The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has accepted Texas-based Islamic digital banking start-up Fair as a member, lending strength to the Shariah integrity of the start-up which is looking to serve the marginalized communities often overlooked by conventional banks.
Pakistan’s 2020 ambitious digital initiative — the Roshan Digital Account (RDA) — to usher in Islamic and conventional investments into the country from its diaspora is exhibiting promising success, spinning off new fintech-enabled instruments.
Kuwait International Bank (KIB) is tackling the digital agenda head-on. The Islamic bank is adopting a digital-first approach and has taken steps to introduce a whole new digital banking experience in the coming months.
Anticipating a surge in money transfers during Eid, the Central Bank of Kuwait (CBK) has joined forces with banks in the country and the Shared Electronic Banking Co, or Knet, to upgrade its Eidity app.
As investors become more digital-savvy and online investment platforms become more ubiquitous, HSBC Malaysia is also throwing its hat into the ring with a new digital unit trust investment platform allowing customers to invest in Islamic and conventional funds on the go.