Friday, May 20, 2022

Vineeta Tan

Pakistani Islamic fintech start-up closes US$17 million Series A round

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 investment platform’s interest

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 of global investors

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 market share

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 NFT space with investment in Canada’s DeepMarkit

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.

Muslim lifestyle app TheNoor partners with Split to offer Islamic BNPL

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.

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 to support South Asian expansion

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

Twenty entities apply for SBP’s digital bank license

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 MoneeMint as group COO

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.
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