Monday, July 22, 2024
Editor's PickMonthly Review: September

Monthly Review: September

Here are the top Islamic fintech stories in September.

New players

  • Saudi’s Capital Market Authority granted Trh Capital Company and Alhulul AlMubassatah Financial Company with Financial Technology Experimental Permit.
  • The Saudi Central Bank awarded Al-Tizam for Electronic Insurance Brokerage and Altheqa Insurance Brokers with insurance aggregators license and Intelligent Solutions with finance aggregation license.
  • This is in line with Saudi Arabia’s target to increase the number of fintech companies in the Kingdom to 525 by 2030.

Digital banking

  • Malaysia’s Maybank Investment Bank partnered with New York-listed Broadridge Financial Solutions to launch a Shariah compliant securities borrowing and lending offering.

Alternative finance

  • Tabby confirmed it will relocate its headquarters to Saudi Arabia from Dubai as it prepares to list on Saudi Exchange.
  • Qatar Central Bank received over 25 requests for buy-now-pay-later (BNPL) license applications within 48 hours of opening.
  • Pakistani BNPL start-up Qist Bazaar secured Shariah compliant certificate from the Securities and Exchange Commission of Pakistan.
  • Saudi Arabia’s Fawaz Abdulaziz Alhokair & Company also partnered with BNPL Tabby to offer payment solutions.

Blockchain and cryptocurrency

  • CAIZcoin is preparing to go public again by securing listings on over 30 exchanges globally.
  • Digital services company MY EG Services issued RM300 million (US$64.12 million)-worth of sustainability Sukuk in August 2023 to fund Layer-1 public blockchain platform Zetrix.
  • Islamic Coin signed an MoU with CoinDesk Indices to explore developing Shariah compliant crypto benchmarks for the MENA region.

P2P financing

  • Jewsih-law compliant P2P Loanpad might include Shariah compliant products in its offerings to cater to the Muslim market


  • Salaam Takaful partnered with food security start-up Digital Dera to provide parametric-based crop Takaful coverage to smallholder farmers.


IFN Fintech Landscape Updated

We added three fintech start-ups in September, bringing the total to 387.

Verticals: Trade and investment included two entrants (Enricher and Fundo Indonesia) while blockchain and cryptocurrency included one company (Coinerr).

Countries: Indonesia, Nigeria and Turkiye all welcomed one start-up each (Fundo Indonesia, Enricher, Coinerr).


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