Thursday, May 23, 2024
Editor's PickMonthly Review: October

Monthly Review: October

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.


  • 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.


  • 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.


  • 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).


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