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The people behind an Uzbek Halal digital investment platform have set up a funding initiative to finance start-ups in the Republic.

While securing a buy-now-pay-later (BNPL) license is taking longer than expected, Uzbekistan’s IMAN is nonetheless making good progress on expanding its Islamic fintech business: it has established a joint venture (JV) in Kazakhstan and has secured a place in a Silicon Valley accelerator program.

Uzbek Islamic fintech start-up IMAN Invest is on an aggressive expansion push, preparing to enter new segments, including the Web3 space, as well as to foray into the South Asian market, having secured funding commitments.

Having successfully closed a US$1 million seed round in February, Uzbek Islamic fintech start-up IMAN is now seeking up to US$3 million in investment...

Qatari Islamic bank Masraf Al Rayan (MAR) has signed an MoU with fintech start-up KARTY to jointly deliver Halal digital finance solutions.

Currently in its final sprint of closing its post-seed round, Uzbekistan-based IMAN confirms that it will be applying for new licenses, including an Islamic banking one, beginning January and is on track to expand into new markets including Pakistan.

Funding faltered. Licenses pulled. Companies shut down. The global fintech scene, including within the Shariah fintech realm, over the last 12 months seemed grim....

Bahrain-based Arab Financial Services (AFS), which offers Islamic digital payment solutions, will be expanding its payment technology footprint to Egypt. The firm, owned by 37 financial institutions across the Middle East and Africa, has put together a new team to spearhead the operations of its Egyptian hub.  

Bahrain-based Arab Financial Services, backed by 37 financial institutions in the region, has joined hands with UAE-based Aafaq Islamic Finance to support emerging and existing fintech start-ups bring to market new products and services into the Emirate.