Here are the top Islamic fintech stories in October:
Alternative finance
- KadiPay received approval from the Saudi Central Bank to provide Buy Now Pay Later solutions.
- Competition Commission of Pakistan approved Bank Alfalah’s plan to acquire a 7.2% stake in Shariah compliant Buy Now Pay Later fintech start-up Qist Bazaar
- Malaysian fintech firm Boost and telecommunications company Celcom launched Beyond Card, a two-in-one card that allows users to access funds from the Boost digital wallet and utilize a preapproved Shariah compliant credit line.
Blockchain and cryptocurrency
- Islamic Coin listed its token on global exchanges KuCoin and BingX despite receiving the Virtual Assets Regulatory Authority’s alert to cease its marketing activities.
- Blockchain-enabled exchange-traded carbon credit investment provider XTCC is set to launch a suite of Shariah compliant carbon credit investment products.
- Crypto exchange-traded product (ETP) issuer 21Shares secured Shariah approvals for two of its ETPs: BOLD ETP and 21Shares Bitcoin ETP.
Digital banking
- Indonesian Islamic challenger bank Hijra is working on multiple new offerings including a cash Waqf-linked deposit account and a P2P Qard-based offering.
- IsDB Institute started building a prototype for its patent-pending Smart Stabilization System to stabilize the value of assets traded on centralized exchanges or organized markets.
- QIIB signed an MoU with fintech company FynPay to expand its digital channels and geographical footprint as part of the bank’s digital transformation strategy.
Funding
- Blockchain-based Takaful insurance platform Takadao raised US$1.6 million in a pre-seed funding round led by Silicon Valley investor Tim Draper.
- Capifly, a Jordan-based provider of non-dilutive Shariah compliant venture capital to technology start-ups, raised US$1 million in pre-seed funding.
Regulations
- The Capital Market Authority of Oman is finalizing the Virtual Assets Regulatory Framework, which aims to regulate all digital assets in Oman, to launch by the end of this year.
- Qatar Central Bank issued a regulation on loan-based crowdfunding.
Moves
- Arsalaan Ahmed, who spearheaded Al Rajhi Bank Malaysia’s digital bank proposition, has left his CEO role to pursue his personal ambition in the fintech and social finance space.
- Bahrain FinTech Bay appointed a new board of directors following an acquisition by national payments network BENEFIT.
IFN Fintech Landscape Updated
We added three fintech start-ups in October, bringing the total to 387.
Verticals: Blockchain and cryptocurrency saw one new entrant (21shares), crowdfunding saw one new entrant (Decimetr) and personal finance management saw one new entrant (Taptap Send).
Countries: Iran saw one new entrant (Decimetr), Switzerland saw one new entrant (21shares) and the US saw one new entrant (Tatap Send).