Wednesday, July 6, 2022

Vineeta Tan

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...

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...

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.

COCOA Invest eyes more regulatory licenses

hrain-based COCOA Invest is considering expanding into the UAE as the Islamic robo-advisor prepares to introduce a Shariah compliant pensions product this year as part of its growth strategy.

Thndr debuts first Islamic offering

Egyptian digital investment platform Thndr has launched its first Shariah compliant fund in partnership with incumbent financial institutions, expanding the limited universe of digital Islamic investments in the North African market.

PayHalal enters Islamic BNPL arena with Atome collaboration

Regional buy-now-pay-later (BNPL) platform Atome has introduced a Shariah compliant BNPL service in partnership with Islamic payment gateway HalalPay as the Singaporean firm looks to strengthen its Malaysian play.

Wealthface enters Islamic robo-advisory space with Halal trading feature

UAE-based investment manager Wealthface has entered the Halal marketspace with its new premium digital...

Saudi fintech community welcomes new Islamic start-ups

Several Islamic fintech start-ups have gained regulatory licenses to operate in Saudi Arabia, underscoring the world’s largest Shariah financial market’s latent potential for Islamic digital finance and investments.

Islamic Chinese offshore bank rolls out blockchain-based digital wallet

Labuan-incorporated Asia Digital Bank (AsiaDB), which is vying the Islamic financial market, has launched its A-Bank Super Wallet, providing cross-border payment and remittance solutions involving both fiat and digital currencies.

SHUAA Capital gains controlling stake in financial digital aggregator...

HUAA Capital, a prominent asset manager in the Islamic finance space, has acquired a controlling stake in financial comparison platform Souqalmal, deepening the firm’s fintech investment play.

Wahed sets up new risk and audit unit

Following a legal tussle with the Securities and Exchange Commission (SEC) settled last month, Islamic robo-advisor Wahed Invest has established a risk and audit department in a bid to enhance its risk management operations.

Grab to deliver Islamic financing to Malaysian gig workers...

The fintech arm of Southeast Asia’s first decacorn, Grab, will offer a Shariah compliant financing product to eligible Grab drivers and delivery partners, in collaboration with Islamic fintech company, Sedania As Salam Capital (SASC).

Maybank expects new digital solution to boost personal financing...

On the heels of launching its digital home financing service, Maybank has expanded its suite of online products with a personal digital financing solution, available in Islamic and conventional options.

Muslim-focused cryptos on the rise despite conflicting Shariah views

Despite its relative youth, the crypto market has surged in popularity and value, almost rivaling the size of the entire global Islamic finance industry, and even outsizing it at times. Its phenomenal, and volatile, rise has been a subject of contention among Shariah scholars, but it has not really deterred Muslim crypto enthusiasts, as evident by the emergence of digital currencies targeted at the Halal-conscious segment.

ALAMI sets new monthly record for financing distribution

ALAMI has distributed over IDR200 billion (US$13.89 million) in the month of February, a monthly record high

BIBF rolls out NFTs providing access to Islamic finance...

Bahrain Institute of Banking and Finance (BIBF) has unveiled eight education-linked non-fungible tokens (NFTs) providing owners access to Islamic finance qualifications.

MRHB DeFi partners with Sukhavati Labs

MRHB DeFi will be storing all the non-fungible tokens (NFTs) minted on its network,...

AFS and Aafaq Islamic Finance to support fintech start-ups

Bahrain-based Arab Financial Services, backed by 37 financial institutions in the region, has joined hands with UAE-based Aafaq Islamic Finance to support emerging and existing fintech start-ups bring to market new products and services into the Emirate.

CMA welcomes first global Islamic crowdfunding platform

On the heels of publishing its crowdfunding regulations last November, Oman’s Capital Market Authority (CMA) has licensed its first Islamic global crowdfunding platform, Ethis Investmen

DIFC unveils AI and coding license

In a bid to attract artificial intelligence (AI) and coders to the UAE as...

SAMA licenses new payment company on the back of...

Saudi Central Bank (SAMA) has licensed Moyasar Financial Company, a payment fintech firm, to provide e-commerce payment services, bringing the total number of licensed payment companies to 16, in addition to nine which were granted an in-principle approval.

Qatar — the next Islamic fintech hub?

Dubai, Kuala Lumpur and London may be the forerunners of Halal fintech solutions, but one of the largest economies in the Arab league is also quietly making a bid to attract more Shariah compliant fintech start-ups to its shores.

Al Rajhi Bank Malaysia readies itself for 2022 Islamic...

The Malaysian arm of the world’s largest Islamic bank seems to be pulling out all the stops to unveil a digital bank this year, moving in lockstep with its Saudi parent which has embarked on its multiyear Bank of the Future strategy to become digital-ready.
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