Here are the top Islamic fintech stories in November.
Blockchain and cryptocurrency
- Blockchain-based cash Waqf platform Digiwaqf is set to launch in mid-November this year.
- Malaysia-based Fusang Exchange detokenized its first listed digital sovereign-linked Sukuk, completing a proof-of-concept for greater enhancement of institutional Sukuk tokenization.
- New energy technology firm from Australia Brighsun EV Group issued Shariah compliant security token known as RAMZ to raise fund for the first batch of its car production.
- Kuwait Finance House introduced the Shariah compliant Tam Digital Bank.
- Islamic buy-now-pay-later (BNPL) Tamara secured US$250 million in financing I ndeals led by Goldman Sachs and Shorooq Partners
- Saudi’s Tabby became the first Islamic fintech unicorn as it secured a US$200 million Series D funding.
- Saudi Islamic fintech start-up LYNK raised an undisclosed amount of investment which will be used to develop new products and expand its geographical footprint.
- Halal Development Corporation partnered with Funding Societies to improve Halal MSMEs’ access to Shariah complaint digital financing facilities
- Malaysia Digital Economy Corporation signed an MoU with the Association of Participation Banks of Turkiye to promote the Islamic fintech and Halal sectors in Malaysia and Turkiye.
- Qatar Financial Centre launched the Digital Assets Lab to bolster distributed ledger technology innovation.
- Takatech startup Ouch! reveals plans to introduce new products in 2024.
- Watania Takaful and insurtech seed fund Shory are exploring collaborating on a range of new digital-backed offerings for the UAE.
Trading and investment
- Maybank Asset Management launched Shariah compliant Hyper-Customised Discretionary Portfolio Mandate that leverages artificial intelligence (AI) and advanced data analytics to construct portfolios.
- Wahed has secured a financial service permission to operate in Abu Dhabi Global Market
IFN Fintech Landscape Updated
We added three fintech start-ups in November, bringing the total to 390.