DIFC invests in Islamic fintech

The Dubai International Financial Centre (DIFC) has invested in four fintech start-ups including two which offer Shariah compliant services — remittance platform NOW Money and robo-advisor Sarwa. The other investees are FlexxPay and Go Rise. According to a statement, the funding is part of the DIFC’s US$100 million Fintech Fund launched in 2019. The DIFC confirmed that more applications will be evaluated and further investments will be made “within a short period”.