Sunday, July 21, 2024

Vineeta Tan

New York-based Shariah gold token lists on Green-X

A precious metals mining and blockchain development company has secured the greenlight to list its gold-backed Shariah compliant security token on Green-X, marking its expansion into the Asian and Middle Eastern markets.

Fasset to use UAE as springboard to wider region...

Digital asset exchange Fasset has finally launched its app in the UAE five months after it secured Dubai’s first Virtual Asset Service Provider (VASP) license.

Canadian tokenization platform in advanced stages of securing license

IFN Fintech has learned that Canadian tokenization platform Al Mabrook Financial is in the “final stages” of securing a license in El Savador, just as it gained Shariah approval for its business model.

Islamic crowdfunding group sets up VC fund and accelerator...

Malaysian Islamic crowdfunding group Ethis has unveiled HASAN, a venture capital (VC) and accelerator program designed to support Halal start-ups in Southeast Asia and the GCC.

Islamic Bank Australia gives up banking license as capital-raising...

The first, and only, fully-fledged Shariah compliant bank in Australia has surrendered its restricted banking license to the Australia Prudential Regulation Authority (APRA) due to struggles in raising the capital needed to maintain the hard-earned license, the neobank confirmed.

Digital lending sector gravitating toward open banking and open...

The exponential rise of digital financing has brought forth new risks and threats for banks and financial institutions, but it has also led to the emergence of new trends and pockets of opportunities, according to one expert.

Tameed closes Series A funding round

About a year after securing its license, Islamic crowdfunding platform Tameed has raised SAR56.75 million (US$15.12 million) in Series A funding, which it will use to fund its expansion plan in Saudi Arabia.

PolicyStreet gains Islamic (re)insurance license from Malaysian offshore center

Insurance marketplace PolicyStreet has gained an official nod of approval from Labuan Financial Services Authority (Labuan FSA) to offer Takaful and reTakaful products to the wider region.

Funding Societies secures sovereign wealth fund backing

Wahed lands in Abu Dhabi

New York-headquartered Islamic robo-advisor Wahed has officially expanded into the UAE, having secured a financial services permission (FSP) from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).  

Funding Societies to bolster Halal ecosystem with HDC partnership

SME digital finance platform Funding Societies has partnered with Malaysia’s Halal Development Corporation (HDC) to improve the Halal sector’s access to Shariah compliant digital financing facilities.

Islamic BNPL Tamara secures US$250 million financing

Islamic fintech start-up Tamara is yet another Saudi start-up which has captured the interest of global investors evident by its latest funding round.

Australian EV tech firm issues Shariah compliant token

Brighsun EV Group, an Australian firm focusing on new energy technology, has issued the 2UT STO token, a Shariah compliant security token also known as RAMZ.

Takatech start-up Ouch! hopes to grow product pipeline in...

Ouch!, the only insurtech start-up in Bank Negara Malaysia (BNM)’s regulatory sandbox with a Takaful proposition, is looking to introduce a new product hopefully in 2024, according to CEO Shazy Noorazman.

LYNK to build Islamic finance product suite with new...

Saudi Islamic fintech start-up LYNK has raised an undisclosed amount of investment which it will use to develop new products and expand its geographical footprint.

Fusang completes Sukuk tokenization PoC

Malaysia-based Fusang Exchange has detokenized its first listed digital sovereign-linked Sukuk, completing a proof-of-concept (PoC) which could pave the way for greater enhancement to the tokenization of institutional Sukuk.

Tabby becomes industry’s first Islamic fintech unicorn

The Islamic finance industry has welcomed its first Islamic fintech unicorn, Tabby, a buy-now-pay-later (BNPL) platform as the Middle Eastern firm secured a US$200 million Series D funding.

KFH unveils Islamic digital bank

Kuwait Finance House (KFH), one of the largest Islamic banks in the world, has introduced a Shariah compliant digital bank, said to be the first in the State.

QFC seeking to spur DLT innovation with new digital...

As part of the country’s ambitious economic diversification ambition, Qatar Financial Centre (QFC) intends to take advantage of distributed ledger technology (DLT) through its newly minted Digital Assets Lab to bolster its financial sector in a bid to anchor itself as an international financial and commercial hub by 2030.

21Shares to capture Saudi market with Shariah compliant crypto...

Driven by the demand in Saudi Arabia, crypto exchange-traded product (ETP) issuer 21Shares has secured Shariah approvals for two of its ETPs.

Another Islamic BNPL start-up secures Saudi approval

KadiPay has received approval from the Saudi Central Bank (SAMA) to provide buy-now-pay-later (BNPL) solutions, bringing the number of authorized BNPL service providers in the Kingdom to six.

Tim Draper invests in Islamic fintech start-up

Blockchain-based Takaful insurance platform Takadao has raised US$1.6 million in pre-seed funding, in a round led by Silicon Valley investor Tim Draper through Draper Associates.

Bank Alfalah gets greenlight to acquire stake in Islamic...

The Competition Commission of Pakistan (CCP) has approved Bank Alfalah's plan to acquire a 7.2% stake in Shariah compliant buy-now-pay-later (BNPL) fintech start-up Qist Bazaar in a PKR140 million (US$502,950) deal, marking the lender’s foray into the venture capital space.

Hijra to launch new products including social finance offerings

Indonesian Islamic challenger bank Hijra is working on multiple new offerings including a cash Waqf-linked deposit product and a P2P Qard-based offering, Group CEO Dima Djani tells IFN Fintech.