The Halal Times
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Hundreds of financial institutions are involved in Shariah-compliant transactions, making Islamic social finance an established and recognized industry around the world. Its assets were estimated at $2.88 trillion in 2019 and are expected to reach $3.69 trillion in 2024. The growth of the industry fostered an increasing interest in developing Islamic social financial (ISF) tools, …
The Islamic fintech industry has been growing exponentially. According to recent data from Dinar Standard, the industry is expected to grow to US$128 billion globally by 2025, a whopping 161% increase from 2020 figures. The UK is one of the fastest-growing Islamic fintech markets in the world. In June 2021, the Boubyan Bank Group, a …
Alif, a Tajikistan-based Islamic fintech, has announced plans to establish a presence in the UK in August 2021. With its head office in Tajikistan, Alif will use this expansion to grow its investor network and pursue new business development opportunities in the UK and Europe. Mr. Firdavs Shakhidi, a serial venture capital investor, will be …
US-based Liquidity Capital has partnered with Dubai-based Yas Investments to launch a $100 million venture debt fund in Abu Dhabi Global Markets, focused on financing Mena-based tech startups. The sector-agnostic fund will offer growth financing options to Mena-based tech startups, aiming to build a financial ecosystem supporting the region’s tech innovation, attract highly skilled workers …
Islamic finance may have just reached a new level, with Sydney-based company Ijarah Finance now able to offer a suite of lending products previously unmatched in the niche finance market. Some time ago, Crescent Finance also started pushing for Shariah-compliant home loans. The Muslim population of Australia is estimated at 2.6% of the country, a …
Newly launched 1st in the World VP-DJ Shariah China A-Shares 100 ETF included on Robo Advisor Wahed’s Platform Wahed Technologies Sdn Bhd (Wahed Invest Malaysia) today announced the collaboration with Value Partners Asset Management Malaysia Sdn Bhd (Value Partners Malaysia) in making available the recently launched world’s first Islamic ETF investing in China A-shares, VP-DJ …
UK-based IslamicFinanceGuru has secured £3.0 million in capital through a round led by Outward VC. Outward says it is pleased to confirm its investment in IFG, the UK-headquartered Islamic finance platform. Other investors include B&Y Venture Partners and angels. The platform has been designed to offer Muslims all over the world “the same access to …
One of the oldest banks in the United Arab Emirates is preparing for a digital-only future as it fends off competition from non-traditional financial services startups. Dubai-based Mashreqbank PSC now operates just 10 branches in the United Arab Emirates, down from 34 two years ago. That’s set to fall further, with Chief Executive Officer Ahmed Abdelaal predicting …
Remittances from Pakistani workers employed abroad exceeded $2 billion for the 10th consecutive month in March at $2.7 billion — up 43 percent from a year earlier, the State Bank of Pakistan (SBP) said on Monday. These foreign remittances will help the country grow its economy in the next five years. Proactive policy steps by …
Islamic fintech has emerged as a promising segment that has not only overhauled traditional methods of offering financial services but also transformed business models, operational models, and, above everything else, customer experience. The implementation of financial technology (fintech) in Islamic finance has increased over the last few years, largely supported by the digitalization of Islamic …
The Islamic finance industry is already worth over $2 trillion, and S&P Global Ratings estimates that 2021 and 2022 will see it grow by up to 12% with an infusion of various tech products that offer Muslim markets a way to access the broader market with ethical products and services. Saudi Islamic Development Bank estimates that global Islamic …
Kuala Lumpur, 8th July 2021 – International Shari’ah Research Academy for Islamic Finance (ISRA) brought together a group of Syariah scholars for the 15th Muzakarah Nusantara (MUZAKARAH2021) on the 7th and 8th July 2021 with the theme, “Post Pandemic Islamic Finance Industry: Impact, Challenges, and Direction” The online conference was attended by around 300 Islamic …
Bank Islam and Halal Development Corporation (HDC) launch an RM100 Million Go Halal Fund in Kuala Lumpur to support Malaysian SMEs. The fund aims to encourage more SMEs to join the Halal industry and start exporting into global markets. Y.B. Dato’ Seri Mohamed Azmin Ali, Senior Minister, Minister of International Trade and Industry (MITI), announced …
Always wondered what is the difference between Takaful and Life Insurance? Although both offer the same purpose which is to protect the insurer, there are some major differences between both. Takaful is a relatively new insurance product that is marketed as an Islamic alternative to conventional insurance and is often referred to as “Islamic” …
Pakistan has been somewhat slow to adopt Islamic fintech. However, it seems to be changing at least in the emerging field of Islamic insurance or Takaful. Coverlo, Pakistan’s first-ever Digital Takaful is a product of First Digital Takaful (FDT). The coverlo is a step towards protecting yourself against any eventualities. The fintech app offers Shariah-compliant …
The “CaizCoin,” in literal terms, means something permissible. This is synonymous with the Arabic word jaiz, which means halal, permissible, specific, and legal and antonym of illegal, haram, forbidden and prohibited. This coin is a liberal, distinctive, moral, and unique financial concept of crypto trading. It is aimed at bring an ethical revolution in the …
Just imagine you have some extra cash available at your disposal. What would you like to do with it? Perhaps, invest somewhere to make some money out of it? But, what kind of business(es) should you invest in? Some of us may decide to invest our savings based on the expected profit margin we are …
KUWAIT: Ahli United Bank of Kuwait (AUBK) announced its pride of the great success achieved by its issue of Unconvertible Mudaraba Sukuk Additional Tier 1Capital (AT1) of $600 million to enhance its capital base. In this regard, Nasdaq Dubai, the region’s international financial exchange, welcomed the listing of these Sukuk. General Manager – Treasury of Ahli …
Dubai: Islamic Finance and Wealth Management industry has remained resilient amidst the pandemic according to a study by Alpen Capital (ME) Limited and Alpen Asset Advisors Limited that analyses the impact of the pandemic on the sector. “Islamic finance and wealth management industry faced the dual shocks of adjusting to the pandemic and historically low …
“What is an Islamic mortgage?” — it’s a common question which many Muslims ask us. The short answer is that what some call an Islamic mortgage isn’t actually a mortgage loan at all. Islamic home financing may look similar to a mortgage in some ways, but it is based on an entirely different foundation. Islamic …
A new digital banking platform has started offering the first halal-certified banking experience in the U.S., by promising interest-free lending and investments. Fair is a “neobank”, or digital-only bank, that practices principles in line with Islamic law, which forbids usury or collecting interest on loans. Fair’s customers can conduct business through its app, where customers …
The Islamic finance industry is expanding rapidly. The industry witnessed double-digit growth of 14 percent with a total of US$2.88 trillion in assets by the end of 2019. Global Islamic finance assets are expected to hit $3.69 trillion in 2024, according to the 2020 Islamic Finance Development Report released by Refinitiv and the Islamic Corporation …
Islamic Fintech Wahed Inc has hired a finance industry veteran to run its UK-based operations. The company appointed Umer Suleman, an ex-HSBC executive, as General Manager of Wahed UK operations. His role will include overseeing Wahed Invest’s nationwide growth strategy and strengthening the firm’s position as a leading provider of ethically focused Islamic financial services …
COVID-19 has left the global economy reeling. Being part of the global financial system, Islamic finance has a crucial role to play as it is the only institution that has shown resilience during these unprecedented times and can contribute to the new normal. First, to authenticate its existence in the global financial system. Despite its …
