Saturday, December 9, 2023

Vineeta Tan

Nomo joins hands with Blueprint to offer investment advisory...

UK-based Islamic challenger bank Nomo will be offering real estate investment advisory services in partnership with property consultancy Blueprint Company.

SAMA releases payment regulatory framework

Saudi Central Bank (SAMA) has issued the Implementing Regulations for the Law of Payments and Payment Services in line with its ambition of enhancing the Kingdom’s digital payment architecture’s soundness and efficiency.

IsDBI initiates project to leverage postal networks and digital...

The Islamic Development Bank Institute (IsDBI) has commenced a project to explore digital Islamic financial services through the postal network of member countries in a bid to enhance financial accessibility among the unbanked.

UAE’s National Bonds partners with Astra Tech to expand...

Shariah compliant savings and investment company National Bonds and consumer technology holding group Astra Tech have entered an MoU to provide Halal investment opportunities to 10 million users of voice-calling app Botim in the UAE.

Funding Societies continues Islamic finance drive with Islamic investment...

Hot on the heels of launching a new range of Islamic financial products last month, SME digital financier Funding Societies Malaysia has now introduced a new offering of Shariah compliant investment notes.

Billion-dollar commitment: Saudi’s digital SME financing drive

Saudi Arabia’s Small and Medium Enterprises Bank (SME Bank) and its subsidiaries have signed 20 agreements worth over SAR1 billion (US$266.46 million) with fintech companies and investment funds in a bid to diversify funding solutions for the SME sector.

Rakeez Capital obtains Shariah approval for Sukuk issuance platform

Saudi Arabia is an active Sukuk issuer, contributing to the US$178 billion issued last year. Moody’s Investors Service projects global Sukuk offerings to moderate to U$170—175 billion this year.

Saudi Islamic bank secures permit to facilitate open banking...

An Islamic bank has become the first financial institution in Saudi Arabia to successfully complete the technical permit requirements to enable open banking services under new regulations set by the Saudi Central Bank (SAMA).

Meezan Bank partners with fintech firm to develop Islamic...

Pakistan’s largest Islamic bank, Meezan Bank, has partnered with Fauree Tech to establish a digital platform for Shariah compliant supply chain finance.

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.