Wednesday, July 6, 2022

Vineeta Tan

How SECP’s first sandbox cohort is guiding fintech policymaking...

Securities and Exchange Commission of Pakistan (SECP) is amending its regulations on non-banking finance companies (NBFC) to provide a framework for peer-to-peer (P2P) financing, as it works on several other digital-related rules to support the fintech ecosystem. These initiatives are inspired by its inaugural regulatory sandbox cohort.

IBF Net launches platform capitalizing on NFTs to support...

In yet another move toward its Islamic metaverse ambition, IBF Net Group has launched Credence, a platform enabling the creation of Shariah compliant digital assets using non-fungible tokens (NFTs) on Algorand.

MRHB DeFi rolls out Halal crypto wallet

MRHB DeFi has officially launched Sahal Wallet, a non-custodial Halal cryptocurrency wallet, confirming a...

Chinese-owned digital offshore bank appoints Shariah advisor

Asia Digital Bank (AsiaDB), one of the two licensed digital banks in Labuan International Business and Financial Centre (Labuan IBFC), has engaged Amanie Advisors to advise, monitor and certify the Shariah compliance of the virtual bank’s operations as it steadily builds its Islamic finance proposition.

Indonesian digital-first bank unveils Shariah finance app

Indonesian digital-first bank unveils Shariah finance app

Aqarchain unveils NFT marketplace as part of virtual land...

Aqarchain, a blockchain-powered real estate asset tokenization platform, has launched its non-fungible token (NFT) marketplace as part of its ambition to establish a decentralized ecosystem where investment in real estate will be simplified through the minting of real estate NFT and fractionalizing it.

MRHB DeFi inching toward e-wallet launch following successful funding...

Marhaba Network (MRHB DeFi) is keeping busy raising funds, listing its token and preparing to roll out a new product.

Kuwait expects to license digital banks by end of...

With the release of new digital bank guidelines by the Central Bank of Kuwait (CBK), applications are now open until the 30th June 2022 for interested parties to bid for a digital banking license.

CBB adds digital finance providers to rulebook

The Central Bank of Bahrain (CBB) has expanded the scope of financing models in...

Wahed addresses SEC charges

Wahed Invest’s Global Risk Officer Umer Suleman, who is also the general manager of the firm’s UK business, has publicly addressed the charges brought on by the US Securities and Exchange Commission (SEC) against the firm.

Al Rajhi Bank Malaysia appoints digital bank head and...

The Malaysian arm of the largest Islamic bank in Saudi Arabia is anchoring its digital bank ambitions with a new office in Kuala Lumpur and has appointed a new head to lead the operations.

Ethis Indonesia onboards institutional investor

Indonesian peer-to-peer financier Ethis has garnered the institutional support of venture builder Wira Global...

US regulator takes action against Wahed Invest

Wahed Invest, a pioneering robo-adviser in the Islamic finance space, has been charged by the US regulator with “making misleading statements and breaching its fiduciary duty, and for compliance failures related to its Shariah advisory business”, resulting in a US$300,000 fine.

Bank Aladin Syariah partners with Google Cloud as part...

Bank Aladin Syariah is working on scaling up its technology infrastructure to better serve the Muslim community of Indonesia, and has engaged Google Cloud to assist it in its digital transformation.

Al Rajhi Bank Malaysia forms new partnership to build...

Shortly after its Saudi parent acquired a technology company to support its digital transformation, Al Rajhi Bank Malaysia (ARBM) has chosen a firm to aid it in launching an Islamic digital bank.

CoinMENA wins EU license

Bahrain-based Shariah compliant CoinMENA has secured a license from the European Union, allowing it...

Rain strengthens expansion agenda with ADGM’s in-principle approval for...

The Middle East’s first licensed Islamic crypto exchange, Rain, has secured an in-principle approval...

Islamic NFT marketplace hits the market

In the backdrop of a surging non-fungible tokens (NFTs) market amid swelling interest, a fintech firm has unveiled a Shariah compliant NFT marketplace using the Ethereum blockchain.

SBP digitizes Islamic export finance operations

State Bank of Pakistan (SBP) has digitized the process of banks securing refinance from the central bank under the Islamic and conventional Export Finance Scheme (EFS).

Al Rajhi Bank acquires tech company as part of...

Building on its 2020 Bank of the Future strategy, Saudi Arabia's largest Islamic bank has acquired a technology company to support its digital transformation endeavors as it embraces its "Unbank the Bank" identity.

Rain closes US$110 million Series B round

Bahrain-licensed cryptocurrency exchange Rain has raised US$110 million in Series B funding which it will use to support its expansion plans into Turkey, Pakistan and the rest of MENA.

BNM paves way to regulate digital insurers and Takaful...

Surging demand for digital Takaful and insurance services driven by the pandemic has led to Bank Negara Malaysia (BNM) to develop the Digital Insurance and Takaful Framework as it prepares to license digital insurance and Takaful operators (DITOs).

Digital Sukuk gaining increasing mainstream attention

A fintech start-up in Saudi Arabia has engaged a Shariah advisor to monitor and...

Islamic ESG universe expands with addition from Shariah robo-advisor

Islamic robo-advisor Wahed has become the first Halal digital investment manager to debut NASDAQ’s first Shariah compliant environmental, social and governance (ESG) exchange-traded fund (ETF), expanding the universe of Islamic ESG investment instruments.
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