Newsflash

SAMA accepts 14 new companies into sandbox

The Saudi Arabian Monetary Authority (SAMA) has accepted 14 new companies, including Maalem Financing Company and Saudi Fintech Company (Alinma Pay), as a new batch to work in the sandbox regulatory environment for the innovative financial products...


Newsflash

KFH launches Mobile Deposit of Cheques

Kuwait Finance House (KFH) has launched its Mobile Deposit of Cheques service in partnership with ProgressSoft. Customers of the Islamic bank are now able to deposit cheques directly into their accounts via the app by taking a picture of both sides...


Newsflash

ADGM to extend digital banking licenses

now accepting applications for digital banking licenses following the release of its Guide to the Authorization of Digital Banks in ADGM. The digital banking license is open to banks, firms with innovative value propositions as well as partnerships...


Newsflash

KFH Malaysia inks partnership with MoneyMatch

Kuwait Finance House-Malaysia (KFH Malaysia) has entered into a strategic collaboration with fintech start-up MoneyMatch to provide cross-border payments for its customers. This partnership marks MoneyMatch’s maiden entry to provide enterprise...


Newsflash

AmBank collaborates with Maxis

Malaysia’s AmBank, which runs AmBank Islamic, has entered into a partnership with Maxis to create a roadmap of digital solutions for SMEs that will allow easy access to solutions for their financial and technology needs. According to a statement,...


Newsflash

PolicyStreet gets nod from BNM

PolicyStreet has obtained Bank Negara Malaysia’s approval to conduct financial advisory and Islamic financial advisory business. The approval will allow the company to source, aggregate, compare, customize and advise consumers and businesses of...


Newsflash

Yaqeen onboards Oracle’s solutions

Libya-based Shariah compliant Yaqeen Bank has entered into an agreement with Oracle FSS to implement the latter’s Flexcube as its core platform and Oracle Banking Digital Experience for digital channels.


Newsflash

Al Baraka inks deal with Eazy

Al Baraka Banking Group has partnered with Eazy Financial Services to conduct a feasibility study for deploying biometric payment network and digital banking services across the bank’s operations across 17 countries. According to a statement,...


Newsflash

MY EG Capital launches Islamic finance subsidiary

MY EG Capital, a subsidiary of MY EG Services, an e-government solutions provider, has incorporated a wholly-owned subsidiary known as MY EG Islamic Finance, which will provide Shariah compliant lease services and other Islamic credit-granting...


Newsflash

Yielders increases crowdfunding tranche

Islamic fintech platform Yielders has increased its Seedrs crowdfunding tranche to allow for overfunding until the end of July, following full subscription in the first week the funding round was launched on the platform: as of the 28th June 2019,...


Newsflash

SECP launches digital transformation initiative

To improve service quality, promote transparency and enable efficient interaction for its customers, the Securities and Exchange Commission of Pakistan (SECP) has embarked on a digital transformation with the launch of the Leading Efficiency...


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 a...


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...