Feature

Toward truly Halal banking products in Malaysia

KHAIRUL NISA ISMAIL explores the unique position Malaysia is in to promote truly Shariah compliant banking products. Islamic finance has placed Malaysia on the world map. With the industry total assets reaching US$204.4 billion, Thomson Reuters...


Reports

Canadian Islamic fintech start-up secures seed financing

An Islamic financing start-up has raised CA$1.15 million (US$875,344) in seed financing setting the foundation for the Toronto-based company to launch in the third quarter of 2019. Founded in 2017 by Mohamad Sawwaf and Sam Holako, Manzil is...


Reports

Charles Taylor InsureTech driving Middle Eastern expansion strategy with Takaful

Islamic insurance will be a key pillar of Charles Taylor InsureTech’s Middle Eastern expansion strategy as the firm looks to leverage its newly launched Dubai office as a launchpad into the wider GCC as well as potentially Southeast Asia and...


Reports

ICIEC banking on big data

Big data is a key growth strategy for the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) as the Islamic Development Bank unit implements a more tech-driven approach. “It is important for us to adopt new products...


Reports

Russia’s largest bank invests in Zakat digital platform

Russia’s largest bank by assets has acquired a 25% stake in the nation’s first artificial intelligence (AI)-driven Zakat chatbot, further cementing its commitment to Islamic finance. State-controlled Sberbank, which provides Islamic banking...


Reports

Islamic robo adviser unveils first Halal ETF

New York-based Wahed Invest has listed its first exchange-traded fund (ETF), the Wahed FTSE USA Shariah ETF (HLAL US) on NASDAQ, a milestone feat for any Shariah robo adviser. Screened by Yasaar, HLAL US is a collaboration with US Bank’s...


Reports

ICD’s fintech initiative gains momentum as drive for global connectivity continues

An Uzbekistani bank has joined an international Islamic fintech initiative led by the private sector arm of the IDB, taking the multilateral organization one step closer to a global platform facilitating cross-border Shariah compliant financial...


Reports

Ficus Venture Capital prepares to invest in Islamic tech firms

Malaysia’s first Islamic tech venture capital (VC) firm is giving itself until the end of the 2019 to raise RM100 million (US$24.19 million) but is keen on making its first investments before the final quarter. Having secured RM25 million (US....


Reports

Islamic banks turn to WhatsApp to engage customers

With about half a billion active daily users, Whatsapp’s global reach is a gold mine to businesses, and Islamic banks in the Gulf are taking advantage of the pervasiveness of the messaging service to create customer engagement. In the last...


Reports

Islamic economy blockchain prepares to launch public chain in December

A public blockchain company in the UAE has launched an open source blockchain tailored for the global Islamic economy, allowing developers from around the world to contribute to the code as technopreneurs and Islamic financial institutions continue...


Reports

HelloGold begins Series B funding round as it eyes digital banking license

Kuala Lumpur-headquartered digital savings platform, HelloGold, has begun approaching international investors for its pre-series B funding round as it continues to expand its international footprint and evolve as a fintech player. The Islamic...


Reports

Iran mines cryptocurrency potential to escape US grip

It’s been a crypto whirlwind in Iran. From shutting down crypto mining farms, the Islamic Republic – a hot bitcoin farming destination thanks to cheap electricity – has now embraced it, as the world’s largest Islamic finance market...


Reports

Malaysia sees interest for Islamic digital-only banks

Several fintech start-ups are eyeing an Islamic digital banking license to operate in one of the most sophisticated Shariah finance jurisdictions in the world, as the regulator prepares to release its virtual banking guidance before the year. ...


Reports

ABC Digital to enable online onboarding service

Bank ABC is one step closer to its mobile-only bank dreams as the Bahraini bank partners with a US-based company to roll out a digital onboarding feature. The wholesale bank, which delivers Islamic financing products through Bank ABC Islamic in...


Reports

TNG Digital exploring Islamic fintech solutions

The e-wallet subsidiary of Malaysia’s sole electronic payment system for toll expressway and highway operators is exploring the possibility of integrating Islamic financial services into its platform, making it one of a handful of digital wallets...


Reports

Malaysia’s first licensed Islamic equity crowdfunding platform eyes 2020 launch date

Securities Commission Malaysia (SC) has revealed its second cohort of regulated market operators for equity crowdfunding (ECF) and peer-to-peer financing (P2P), extending its first Islamic equity crowdfunding license. Ethis Ventures is a...


Reports

Bahraini Islamic banks racing for open banking domination as rules come into effect

As the window for banks in Bahrain to adopt open banking expires, local Islamic banks are engaged in what seems to be a show of one-upmanship with the leading Shariah banks publicly embracing open banking and engaging fintech companies to adapt to...


Cover Story

Indonesia takes on Islamic fintech agenda with new digital platforms

Determined to break itself out of the ‘5% trap’, a term market practitioners have used to describe Indonesia’s years-long inability to grow its Shariah banking market share beyond the 5% range, President Joko Widodo took it upon himself to...