Tuesday, March 5, 2024

Nessreen Tamano

Traditional investment channels evolving into hybrid digital platforms, says...

The Islamic fintech and digital investment sectors are rapidly growing, underlining a significant shift in the financial habits and preferences of Islamic investors worldwide.

Saudi subsidiary of Hong Kong brokerage firm unveils Shariah...

Valuable Capital Financial Company (VCFC), a brokerage firm licensed by the Saudi Capital Market Authority (CMA) and whose parent company is Hong Kong-based online broker Valuable Capital Group, has officially launched its Shariah compliant trading app, Sahm.

AEON Bank operationally ready to roll out digital Islamic...

Almost one year after being granted a digital Islamic banking license by the Malaysian finance minister, AEON Bank secured approval from Bank Negara Malaysia and the Ministry of Finance for its operational readiness.

New Qatari Islamic BNPL platform prepares for 2024 launch

Qatar may soon welcome PayLater, the first homegrown Buy Now Pay Later (BNPL) platform in the country, in 2024.

Saudi Arabia and Singapore to cooperate on fintech and...

The central banks of Saudi Arabia and Singapore have entered into a cooperation agreement...

Omani regulator prepares for year-end launch of virtual assets...

The Capital Market Authority (CMA) of Oman, which regulates and develops the Sultanate's capital market and insurance sector, is finalizing the Virtual Assets Regulatory Framework for its official launch by the end of this year.

Dubai Islamic Bank enters Turkiye’s digital banking and fintech...

Dubai Islamic Bank (DIB) has entered the Turkish digital banking and fintech sector with...

New Somalian microfinance company to implement Islamic banking system

ASAL Microfinance, a newly established Shariah compliant microfinance company in Somalia, has partnered with digital finance service provider Musoni to help streamline its operations.

Islamic fintech start-up becomes Pakistan’s first licensed P2P financing...

Finja Invest, a Shariah compliant P2P financing platform, has received approval from the regulator to officially run its business, making it the first P2P lending service provider in the country.

Hejaz acquires stake in Islamic Bank Australia to drive...

Australian Islamic finance provider Hejaz Group has taken one step closer to its goal of offering a holistic range of products and services with its latest investment in the country's lone fully-fledged Islamic bank.

ABHI taps Sukuk market to aid Middle East expansion

ABHI, an Islamic fintech company focused on providing payroll and wage solutions for businesses and their employees in Pakistan, has issued Sukuk worth PKR2 billion (US$6.93 million).

Oman licenses nine new crowdfunding platforms in Q1 2023

The Capital Market Authority (CMA) of Oman has granted licenses to nine companies to carry out crowdfunding activities as at the end of Q1 2023.

Islamic bank and VC firm launch Iraq’s largest tech...

Iraq Islamic Bank (IIB), the country's first Islamic bank established in 1992, has partnered with global investment company MSA Novo to support Iraqi start-ups and contribute to the development of Iraq's digital landscape.

IsDB and partners to mobilize funding for Nigeria’s digital...

The IsDB has joined a consortium of multilateral and development agencies to launch a program aimed at funding the digital and creative sectors of Nigeria.

Qatar’s 2023 fintech strategy prioritizes Islamic banking and insurance

Sheikh Bandar Mohammed Saoud Al-Thani, the governor of the Qatar Central Bank (QCB), has launched the National FinTech Strategy of the Sultanate for the year 2023, which is expected to boost the country's wider fintech sector.

Labuan IBFC aims to issue Shariah compliant security tokens...

The Labuan International Business and Financial Centre (Labuan IBFC), a special economic zone in Malaysia's Labuan, plans to issue Shariah compliant digital security tokens this year, through its newly launched Islamic Digital Asset Centre (IDAC).

TPL Insurance partners with Faysal Bank to extend Takaful...

Over a year after the Pakistani regulator released draft guidelines in support of digital-only insurers, an insurtech company's Takaful window has partnered with a local bank to expand its reach, taking a step forward in the sector's development.

Ethis partners with Islamic rural banks

Shariah compliant fintech platform Ethis Indonesia has finalized its partnership with two Indonesian Islamic rural banks, or Bank Pembiayaan Rakyat Syariah (BPRS) as they are locally known.

Labuan launches initiative to attract Islamic digital assets and...

In a bid to position itself as a strong player in the digital Islamic...

New Islamic trading platform encourages Pakistani diaspora investment

Pakistan Stock Exchange (PSX) and fully-fledged Islamic bank Meezan Bank have collaborated to establish a new, dedicated trading platform catering to Islamic banks' clients that hold Roshan Digital Accounts (RDAs) — an investment solution for non-resident Pakistanis.

Fintech company enters Malaysian Islamic finance market with BNPL...

Fintech and digital commerce solutions provider IOUpay has become the newest player in the thriving Shariah compliant buy-now-pay-later (BNPL) market in Malaysia — the first step in its plan to expand into Southeast Asian countries with large Muslim populations.

Malaysia and Turkey to join hands and establish first...

During an official visit by Malaysian Prime Minister Ismail Sabri to Turkey to meet his counterpart President Recep Tayyip Erdogan and discuss bilateral cooperation, two entities signed an agreement to establish Turkey's first Islamic digital bank.

UAE digital banking start-up raises US$41 million to fund...

UAE-based digital banking app YAP has raised US$41 million to back its growth and expansion plans, through an investment round led by Shariah compliant Saudi firm Aljazira Capital.

Islamic bank ventures into the metaverse

Warba Bank has announced its entry into two metaverses, making it the first Islamic bank in the world and the first bank in Kuwait and the region to have a presence in the virtual world.