Wednesday, December 7, 2022
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Vineeta Tan

Islamic Coin gains Fatwa approving Shariah compliance

Cryptocurrency Islamic Coin (ISLM Coin) has secured a Fatwa ahead of its private sale and listing.

Saudi Arabia seeks to almost triple fintech entities by...

Reaffirming its resolve to transform Riyadh into a formidable global fintech hub, the Saudi...

Ethis Group and Gobi Partners to launch US$20 million...

Gobi Partners, which manages some US$1.5 billion in assets, has joined hands with Islamic...

Expanding its honeycomb: Beehive secures Omani license

Dubai-based peer-to-peer (P2P) financier Beehive will be expanding into Oman as the Capital Market Authority (CMA) has granted the platform a three-year license.

StrideUp bags over US$300 million to support launch of...

StrideUp has secured GBP280 million (US$343.02 million) which will be channeled toward rolling out its Shariah compliant digital home financing product to around 1,000 customers in the UK.

Digital payment company Tribal Credit unveils Shariah compliant solutions

Silicon Valley-based Tribal Credit, which targets start-ups, has engaged Bahrain’s Shariyah Review Bureau (SRB) to evaluate, certify and monitor the Shariah compliance of its new virtual corporate cards and working capital products for Muslim markets.

Dubai’s VARA courts digital assets exchanges including Shariah compliant...

Islamic digital asset exchange company CoinMENA has secured a provisional license from Dubai’s Virtual Assets Regulatory Authority (VARA), fueling its regulatory compliance journey.

SALAMA collaborates with Policybazaar.ae to launch online Takaful product

UAE-based Islamic Arab Insurance Company (SALAMA) has unveiled an online General Takaful solution in partnership with financial marketplace Policybazaar.ae.

Wahed seeks US$50 million Series B funding with Saudi...

Wa’ed Ventures, the venture capital arm at Saudi Aramco Entrepreneurship Center (Wa’ed), is leading Islamic robo-advisor Wahed’s US$50 million Series B funding round, proceeds from which will support its ambition of launching an ethical neobank “in the near future”.

IBF Net to launch Halal metaverse by year-end

Blockchain-based firm IBF Net has begun work on building a metaverse, compliant with Shariah teachings, with a view of unveiling it before 2022 ends, IFN Fintech has learned.

Wahed scores new brand ambassador – Manchester United’s Paul...

A meeting in September 2021 between international football star Paul Pogba and Islamic robo advisor Wahed’s CEO Junaid Wahedna has culminated in a collaboration to attract Muslim youths into the realm of Shariah compliant digital investments.

Manzil acquires Muslim Will following successful seed round

It has been a busy period for Manzil: the Canadian Islamic fintech start-up has secured CA$2.44 million (US$1.95 million) in seed funding and closed its first acquisition, expanding its services to include Shariah compliant estate planning.

EFG Hermes’s BNPL platform valU forays into Saudi via...

valU for Consumer Finance, the buy-now-pay-later (BNPL) subsidiary of Egyptian banking heavyweight EFG Hermes,...

UK Islamic fintech start-up inches toward ethical lifestyle banking...

Islamic fintech start-up Algbra, which also aligns itself with ESG values, has obtained full authorization from the Financial Conduct Authority (FCA) to operate as an electronic money institution (EMI), a crucial step toward the firm’s goal of providing Shariah compliant lifestyle banking services to Muslims in the UK.

Mobiquity launches digital Islamic banking MVP

Having partnered with an Islamic bank last year to support its digital transformation, Hexaware Technologies’s Mobiquity has now launched a digital Islamic banking minimum viable product (MVP), with a view of capturing a slice of the burgeoning multitrillion dollar Islamic finance market.

Pakistani Islamic fintech start-up closes US$17 million Series A...

Pakistan-based Abhi, which offers Shariah compliant digital financial services, has raised US$17 million in Series A funding, bringing its valuation to US$90 million.

Saudi fintech start-ups capture UK Halal investment platform’s interest

UK Halal investment platform Maydan Capital has partnered with Saudi Aramco Entrepreneurship Center’s Wa’ed Ventures to channel Shariah compliant investments into ethical Saudi fintech start-ups.

Islamic crypto asset-related start-ups capturing attention of global investors

Investors — both conventional and Islamic — are warming up to Halal crypto-based projects as evident by more related Shariah fintech start-ups winning investments, a sign that is likely to be a boon for the Islamic fintech sector.

Rain abolishes trading fees to expand market share

Halal cryptocurrency exchange Rain has introduced 0% trading fees, one of the most competitive fee structures in the region, in a bid to expand its Middle Eastern customer base.

Malaysian Islamic entity enters carbon credit NFT space with...

Shariah compliant investment holding company Radiance Assets has reached a final agreement on acquiring 2.45 million shares in DeepMarkit Corp, a Canadian public listed firm, for a gross amount of CA$2.08 million (US$1.65 million), allowing it to form a carbon offset arrangement.

Muslim lifestyle app TheNoor partners with Split to offer...

Malaysia-based Split, a Shariah-certified buy-now-pay-later (BNPL) fintech provider, has onboarded Muslim lifestyle app TheNoor, offering the latter’s 2.2 million customers access to Riba-free point-of-sale financing for e-commerce transactions.

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.