Saturday, June 3, 2023

Vineeta Tan

Islamic Coin launches US$40 million grants and investment program

Halal crypto Islamic Coin has announced a US$40 million grants and investment program to support Shariah compliant projects benefitting the project’s ecosystem.

Philippine DAX to become Shariah compliant following merger with...

Green-X, an Islamic ESG digital asset exchange (DAX), has merged with CryptoSX in a bid to develop the world’s largest security token offering (STO) platform.

SEDCO bolsters support for tech start-up community with new...

Islamic investment group SEDCO Holding has launched a financial management program to support entrepreneurs...

Saturna to bolster digital offerings with Islamic sustainable funds

The Malaysian arm of US-based Saturna Capital is working on expanding its digital product suite to include Islamic ESG funds, IFN Fintech has learned.

Islamic digital investment platform enters Kuwaiti market

A Kuwaiti investment house has launched a Shariah compliant digital investment platform, deepening the State’s relatively nascent Islamic fintech market.

Tanzanian Halal robo advisor to introduce new asset classes...

Islamic robo advisor Shirkah Invest is working on introducing a real estate product this year as it embarks on an aggressive expansion drive.

Australia’s Meezan Wealth Management unveils digital platform

A Sydney-based Islamic investment manager has launched a digital solution in a bid to reach out to the wider Australian community.

Another Saudi start-up prepares to enter Islamic fintech market

FataFeat, a savings and investment app targeting youths, is laying the foundation to launch in the Saudi market having recently graduated from the Fintech Saudi’s Fintech Seed Virtual Accelerator.

CIBAFI urges Islamic banks to develop CBDC technical capacity

The General Council for Islamic Banks and Financial Institutions (CIBAFI) has made five recommendations to Islamic banks in light of central banks adopting central bank digital currencies (CBDCs).

IMAN Invest rolls out funding program to support Uzbek...

The people behind an Uzbek Halal digital investment platform have set up a funding initiative to finance start-ups in the Republic.

UPDATED: Investree to spin off Islamic P2P business

Indonesia’s Investree has terminated its Shariah business operations since January 2023, the P2P lender confirmed in a social media post.

Tayyab receives overwhelming demand for Islamic vehicle financing

Kazakhstan-based Islamic fintech start-up Tayyab has received over US$120 million in applications for its planned vehicle financing product, Co-Founder Ivan Kamenski told IFN Fintech.

IMAN expects BNPL license in March

While securing a buy-now-pay-later (BNPL) license is taking longer than expected, Uzbekistan’s IMAN is nonetheless making good progress on expanding its Islamic fintech business: it has established a joint venture (JV) in Kazakhstan and has secured a place in a Silicon Valley accelerator program.

CMA Oman reveals plans for virtual assets framework

Oman’s Capital Market Authority (CMA) is developing a comprehensive regulatory framework for virtual assets and virtual asset service providers (VASP) in a meaningful move to develop the Sultanate’s digital assets sector.

Another royalty supports Islamic Coin

Sheikh Saeed Hamdan Mohammed Al Nahyan, a member of the UAE royal family who is notably the UAE naval chief rear admiral, has joined HAQQ Association as an advisor, in support of the rollout of Islamic Coin.

Interest-free financing platform ZeroPA seeking FCA license

Having already initiated a test pilot in the Isle of Man, ZeroPA, which is targeting the UK Muslim market with its interest-free digital finance solution, is working on expanding its business to the rest of the UK with a license from the Financial Conduct Authority (FCA), IFN Fintech has learned.

Wahed acquires two companies to capture UK Muslim estate...

Wahed has purchased a digital Islamic wills provider and a legal firm specializing in estate planning for Muslims for undisclosed sums as part of the Halal robo-advisor’s aggressive growth strategy to become a one-stop shop for Muslim-friendly financial services.

Saudi robo-advisor gains Islamic certification

Saudi robo-advisor Madkhol has secured a Shariah stamp of approval for its digital financial planning and wealth management service, growing the Kingdom’s Islamic fintech community.

Fi Life acknowledges digital Takaful market opportunity in Malaysia

The latest insurtech start-up accepted into Bank Negara Malaysia (BNM)’s regulatory sandbox has indicated potential interest in the Islamic insurance space.

Saudi tech investment manager debuts Islamic fund to support...

Merak Capital has launched a SAR200 million (US$53.26 million) Shariah compliant credit fund to provide direct financing to Saudi-based technology and tech-enabled companies including fintech start-ups.

HelloGold says goodbye to retail business; to focus on...

HelloGold, the industry’s first Shariah-certified gold digital trading platform, will be shuttering its retail business in Malaysia and Thailand, but will carry on with its B2B initiatives, IFN Fintech has learned.

Tabby’s US$58 million Series C makes it one of...

Shariah compliant buy-now-pay-later platform Tabby has secured US$58 million in Series C funding, which raises the valuation of the Dubai start-up to US$660 million, one of the highest in the region.

IBF Net launches Islamic metaverse

IBF Net has unveiled the world's first Shariah compliant metaverse as part of its ambitious efforts to digitalize the Halal economy.

Insurtech Ouch! closes pre-series A round; eyes digital Takaful...

Having recently concluded a pre-series A funding round, Malaysian insurtech start-up Ouch! has confirmed that it is in advanced stages of acquiring a final approval from Bank Negara Malaysia (BNM) to operate in its regulatory sandbox, with eyes on becoming the country’s first digital Takaful operator.