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Islamic Finance
Binance launches Sharia-compliant crypto staking platform for halal investing

Binance has launched Sharia Earn, a faith-based crypto staking product certified by Islamic scholars. This marks the global crypto exchange’s first formal entry into the Islamic finance space. The platform aims to expand access to halal investing and empower Muslim users to participate in decentralized finance while adhering to Shariah principles.

Certified by Amanie Advisors, a Shariah advisory firm, Sharia Earn is the first multi-token staking product built to align with Islamic finance. The offering debuts with BNB, ETH, and SOL, allowing users in select countries to earn passive income from crypto assets through a model compliant with Islamic laws governing finance.

The global Islamic finance market is valued at over $4 trillion, yet many Muslims have remained cautious of participating in the crypto space due to concerns over religious compliance. Sharia Earn aims to address this by integrating halal principles such as risk-sharing, wealth circulation, and the prohibition of riba (interest) and gharar (excessive uncertainty).

The platform uses Binance Earn’s existing BNB Locked Products, ETH Staking, and SOL Staking infrastructure, reviewed and approved under a Wakala-based model by qualified Shariah scholars. All funds are directed toward ventures and assets certified as halal.

Sharia Earn will initially be available to users in over 30 countries, including Saudi Arabia, Pakistan, Egypt, Indonesia, Turkey, the UAE, and Bangladesh. Its rollout represents a significant step toward bridging the gap between Islamic finance and blockchain technology.

The launch comes amid renewed momentum in the cryptocurrency market. On Thursday, Bitcoin rose 2.1% to $110,961.70, just below its recent all-time high of nearly $112,000. Institutional interest continues to rise, with companies such as Strategy Inc. and GameStop Corp reportedly acquiring Bitcoin for their treasuries.

By offering Shariah-compliant staking options, Binance is not only diversifying its product range but also tapping into a largely underserved market segment, reinforcing its strategy to expand crypto access while respecting religious and ethical frameworks.

Salaam Gateway
Pakistan enacts virtual assets act to regulate digital assets

The Government of Pakistan has formally enacted the Virtual Assets Act, 2025, establishing a regulatory framework for digital assets and introducing a dedicated authority to oversee their compliance with both international standards and Islamic finance principles.

The law establishes the "Pakistan Virtual Asset Regulatory Authority (PVARA)," an autonomous federal body empowered to license, regulate, and supervise all virtual asset service providers operating within or from Pakistan. The move follows approvals by the federal cabinet, Prime Minister Shehbaz Sharif, and President Asif Ali Zardari, according to a press release from the office of the special assistant to the prime minister on blockchain and crypto.

PVARA will be responsible for ensuring transparency, financial integrity, and the prevention of illicit activity in the digital asset space. It will align its operations with international standards, including those set by the Financial Action Task Force (FATF).

The authority’s board will include senior government officials such as the Governor of the State Bank of Pakistan, secretaries from the ministries of finance, law, IT and telecommunications, and heads of the Securities and Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR), and Digital Pakistan Authority. Two independent directors with relevant expertise will also be appointed by the federal government, while the Chairperson will be selected based on experience in finance, law, technology, or regulatory affairs.

All individuals or firms wishing to offer virtual asset services in Pakistan will be required to obtain a license from PVARA. The licensing regime will include requirements for corporate incorporation, operational readiness, compliance systems, and reporting standards.

To foster innovation, the act introduces a regulatory sandbox, enabling companies to test emerging technologies and business models under supervisory oversight. The authority may also issue "no-action relief letters" under certain conditions to support experimentation without compromising regulatory obligations.

In line with Pakistan’s Islamic finance goals, the legislation mandates the formation of a Shariah advisory committee to guide the Authority on the compliance of virtual asset products and services with Islamic principles. Entities offering Islamic financial products will be required to adhere to the committee’s rulings.

An independent virtual assets appellate tribunal will also be set up to hear appeals against PVARA’s regulatory decisions. The tribunal will comprise experts in law, finance, and technology, ensuring specialized oversight of disputes in the sector.

The enactment of the law marks a significant step in Pakistan’s efforts to build a secure and inclusive digital financial ecosystem, positioning the country for future advancements in fintech and blockchain innovation.

Salaam Gateway
Bank Nizwa launches Sharia-compliant fintech platform

Bank Nizwa has launched a Sharia-compliant Open Banking solution aimed at fostering innovation and accelerating digital transformation in Oman’s financial services sector. The move supports the Central Bank of Oman’s broader strategy to build a secure, agile, and inclusive digital financial ecosystem.

The new platform enables authorized third-party fintech partners to access banking services and customer-approved data through a secure API framework, allowing them to develop and deliver Islamic finance products more efficiently. The architecture is built to ensure regulatory alignment, data protection, and transparency, while upholding the core principles of Sharia compliance.

“At Bank Nizwa, we see Open Banking as a powerful enabler, one that allows us to push the boundaries of what Islamic banking can offer in today’s fast-moving digital landscape,” said Khaled Al Kayed, CEO of Bank Nizwa. “This initiative reflects our commitment to shaping a future where Sharia-compliant finance converges with cutting-edge digital capabilities, offering our partners and customers unprecedented access to smarter, more personalized financial solutions.”

The solution is designed to deliver value across the financial ecosystem by connecting fintechs directly with Bank Nizwa’s core systems in real time. This allows developers to create next-generation digital services that are both secure and fully compliant with Islamic finance regulations.

For fintechs, the platform provides a scalable infrastructure to accelerate the rollout of Sharia-compliant offerings. For customers, it promises enhanced functionality and a more intuitive banking experience, with services tailored to individual needs.

The initiative is part of Bank Nizwa’s broader digital strategy to expand the reach of Islamic finance and strengthen Oman’s positioning as a hub for ethical, values-driven innovation.

Halal Industry
SGIE Report 2024/25: Halal food sector strengthens across Gulf, Europe; tech investments thrive

The halal food sector is undergoing considerable transformation, driven by structural shifts due to regional consolidation, consumer consciousness and rising ethical considerations. 

Key trends such as regional manufacturing and strategic market consolidation, and significant investments in the Gulf, Europe, and emerging markets are dominating the halal food space.  

Numbers back the optimism. Muslim consumer food spending increased 2.6% in 2023, reaching $1.43 trillion, according to the State of the Global Islamic Economy (SGIE) 2024/2025 Report. Spending is projected to reach $1.94 trillion by 2028, growing at a CAGR of 6.2%.

From a dollar-and-cent perspective, the halal foods segment recorded a total of 29 deals across mergers and acquisitions, venture capital or private equity funding during the 2023/24 period, down 41.4% from previous year’s 44 deals. 

State-driven initatives

National strategies across the GCC have borne fruit, positioning the region as a pivotal hub for halal food manufacturing and processing. Key investments include Brazilian firm JBS’s new $50 million facility and Nestlé's inaugural manufacturing plant in Saudi Arabia as well as UAE-based Al Ghurair Foods’ investment in a poultry processing unit. 

Sovereign wealth funds and governments across the Organisation of Islamic Cooperation (OIC) are also making substantial investments in agriculture and food production to enhance food security.

Initiatives such as a new Bahraini food holding company, Saudi Arabia’s launch of the food-tech entity Topian, Algeria’s $455 million agricultural project, and Kazakhstan’s $600 million poultry farm are gravitating towards food security and self-reliance. 

European investors are also propping up their regional presence in the halal food market, with acquisitions such as Isla Délice’s purchase of German premium brand Gurkan and UK-based Takul, as well as GoodLife Foods' acquisition of Pure Ingredients.

Food security, tech looms large

The SGIE report identified a rising trend of multilateral development banks implementing food security and agricultural resilience strategies. These include Islamic Development Bank’s projects in Tunisia, Benin, Côte d'Ivoire, and Kazakhstan, as well as projects funded by African and Asian Development Banks in Nigeria, Chad, Togo, and Bangladesh.

Foodtech investments, particularly in the MENA region, are accelerating, with notable fundraising by startups such as Calo, Grubtech, and MealPlanet to support regional and global expansion efforts. 

The report detailed tech-driven farming initiatives addressing water scarcity challenges, exemplified by UAE-based Pure Food Technology’s solar-powered hydroponic vertical farm and Masdar City’s collaboration with Alesca Technologies for an indoor vertical farm.

Mutual recognition agreements and strategic trade partnerships, notably Indonesia’s extensive agreements and UAE’s comprehensive economic partnership agreements, are reshaping the global halal trade landscape.

Consumer behaviour continues evolving, with increased preference for products reflecting cultural identity, ethical considerations, and geopolitical factors. The emergence of local beverage brands and healthier, mood-enhancing alternatives to alcoholic beverages are notable examples.

To download a copy of the State of the Global Islamic Economy Report 2024/25, click here
 

Halal Industry
Saudi Arabia’s HPDC publishes new halal market report

Halal Products Development Company (HPDC), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has released a new report highlighting investment opportunities across the Kingdom’s halal industry for 2024–2025.

Titled "Halal Market Opportunities in the Kingdom of Saudi Arabia 2024/2025," the report aims to support the growth of Saudi Arabia’s halal ecosystem and strengthen its position in the global halal economy. It includes market insights and strategic recommendations for stakeholders, covering sectors such as food, pharmaceuticals, cosmetics, and Muslim-friendly travel.

Terming the report a significant milestone in advancing the Kingdom's understanding of the halal market on both the local and global scale, Fahad AlNuhait, CEO of HPDC, added that Saudi Arabia aim to empower stakeholders and investors with reliable, data-driven insights that support sustainable economic growth and solidify the country’s role as a key player in the global halal economy.

The publication forms part of HPDC’s broader efforts to promote public-private partnerships and align Saudi Arabia’s halal industry with international best practices. It also supports national development goals under Saudi Vision 2030 by positioning the country as a competitive and sustainable hub for halal products.

The report includes an overview of the global halal market, a breakdown of the Saudi landscape, and analysis of emerging trends and investor interest. It is intended as a reference for decision-makers across both the public and private sectors.

Islamic Finance
IFSB lauds Morocco’s Sharia-compliant finance

Morocco’s regulatory progress and strategic efforts to integrate Sharia-compliant finance into its broader economic framework have positioned the country as a rising hub in the Islamic finance industry, according to the Secretary-General of the Islamic Financial Services Board (IFSB).

Speaking to Morocco’s official news agency MAP on the sidelines of the 23rd Islamic Financial Stability Forum, held recently in Rabat, Ghiath Shabsigh commended Bank Al-Maghrib’s role in advancing regulatory development and promoting dialogue on Sharia compliance.

Terming the efforts as part of a broader strategy led by Bank Al-Maghrib to foster a robust and sustainable financial system, Shabsigh lauded the regulatory strides taken by Morocco and appreciated the structured dialogue on Sharia compliance.

While Islamic finance remains relatively new in Morocco, it is developing quickly under a legal framework that encompasses banking, insurance, and capital markets. Shabsigh noted that these foundations are critical for ensuring the industry’s safe and structured growth.

He also highlighted Morocco’s potential to expand its presence on the global Islamic finance map. The introduction of sovereign sukuk was highlighted as a particularly significant step.

Shabsigh further noted that Morocco needed to focus on establishing a strong domestic sukuk market in dirhams to build investor confidence and improve financing conditions. He added that the move would pave the way for future issuances in foreign currencies.

Founded in 2003 and based in Kuala Lumpur, the IFSB is an international standard-setting organisation that promotes the soundness and stability of the global Islamic financial services industry.

Islamic Lifestyle
How Muslim women-friendly travel is gaining ground

For many Muslim women, planning a holiday goes far beyond booking flights and hotels. It often involves a meticulous checklist - scouring restaurant for halal or vegetarian options, locating mosques that offer prayer spaces for women, and conducting safety checks on the destination.

Whether wearing a hijab or a niqab, or hoping to swim in a burkini, the question isn't just where to go, but whether they’ll be welcomed when they do.

But the landscape is shifting, driven by a wave of grassroots initiatives that are actively reshaping the travel experience for Muslim women.

Life-changing expeditions

One of the most influential players in this space is The Wanderlust Women, a hiking and adventure group founded in 2020 by Amira Patel. What began as a response to the lack of representation of Muslim women in outdoor spaces has evolved into a global movement.

“That inspired me to create a safe, empowering space for Muslim women to reconnect - not just with nature, but with themselves and their Creator as a Muslim,” Patel tells Salaam Gateway.

Since its inception, the group has grown beyond local hiking trails in the UK to lead international expeditions. Its trips have taken women to the mountains of northern Pakistan and Morocco, the Arctic wilderness of Svalbard, horseback trails in Kyrgyzstan, and even safaris across Tanzania.

“Women are looking for more than just a holiday. These are not holidays; these are life-changing experiences, expeditions,” says Patel. “They want healing, connection, and community.”

Although social media has helped amplify their reach, she credits their rapid growth primarily to word of mouth. “The transformation women experience on these trips speaks for itself - they come back changed, and they share that.”

The Wanderlust Women intentionally selects destinations that are either Muslim-majority or culturally sensitive, offering halal meals, prayer breaks, and activities like trekking and scuba diving, all complemented by spiritual practices such as dhikr circles and Quran journaling. 

Places like Morocco, Indonesia, Malaysia, Zanzibar, and parts of Central Asia have become favorites for their blend of natural beauty and cultural familiarity.

Global explorers bound by faith

Another major player leading the charge is the Muslim Women Travel Group (MWTG). Founded in 2015, the initiative started as a modest Facebook group and is now a flourishing global network, connecting tens of thousands of like-minded women the world over.

Sadia Ramzan, founder and director of MWTG, says the idea was deeply personal.

“As a single mother with a deep love for travel, I often found it difficult to find someone to travel with who shared my values. I was fortunate to have my sister accompany me on many trips, but I quickly realized not everyone has that support system," Ramzan tells Salaam Gateway. 

“Our mission is to make the world feel more open, accessible, and safe for Muslim women, without requiring them to compromise their faith, modesty, or cultural identity. We’ve created a space where you can belong, explore, and travel confidently.”

The trend has gathered pace. The community includes over 50,000 members on its private Facebook group, nearly 30,000 Instagram followers, 11,000 TikTok followers, and 5,000 newsletter subscribers. Their trips, once limited to a few UK-based getaways, now span Asia, Africa, the Middle East, Europe, and even Antarctica.

“In 2023 and 2024 alone, we sold out trips to Mongolia, Japan and South Korea, Jordan, and Thailand - some in under 48 hours,” Ramzan says. “This growth has been fueled by word of mouth, authentic storytelling, and a growing recognition that Muslim women want and deserve culturally conscious, empowering travel experiences.”

What Muslim women travelers want

An estimated 82% of women are known to make majority of travel decisions globally, according to Skift Research. But the expectations of Muslim women travelers go far beyond the basics.

“Today’s Muslim women travelers are looking for more than just halal food and a prayer mat; they’re seeking representation, safety, authenticity, and the freedom to be themselves while exploring the world,” says Ramzan.

This translates into thoughtful itineraries that include female-only spas, dry hotels, and even skydiving with female instructors. Trips organized by MWTG are led by experienced women and often employ female staff across the entire supply chain.

“We work with women where possible throughout our supply chain, not only because it's our preference, but because we want to give back to local women in tourism, especially in regions where they are underpaid or overlooked,” Ramzan adds.

Shifting perceptions

Despite the momentum, Muslim-friendly adventure travel faces significant hurdles, from logistical gaps to entrenched stereotypes.

“Finding local guides, accommodation, and transport that align with our values isn’t always easy, especially in remote regions,” says Patel.

“Sometimes people don’t understand why a group of Muslim women want to climb a mountain or travel alone. But with time, patience, and community-building, we work to shift that perspective.”

Ramzan also points to the challenges posed by a travel industry that has yet to fully embrace the diversity within Muslim communities.

“There’s a lingering stereotype that Muslim women don’t travel or aren’t adventurous, which couldn’t be further from the truth,” she says.

“Our community includes women who have broken records climbing mountains, walked on the world’s seventh continent, camped on icebergs, and kayaked through deltas in deadly waters.”

Addressing access issues in less familiar destinations is also an ongoing challenge. “From negotiating with hotels to provide private spa or pool access, to ensuring halal meals in remote regions, it often requires extra planning and relationship-building on the ground,” says Ramzan.

MWTG works directly with local partners to educate them and build mutually respectful relationships, making each experience more seamless for future groups.

Affordability coupled with the Gen Z factor

Affordability is central to this movement. According to the Mastercard-CrescentRating Muslim Gen Z Travel Report 2023, 53% of Gen Z Muslim women aim to spend under $150 per day while traveling.

Companies like Sisters Getaway, which has hosted more than 600 women on over 40 retreats in Zanzibar, Morocco, and Spain, offer monthly installment plans to make travel more accessible. Similarly, MWTG’s flexible payment options have made bucket-list destinations like Japan and Antarctica within reach. 

Looking ahead, Ramzan hopes to create a social enterprise arm that offers subsidized trips or bursary-style support for women who may otherwise never have the opportunity to travel.

As Muslim women-focused travel companies continue to expand and redefine the industry, the message is clear: this is more than a trend - it’s a transformative movement that is aiming to make tourism more inclusive, adventurous, and unapologetically faith-driven.
 

Islamic Finance
Profit at Saudi’s PIF dips to $6.9bn as assets, revenue rise 

Saudi Arabia’s sovereign wealth fund recorded a significant drop in net profit for 2024, impacted by rising interest rates, inflation and impairment losses. 

The Public Investment Fund (PIF) raked in $6.88 billion (25.8 billion Saudi riyals) in net profit last year, falling 60% from $17.18 billion (64.43 billion Saudi riyals) in 2023. 

The drop in net profit, which resulted from “adjustments to operational plans and cost estimates”, totalled less than 2% of total assets, state-run Saudi Press Agency said.  

The fund’s top line grew from $88 billion (331 billion Saudi riyals) in 2023 to $115 billion (431 billion Saudi riyals) last year. Assets increased 18% from $977 billion (3.66 trillion Saudi riyals) at the end of 2023 to $1.15 trillion (4.32 trillion Saudi riyals)  by December 2024. 

PIF attributed revenue growth to increased earnings from several of its major portfolio companies, including Savvy Games Group, Ma’aden, STC, NCB, AviLease, and Gulf International Bank, dividend inflows from its crown jewel, Aramco, as well as returns from key projects.

Cash reserves dropped from 329.8 billion Saudi riyals in 2023 to 316 billion Saudi riyals in 2024. Loans and borrowings rose from 466 billion Saudi riyals in 2023 to 570 billion Saudi riyals to 2024.

The fund diversified its funding sources last year, including a $2 billion dollar-denominated Sukuk issuance, a £650 million debut bond issuance in British pounds, and a $15 billion refinancing of revolving credit facilities. Debt-to-asset ratio rose marginally to 13% last year. 

 


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