Newsflash

Newsflash

A roundup of the latest news in the Islamic fintech space from across the world.


Reports

Bahrain Fintech Bay tackling digital talent conundrum with tailored on-demand courses

Bahrain Fintech Bay (BFB) is adding another component to its fintech start-up ecosystem by providing training and education courses in digital transformation as it shapes up to be MENA’s leading fintech hub for both Islamic and conventional start...


Reports

Emirati Takaful operators adopt blockchain technology as UAE eyes insurtech hub title

Three Islamic insurers in Dubai have embraced distributed ledger technology, becoming among the first in the region to demonstrate a use-case for blockchain transactions for insurance. Aman Insurance (Dubai Islamic Insurance & Reinsurance),...


Reports

Make it Rain: Islamic crypto exchange secures license and US$2.5 million seed funding

Three years since taking its first step toward becoming a regulated entity, Shariah compliant Rain has become the first digital currency exchange in the Middle East to be licensed. There is little doubt that the regulatory reassurance has helped...


Reports

Grab Malaysia makes first move into Islamic fintech space with digital Takaful product

Southeast Asian e-hailing giant Grab has unveiled usage-based motor Takaful and insurance coverage for its drivers through its digital insurance arm in a move bolstering the unicorn’s fintech play. Marking its first foray into the Shariah...


Reports

Iran ratifies cryptocurrency bill banning trading but legalizing mining

Following our report on Iran considering to legalize crypto-mining and leveraging on digital currencies to escape the debilitating sanctions imposed by the US, the Iranian government this past week has ratified a bill seeking to set regulatory...


Reports

Takaful IKHLAS banking on digitalization to grow business

As competition heats up in the Malaysian Islamic insurance space, Takaful IKHLAS will be leveraging its latest partnership with CIMB Islamic to bolster its digital capabilities to gain market share. The Takaful operator and the Islamic bank this...


Reports

Islamic finance advisory firm partners with regional blockchain enterprise to build blockchain community

Infinity Blockchain Ventures Malaysia (IBVM), a company that provides advisory services on adopting blockchain technology, has signed a strategic partnership with Islamic banking and finance advisory firm Masryef Management House (MMH) to start...


Reports

Islamic fintech start-ups may benefit as global investors start to pay attention to MENA entrepreneurs

Despite concerns over the reverberations that could engulf start-up investments as triggered by the collapse of private equity giant Abraaj, there is optimism that the MENA region will continue to attract investors including toward the growing...


Reports

ISRA on the hunt for ideal candidates to pilot ZakatTech platform

The International Sha’riah Research Academy for Islamic Finance (ISRA) is looking for relevant parties to pilot a blockchain project designed to optimize the collection of Islamic charitable donations. To be known as ZakatTech Blockchain, the...


Reports

Noor Bank launches QR-based mobile payment solution

Noor Bank is taking its cashless game one step further by rolling out an EMVCO QR-based mobile payment service allowing consumers in the UAE to make instant and secure payments on the go. The Islamic bank launched the new cashless service in...


Reports

Axiata Digital Capital and CIMB to explore Islamic fintech proposition

ASEAN banking powerhouse and one of the region’s largest Islamic financial services providers, CIMB Group, has joined hands with Axiata Digital Capital (ADC) to offer digital financing solutions to over half a million SMEs in two of the biggest...


Reports

KFH-Bahrain goes live with open banking infrastructure

Kuwait Finance House-Bahrain (KFH-Bahrain) has become the latest Islamic bank in the Kingdom to go live with its open banking infrastructure as part of the country’s digital ambition and the bank’s ongoing fintech strategy. Just as...


Reports

Canada-based Manzil eyes regional expansion as it expects to launch mortgage product by final quarter

A Canadian Islamic fintech start-up is looking to expand beyond Toronto and into the US as it builds its product pipeline, anchored by a Murabahah mortgage product, following a successful seed round. Manzil is targeting to launch a Murabahah...


Reports

European Islamic fintech start-ups find home in the UAE as ADGM expands RegLab program

Two European fintech start-ups with a Shariah proposition have been selected to join the Abu Dhabi Global Market (ADGM)’s Regulatory Laboratory (RegLab) which concurrently graduated another start-up which has Shariah finance at its core. ...