrichsen]

Connect with Majlis & Markets

🔔 Subscribe on YouTube: majlismarketspod
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Why is there still a massive gap between the wealth in the Muslim community and the financial products available?

In Episode 84 of Majlis & Markets, Hassan Jivraj is joined by Ibrahim Khan, co-founder of Islamic Finance Guru (IFG) and Cur8 Capital. Together, they explore the evolution of Islamic finance, the mission to help the community "level up" financially, and the real reasons behind the industry's most significant structural gaps.

Ibrahim shares his journey from running a blog to building a powerhouse in the Sharia-compliant investment space. This conversation dives deep into the entrepreneurial ecosystem, addressing the specific challenges of bias in venture capital and the future of asset management for an increasingly affluent and educated demographic.

📌 In this episode, we discuss:

• The IFG Mission: How Ibrahim’s journey evolved into a movement to level up the community financially.
• Structural Gaps: Why current financial products are failing to meet the needs of modern Muslims.
• The UK Market: How a demographic shift is demanding a new era of Islamic banking.
• Venture Capital: Confronting Islamophobia in venture capital and building a more supportive ecosystem.
• Building Wealth: Strategies for creating sustainable, long-term wealth within the community.

📖 Deep Dive Reading & Resources

• Article: https://www.wired.me/story/can-islamic-finance-shape-fintech
• YouTube Episode: Is Islamic Finance Broken? (ft. Khalid Howladar): https://www.youtube.com/watch?v=v1DOb07YYUI&t=290s [cite: 2026-01-21]
• YouTube Episode: Why Islamic Finance Is Losing Its Purpose | Ep. 80: https://www.youtube.com/watch?v=uFUd2dih2vI
• YouTube Episode: Sequoia Takes Muslim Money. So Why the Silence? | Ep. 79: https://www.youtube.com/watch?v=2WjPn7UeeTQ&t=35s
• Podcast Episode: Episode 49: AAOIFI's Impact on Islamic Finance: https://majlisandmarkets.buzzsprout.com/1907033/episodes/16355515-episode-49-setting-the-standard-aaoifi-s-impact-on-islamic-finance

🔗 Connect With Us

• YouTube: @majlismarketspod
• LinkedIn: Majlis & Markets
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• TikTok: @majlis.markets

Disclaimer: This podcast is for entertainment and informational purposes only and does not constitute financial advice.

#IslamicFinance #IbrahimKhan #MuslimWealth #VentureCapital #MajlisAndMarkets #IFG #Cur8Capital

Is Tunisia the most undervalued tech hub in Africa? While the global spotlight often falls on the "Big Four" (Nigeria, Egypt, Kenya, and South Africa), Tunisia is quietly building a powerhouse ecosystem rooted in a unique culture of resilience.

In this episode of Majlis & Markets, we sit down with Oussama Messaoud to uncover the reality of the "Tunisia Advantage." We discuss what it truly takes for founders to thrive in this Mediterranean tech powerhouse and why global investors are finally paying attention to its untapped potential.

In this episode, we explore:

• The Resilience Mandate: Why Tunisian founders are among the most determined in the global market.
• The Startup Act: How specific policy shifts transformed the country into a founder-friendly destination.
• Beyond Borders: The reality of talent migration and the potential for Tunisian success on the global stage.
• Action vs. Apathy: Why collective effort and bold action are the only ways to foster meaningful change in the ecosystem.
• Investment Outlook: Oussama’s thesis on where the capital is flowing in 2026.

Key Takeaways:

• Determination to Succeed: Tunisian founders are committed to a vision that transcends local regulatory and economic hurdles.
• The Talent Ultimatum: If founders cannot find the support to build locally, they will move—making the mission for domestic change more urgent than ever.
• Resilience as a Priority: Entrepreneurship can thrive despite challenges, but systemic transformation is required for long-term growth.
• Collective Transformation: Success exists beyond borders, but a unified effort is needed to transform the Tunisian home ecosystem into a global leader.

Related Resources:

• The Ecosystem Guide [Podcast series] by TunisianStartups ft. Oussama: https://www.youtube.com/watch?v=xCjJc5Qp4iY

Connect with Majlis & Markets

Stay ahead of the curve with insights into emerging markets, venture capital, and the future of finance across the MENA region.

• YouTube: @majlismarketspod
• LinkedIn: Majlis & Markets
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#VentureCapital #Tunisia #NorthAfricaTech #StartupEcosystem #Investing #MajlisAndMarkets #OussamaMessaoud #AfricanStartups #Resilience #EmergingMarkets

Is the global financial axis permanently shifting? At Abu Dhabi Finance Week (ADFW) 2025, decision-makers representing $62 trillion in assets—equivalent to over 50% of global GDP—gathered to answer that question.

Hosted within the high-growth ecosystem of ADGM, this exclusive series of interviews moves past the headlines to analyse how Abu Dhabi is officially "Engineering the Capital of Capital."

Join Majlis & Markets for a deep dive into private credit, geopolitics, and the future of institutional wealth.

Featured Global Experts:

• Ted Koenig (Chairman & CEO, Monroe Capital): Explains why Monroe Capital chose to establish a presence in ADGM and why he views the Middle East as the next hotspot for private credit activity and regional dynamics.
• Richard Banks (Soling Partners): A deep dive into the maturing private markets landscape in the region, the outlook for private credit both in the GCC and globally, and how the regional ecosystem is evolving.
• Zongyuan Zoe Liu (Council on Foreign Relations): Analyses the Chinese economy's growing relations with Gulf and MENA economies, providing a 2026 outlook for this critical geoeconomic corridor.

🔗 Follow Majlis & Markets for more insights on Islamic and Global Markets:

• YouTube: https://www.youtube.com/@MajlisMarketspod/videos
• LinkedIn: https://www.linkedin.com/company/majlis-and-markets/
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Can a $6 trillion industry survive its own stagnation? In Episode 82 of Majlis & Markets, we confront the "elephant in the room": why Islamic finance is standing still despite massive global asset growth. We are joined by industry veteran Khalid Howladar to unpack why the sector remains stuck in "business as usual" and why technology, (specifically AI and digital assets) is the only path forward for the Ummah.

In this deep-dive conversation, we break down the controversy surrounding AAOIFI Sharia Standard 62, the structural limitations of traditional Sukuk, and the urgent need for a shift toward a truly asset-oriented economy.

What you’ll learn in this episode:

• The Innovation Gap: Why $6 trillion in assets doesn't equal industry success.
• Sharia 2.0 & AI: How technology can solve the governance crisis and democratize expert knowledge.
• The Future of Assets: A critical look at the role of Crypto and Gold in reclaiming the Ummah’s economic future.
• Investment Dynamics: Insights into the world of Venture Capital and the lessons learned from firms like Sequoia.

🔗 Resources Mentioned:
Sukuk Standards Document: https://acreditus.docsend.com/v/8vcxb/sukukstandards

Deep Dive on Sukuk Credit Ratings: https://www.linkedin.com/posts/khalidhowladar_sukuk-credit-ratings-activity-7398971887407575041-JFFa/?utm_source=share&utm_medium=member_android&rcm=ACoAAAAFZMoB5RmqEhJNfCrLeK9AeUCobjuvkLM

🤝 Connect with Khalid Howladar:
LinkedIn: https://www.linkedin.com/in/khalidhowladar/
X (Twitter): https://x.com/khalidhowladar

📺 Watch & Listen More:
The Sequoia & VC Episode: https://www.youtube.com/watch?v=2WjPn7UeeTQ

Previous Khalid Howladar Interview: https://majlisandmarkets.buzzsprout.com/1907033/episodes/15162664-episode-22-redefining-islamic-finance-the-tech-disruption

📱 Connect with Majlis & Markets:
🔗 YouTube: https://www.youtube.com/@MajlisMarketspod
🔗 LinkedIn: https://www.linkedin.com/company/majlis-and-markets/
🔗 X (Twitter): https://x.com/MajlisMarkets
🔗 Instagram: https://www.instagram.com/majlismarkets/
🔗 TikTok: https://www.tiktok.com/@majlis.markets

⚠️ Disclaimer: The views and opinions expressed in this episode are for informational purposes only and do not constitute financial or investment advice. Viewers and listeners are encouraged to do their own research or seek professional advice before making any financial decisions.

Pakistan is moving towards an interest-free Islamic financial system, but can Islamic finance really fix economic challenges or are public expectations misplaced?

In Episode 81 of Majlis & Markets, Farrukh Raza from IFAAS explains why Islamic finance is not designed to create jobs overnight, how liquidity surpluses and sovereign debt complicate reform, and why this transition is ultimately about aligning Pakistan’s financial system with its Constitution, the Qur’an, and the Sunnah.

We explore the ethical foundations of Islamic finance, the risks of misunderstanding its role and what success should realistically look like as Pakistan moves toward an Islamic economy.

This episode builds on an article from April 2025 on the challenges facing Pakistan’s interest-free banking push:
👉 https://salaamgateway.com/story/pakistans-push-for-an-interest-free-banking-system-faces-challenges

Topics covered

• Islamic finance and Pakistan’s economy
• Interest-free banking in practice
• Job creation myths and public expectations
• Liquidity and sovereign debt challenges
• Constitutional principles, Qur’an and Sunnah
• Ethics, transparency, and trust

Follow Majlis & Markets
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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

Follow Majlis & Markets

🎥 YouTube: https://www.youtube.com/@MajlisMarketspod

💼 LinkedIn: https://lnkd.in/eXKNRVcF

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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