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Taking Islamic regtech by design

A new global regtech association is working on making the Islamic finance industry an integral part of a comprehensive borderless regtech ecosystem. The concept behind the International RegTech Association (IRTA) is simple in essence: to create...


Reports

Indonesian P2P lender to spin off Islamic version

One of Indonesia’s latest licensed fintech companies hopes to capture the Muslim-majority market with a Shariah compliant crowdfunding platform. Peer-to-peer (P2P) lender Investree Radhika Jaya is looking to introduce a Shariah compliant...


Reports

World’s largest Islamic bank explores blockchain

Al Rajhi Bank, which holds the largest pool of Islamic banking assets globally, recently concluded a cross-border money transfer using Ripple blockchain technology, a first for any Saudi bank. The money transfer between the Islamic bank’s...


Reports

Bahrain joins fintech playground with new sandbox

The Kingdom of Bahrain has created a virtual safe space for international fintech firms to experiment, develop and launch unique solutions, swinging itself to pole position in the race to become an Islamic fintech hub. The Central Bank of...


Reports

Pakistani Islamic crowdfunding start-up wins seed capital

Pakistan could very well welcome its first Shariah compliant peer-to-peer invoice financing platform as the start-up behind the idea has beaten almost 20 other fintech start-ups to win a US$20,000 grant in the Fintech Disrupt Challenge 2017. ...


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Islamic robo-advisor secures US$5 million seed funding; eyes global expansion

Angel investors from the Middle East have invested in a New York-based fintech start-up touted as the world’s first provider of Shariah compliant automated investment services. The US$5 million round of seed capital has allowed Wahed to...


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Indonesia to regulate digital banking and crowdfunding

Issuing for the first time fintech regulations about six months ago, the Indonesian regulator is wasting no time in bolstering its fintech infrastructure with new rules expected to be implemented over the next few months. Otoritas Jasa Keuangan ...


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Shariah payment app jumping on crowdfunding train

One of the most popular Shariah compliant mobile payment apps in Indonesia has forayed into the crowdfunding realm, signaling an expanding business model and reflecting a more conducive fintech environment as well as the mobilization of fintech for...


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Dubai carves out new license class for fintech

The Dubai Financial Services Authority (DFSA) has introduced a restricted financial services license allowing qualifying fintech firms to trial run new concepts. In advanced stages of formalizing its regulatory framework for loan-based and...


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Al Baraka accelerates Islamic fintech agenda

An international Islamic banking group has partnered with a start-up accelerator program to nurture up-and-coming fintech start-ups with the goal of creating a wholesome and conducive start-up and entrepreneurship ecosystem in Bahrain. Bahrain...


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Maybank Sandbox: One for all

The largest banking group in Malaysia has essentially created a global crowdsourcing platform for fintech ideas and solutions. At a time when regulators around the world are building sandboxes for a selective few, Maybank has instead opened its...


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Dubai government turns to P2P financing for SME support

The Department of Economic Development’s SME unit is rallying the support of a peer-to-peer (P2P) financier to help entrepreneurs develop and grow their business through digital finance solutions. Staying true to its goal of transforming...


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Abu Dhabi getting serious about blockchain

The capital of one of the world’s most influential Islamic finance markets is moving apace with making digital culture the common language in the financial space. Abu Dhabi is leading the way for its Middle Eastern and North African...


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OneGram partners with Tabarak Capital

OneGram, the blockchain company behind the first Shariah compliant gold-backed digital currency, has partnered with an investment bank to market its initial coin offering (ICO). Touted as potentially the largest ICO in history with projections...


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UAE Shariah bank rolls out blockchain-based cheques

Emirates Islamic (EI) will be the first Islamic bank in the UAE to adopt blockchain technology to stamp out cheque fraud. Following Emirates NBD’s announcement in May revealing it is piloting a blockchain project to integrate the technology...