Friday, May 20, 2022

Industry leaders identify key focus areas...

Industry stakeholders in Malaysia have identified four key priorities and six strategic recommendations to facilitate an effective Islamic fintech funding ecosystem in Malaysia.

Pakistani Islamic fintech start-up closes US$17...

Pakistan-based Abhi, which offers Shariah compliant digital financial services, has raised US$17 million in Series A funding, bringing its valuation to US$90 million.

Saudi fintech start-ups capture UK Halal...

UK Halal investment platform Maydan Capital has partnered with Saudi Aramco Entrepreneurship Center’s Wa’ed Ventures to channel Shariah compliant investments into ethical Saudi fintech start-ups.

Islamic crypto asset-related start-ups capturing attention...

Investors — both conventional and Islamic — are warming up to Halal crypto-based projects as evident by more related Shariah fintech start-ups winning investments, a sign that is likely to be a boon for the Islamic fintech sector.

Rain abolishes trading fees to expand...

Halal cryptocurrency exchange Rain has introduced 0% trading fees, one of the most competitive fee structures in the region, in a bid to expand its Middle Eastern customer base.

Malaysian Islamic entity enters carbon credit...

Shariah compliant investment holding company Radiance Assets has reached a final agreement on acquiring 2.45 million shares in DeepMarkit Corp, a Canadian public listed firm, for a gross amount of CA$2.08 million (US$1.65 million), allowing it to form a carbon offset arrangement.

Islamic P2P platform ALAMI partners with...

ALAMI and Indonesia’s National Committee for Islamic Economy and Finance (KNEKS) have signed an MoU to jointly develop Islamic finance, particularly in the area of Shariah finance literacy.

Cambodia to welcome Shariah compliant digital...

Singapore-based Bankograph, a digital banking solutions provider, has partnered with Cambodia Asia Bank (CAB), a commercial bank with its headquarters in Phnom Penh, to offer Shariah compliant products to Cambodian customers.

Muslim lifestyle app TheNoor partners with...

Malaysia-based Split, a Shariah-certified buy-now-pay-later (BNPL) fintech provider, has onboarded Muslim lifestyle app TheNoor, offering the latter’s 2.2 million customers access to Riba-free point-of-sale financing for e-commerce transactions.

Singaporean company invests in Islamic neobank...

Singapore’s ZA Tech Global, a digital insurance solutions provider, is the latest strategic business partner and investor of Bank Aladin, an Indonesian Islamic digital bank, to collaborate on insurtech offerings for Indonesian consumers.

Malaysian advisory firm to tokenize Fatwa

Islamic finance and Halal advisory firm Adl Advisory will be tokenizing its Shariah pronouncements using IBF Net’s Credence platform, a sign of the expanding adoption and diversifying utility of blockchain technology within the Islamic finance industry.

IMAN raising US$3 million post-seed round...

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

Twenty entities apply for SBP’s digital...

State Bank of Pakistan (SBP) has received 20 digital bank applications from a range of institutions, in an exercise the regulator said reflects the confidence market players have in the Republic’s financial sector.

Former Natwest banker Kevin Guy joins...

Islamic challenger banking start-up MoneeMint has hired Kevin Guy, a former regional director for wealth management at NatWest, to oversee its launch and operations across the UK, wider Europe and the Gulf region as group COO.

COCOA Invest eyes more regulatory licenses

hrain-based COCOA Invest is considering expanding into the UAE as the Islamic robo-advisor prepares to introduce a Shariah compliant pensions product this year as part of its growth strategy.

Al Rajhi Jordan selects ICSFS

Al Rajhi Bank – Jordan has selected ICS BANKS Islamic and ICS BANKS Digital banking software solutions from ICS Financial Systems (ICSFS) to better serve its customers.

CoinMENA partners with Beyon Money; eyes...

Shariah compliant digital exchange CoinMENA has partnered with Batelco Financial Services’s Beyon Money give users nationwide the chance to earn up to 5% cashback when depositing money into their CoinMENA crypto assets wallets, a first of its kind service in the region, the exchange said.

Thndr debuts first Islamic offering

Egyptian digital investment platform Thndr has launched its first Shariah compliant fund in partnership with incumbent financial institutions, expanding the limited universe of digital Islamic investments in the North African market.
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