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Everex plans ICO to build Ethereum-powered Shariah compliant financial capabilities

A blockchain start-up has so far raised US$3 million from private investors and will open its ICO to the public this month in the hope of raising it to US$15 million to develop microfinancing services palatable to Muslims and non-Muslims alike...


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Merging business and charity: MercyCrowd to deliver greater social impact as business grows

MercyCrowd, a UK-based real estate equity crowdfunding platform, is weighing between Malaysia and Singapore as its gateway into the Asian Shariah compliant and ethical investment space, as part of its international expansion strategy. Going...


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Asia welcomes maiden Islamic robo-advisor and looks forward to first Shariah compliant artificial neural network

A conventional investment manager gained first-mover advantage in the Islamic finance space by launching Asia’s first Shariah compliant robo-advisor and has begun work on developing an artificial neural network trading algorithm for the Islamic...


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Islamic non-bank financial institutions driving business with data analytics

A Saudi Islamic leasing company will apply analytical modeling across its business to enhance its decision-making process in the hopes of optimizing cost efficiency, maximizing revenues and managing risks effectively as earnings take a dive. Al...


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CompareAsiaGroup seals US$50 million Series B funding

A group of international investors, led by the World Bank Group’s International Finance Corporation (IFC), has poured US$50 million in Series B funding into an online personal finance marketplace which will channel the investment toward enhancing...


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IDB to harness the power of Islamic fintech innovation with pioneering Fintech Islamic Finance Challenge

Launching its first Fintech Islamic Finance Challenge this month, the IDB Group is seeking start-ups and entrepreneurs with game-changing ideas in the hope of creating a fintech ecosystem within the global Islamic finance industry. The Islamic...


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Dubai ups Islamic fintech game; includes Shariah banks into accelerator program

UAE Islamic banks will have a hand in mentoring up-and-coming Shariah fintech start-ups and shape Dubai’s Islamic fintech agenda as the Emirates’s Shariah economy incubator sets itself to work closely with Dubai’s fintech accelerator. ...


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Africa looks to Abu Dhabi to nurture nascent Islamic fintech community

An African social impact firm has signed an MoU with Abu Dhabi Global Markets (ADGM) to foster growth for fintech start-ups across the Middle East and Africa, with an important focus on companies offering Shariah compliant solutions. By...


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Malaysia forms international fintech partnership

On a partnership spree, Australia has now sealed a deal with one of the most ardent supporters of Islamic fintech, opening the pathway for Malaysian and Australian entities to be involved in cross-border projects. Just as it has done with its...


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Samsung pays the UAE a visit, and is here to stay

The UAE was the first in the Middle East to embrace Samsung Pay solutions as it chases its dreams of becoming a cashless society by 2020, and banks are taking it one step further. RAKBANK, which offers Shariah solutions through RAKislamic, was...


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Dubai backs Shariah compliant payment service initiative

A global provider of digital payment services is entering the UAE market with services agreeable to Shariah-conscious customers. Quisk Middle East has won the support of the Smart Dubai Government Establishment (SDG) in developing a suite of...


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Alizz upgrades digital banking service with overhauled app

An Omani Islamic bank is hoping to capture the younger population by redesigning its internet banking platform and mobile banking application. Alizz Islamic Bank, one of the two fully-fledged Shariah banks in Oman, has unveiled a new mobile...


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Rise of the robots: Al Rajhi turns to RPA to slash fraud risk and enhance efficiency

The world’s largest Islamic bank intends to optimize business efficiency by replacing manual labor with Robotic Process Automation (RPA), a move which has so far reduced the bank’s vulnerability to potential card fraud cases by 70%. In less...


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Islamic bank first to adopt Visa Checkout service

The largest Shariah bank in Qatar successfully streamlined its cashless payment processes, significantly reducing transaction time while simultaneously boosting its security features. Qatar Islamic Bank (QIB) is now implementing Visa–...