Reports

Indonesia to reveal national Shariah digital payment system in September

Indonesia’s National Islamic Finance Committee (KNKS) expects to soft launch a Shariah compliant digital payment system next month as part of its multipronged five-year Islamic economy master plan to become a preferred global hub of the Halal...


Reports

Blockchain Sukuk platform to grow presence in Saudi Arabia and UAE with R3 partnership

A Dubai-based fintech platform has engaged New York’s R3 to engineer an Islamic capital market infrastructure on the blockchain to optimize and facilitate Shariah securities transactions. Using R3’s Corda Enterprise, the first phase of...


Reports

Canadian accelerator program accepts Islamic fintech start-up Manzil

Canada-based Islamic fintech start-up Manzil is one of eight to be accepted into the second cohort of The Holt Accelerator, a fintech-focused acceleration program based in Montreal. Manzil, which is looking to launch a digital Murabahah mortgage...


Reports

NowPay reveals successful seed round

NowPay, a fintech start-up established earlier this year on a Shariah compliant proposition, confirmed it has raised US$600,000 in seed funding from 500 Startups and Endure Capital. The successful funding round was concluded earlier in January...


Reports

Upcoming IFSB technical note could apply to Islamic social finance blockchain applications

The Islamic Financial Services Board (IFSB) will issue a technical note which could also be applicable to Islamic social finance blockchain platforms, revealed Dr Bello Lawal Danbatta, the secretary-general of IFSB at IFN Singapore 2019. This...


Reports

Bank ABC to humanize banking with digital AI employee

Bank ABC will be introducing an artificial intelligence (AI)-powered synthetic digital human into its customer experience as part of its drive for digital transformation. To be known as Fatema, the ‘digital employee’ has been developed in...


Reports

UAE bank concludes first cross-border blockchain trade deal with Islami Bank Bangladesh

With a growing chorus of banks in the Emirates increasingly exploring blockchain technology to optimize trade finance, one bank has completed its first live end-to-end blockchain-based trade with Bangladesh’s largest Islamic bank. Moving US$6...


Reports

Dubai stake claim to Islamic fintech hub title; DIFC Hive accepts largest Shariah fintech cohort

The Dubai International Financial Center (DIFC) has launched the third edition of its fintech accelerator program, welcoming its largest cohort yet. It also comprises the greatest number of Islamic fintech start-ups, underscoring the center’s...


Reports

Shariah super app for banking now a reality in Indonesia

In a country where mobile phone users outnumber bank accountholders, Indonesia’s PermataBank is banking on its super app to attract the unbanked and underbanked population into the Islamic financial system on the back of a national financial...


Reports

Could the UK become an Islamic fintech hub?

The Lord Mayor of the City of London, Alderman Peter Estlin, certainly believes so. But this could only be achieved with the help of allies. Widely acknowledged as the Islamic finance hub of Europe, the UK’s credentials speak for itself: it...


Reports

IDB leverages crowdfunding to part-finance projects in Africa and Central Asia

As it made science, technology and innovation a cornerstone in its renewed strategy presented last year, the IDB is leveraging fintech by tapping into crowdfunding to fund a pilot project in aid of Nigeria. As part of a US$238.1 million-worth...


Reports

Hong Kong firm secures buy-in from Malaysian government to build blockchain-based Islamic financial system

TideiSun Group (iSunOne) has secured the support of the Malaysia Productivity Council (MPC) to build an Islamic financial system on the blockchain, which IFN Fintech has learned, would involve a Shariah compliant virtual bank. The partnership...


Reports

New Islamic gold crypto to hit market

Another gold-backed, claiming Shariah compliance, is expected to enter the UAE market before the end of 2019. Little is known about Golden M Group, except that its proposed COIN M would be backed by physical gold and is open to investor for as...


Reports

Wahed Invest closes multimillion-dollar investment with Dubai tech fund

The subsidiary of a government-backed agency has invested millions of dollars into Islamic robo-advisor Wahed Invest, bolstering the New York-headquartered start-up’s US$100 million valuation. Without disclosing actual figures and the terms of...


Reports

Yielders eyes fund management license to tap institutional market including Waqf

UK Islamic crowdfunding platform Yielders is seeking approval by the Financial Conduct Authority (FCA) to execute fund management services, which would allow the country’s first regulated Islamic fintech start-up to expand its product range and...


Reports

HelloGold selected to present at UN

Malaysia’s HelloGold is one of a handful invited by the United Nations Secretary-General’s Task Force on Digital Financing on the Sustainable Goals, through the Digital Finance for the Sustainable Development Goals (SDGs) Challenge, to present...


Reports

Estonian cryptocurrency exchange eyeing Shariah compliance to tap Muslim demand

As cryptocurrency adoption continues to gain ground in Muslim nations of the Middle East, another cryptocurrency exchange is positioning itself to cater to this growing market by turning its operations Shariah compliant. Estonia-registered...


Reports

Islamic fintech-backer raises US$100 million to invest in MENA tech start-ups

BECO Capital, which has backed Shariah compliant fintech start-ups, has raised US$100 million for its second fund, exceeding its US$80 million initial target, to channel into tech start-ups in the MENA region. While BECO Fund II, anchored by...


Reports

Malaysia’s bank-mediated Islamic fintech platform to go international with Saudi multilateral partnership

Nine months in the making, Investment Account Platform (IAP) has signed a collaborative agreement with the private sector arm of the Islamic Development Bank (IDB) allowing the Islamic fintech platform to scale up its expansion beyond the Malaysian...


Reports

Islamic fintech companies collaborate to build charity ecosystem

An Islamic crowdfunding platform and a Halal payment gateway have joined hands in a partnership ensuring end-to-end Shariah social financing. GlobalSadaqah, operated by Ethis Ventures, will adopt Souqa Fintech’s payment gateway PayHalal...


Reports

FWD Takaful eyes insuretech partnerships as it forges ahead with growth plans

The newest Family Takaful brand in Malaysia, one backed by Hong Kong billionaire Richard Li, is on the hunt for new partners – banks and non-banks alike including insuretech start-ups – as the company aggressively pushes forward to propel...


Reports

Kuwait: Home of the next Islamic digital bank?

While neighboring UAE, Bahrain and Saudi Arabia are jostling for fintech supremacy in the GCC, unassuming Kuwait is quietly making its move and could very well be welcoming its first digital bank, and a Shariah compliant one at that. Kuwait’s...


Reports

Islamic microfinance cooperative issues micro smart Sukuk in world’s first primary Sukuk offering on public blockchain

INDONESIA: Breaking new ground and highlighting the trend of digital innovation and social impact finance within Islamic capital markets, BMT Bina Ummah, a Yogyakarta-based Islamic microfinance cooperative, has raised IDR710 million (US$50,034.1)...