Saturday, June 3, 2023

Vineeta Tan

Funding Societies eyes 50% Shariah disbursement by 2025 on...

The Malaysian arm of SME digital financier Funding Societies has introduced a range of new Shariah compliant products to anchor its commitment and influence in the growing Islamic fintech space of Southeast Asia.

ZaynFi wins Shariah approval for DeFi protocol

Singapore-based decentralized finance (DeFi) protocol ZaynFi has secured a Shariah stamp of approval which it hopes will assist it in tapping the wider Muslim market.

Bank ABC enters digital-only Islamic banking services sphere with...

The digital arm of one of Bahrain’s largest listed companies has entered the Islamic...

Gilded obtains Fatwa for gold product to boost MENA...

UAE-based Gilded, a gold digital investment platform, has secured a Shariah compliance certification for its investment offering to strengthen its proposition and reach in the MENA region.

Nester launches Shariah compliant ISA

Islamic property P2P financier Nester has launched an Innovative Finance Individual Savings Account (IFISA), the first to do so in the UK under a newly changed law which leveled the playing field for Shariah platforms.

Data solution for AlJanoob Islamic Bank

AlJanoob Islamic Bank for Investment and Finance will be implementing BankCube’s Data Operation Reconciliation solution.

DIB to invest in digital bank in Turkiye

Dubai Islamic Bank (DIB)’s board of directors have agreed to purchase a 25% stake in a new digital banking group in Turkiye.

e& enterprise to acquire majority stake in Beehive

e& enterprise, a subsidiary Emirates Telecommunications Group (better known as etisalat by e&), is acquiring a majority stake in Dubai-based P2P finance platform Beehive, which offers Shariah compliant products.

Pakistan welcomes online-only brokers with new rules

The Securities and Exchange Commission of Pakistan (SECP) is paving the way for digital brokers with a new regulatory framework.

Primary Finance rebrands to Pfida; plans new products

UK-based Primary Finance has completed a year-long rebranding exercise in line with the start-up’s ambition of becoming a full-service Islamic fintech alternative, with a couple of new products slated in the coming year, IFN Fintech has learned.

Caizcoin doubles down on marketing with new UFC ambassador...

After a management rehaul as well as an unexpected delisting, Caizcoin, a Germany-based company positioning itself as an Islamic blockchain ecosystem, has welcomed UFC rising star Khamzat Chimaev as its ambassador.

Canadian blockchain Halal tokenization platform to begin license application...

Al Mabrook, a blockchain tokenization platform based in Ontario, is considering seeking an exempt market dealer (EMD) license from the Canadian securities regulator as part of its growth strategy to bring Halal blockchain-based funding and investment solutions to the North American market, IFN Fintech has learned.  

Digital asset manager Mahaana Wealth launches Islamic fund

Mahaana Wealth has rolled out Pakistan’s first Islamic money market fund under the Securities and Exchange Commission of Pakistan (SECP)’s Digital Asset Management Company (AMC) framework, making it the Republic’s first digital wealth manager to go live.

Wayhome raises almost US$10 million in Series A round

UK-based Wayhome, a homeownership financing platform, has raised GBP8 million (US$9.96 million) in Series A equity funding, providing the Islamic fintech start-up a cash runway to breakeven point.

IBF Net building virtual education city focusing on Halal...

IBF Net, the company behind the first Halal metaverse, Netverse, is building a virtual education city as part of its growth strategy.

Funding Societies to introduce new Halal digital products this...

SME digital financier Funding Societies will be expanding its Halal financing portfolio as it doubles down on its Islamic finance business in Malaysia.

Exceeding expectations: Saudi surpasses cashless target

The Saudi Central Bank (SAMA)’s investment into enhancing its payment infrastructure is paying off as it has exceeded the 60% retail e-payment target set by the Financial Sector Development Program (FSDP), latest figures show.

Malaysia’s BNPL segment attracts another Islamic player

A buy-now-pay-later (BNPL) platform in Malaysia has secured a Shariah compliance accreditation in a bid to capture the Muslim market.

Malaysia targets officially regulating BNPL before year’s end

Bank Negara Malaysia (BNM) has released the second of a two-part consultation paper on the Consumer Credit Act (CCA), which will prioritize bringing currently unregulated non-bank credit providers and service providers including buy-now-pay-later (BNPL) platforms under its supervision.

Cashew KSA secures strategic investor to accelerate Saudi launch

Islamic payment fintech company Cashew Arabia Company for Information Technology (Cashew KSA) has onboarded a new investor, which will support the firm's digital lending business in Saudi Arabia.

IBF Net raising funds via token sale on Polykick...

IBF Net has commenced the initial offering of its IBFN tokens on the Polykick...

Saudi AZM to acquire AZM FinTech

Saudi AZM for Communication and Information Technology Co has signed a non-binding MoU with AZM FinTech’s shareholders to fully acquire the latter’s shares.

BNM to issue new fintech sandbox framework to speed...

Bank Negara Malaysia (BNM) intends to issue a new Financial Technology Regulatory Sandbox Framework, replacing the initial one issued in 2016, as an evolving landscape calls for a more efficient mechanism to test digital solutions.

Saudi Islamic digital bank to go live “very soon”

Four years in the making, one of the three digital bank licensees in Saudi Arabia is now at the cusp of launching its operations.