Abu Dhabi Islamic Bank (ADIB) has rolled out Open Finance services, becoming one of the first banks in the UAE to implement the framework under AlTareq, the Central Bank of the UAE’s Open Finance Initiative, as the country advances its regulated data-sharing ecosystem.

The move aligns with the CBUAE’s 2023–2026 digital transformation strategy and marks a milestone in the UAE’s Open Finance journey, allowing customers to securely share financial data and access a wider range of integrated digital services across institutions.

ADIB said the first phase of implementation has been completed, covering regulatory and technical requirements, with financial transactions now processed through secure, CBUAE-certified application programming interfaces (APIs).

The launch follows the recent introduction of the UAE’s Nebras framework, which enables licensed financial institutions to deploy Open Finance services in a regulated and secure manner, positioning the country alongside markets such as the UK and Singapore.

ADIB said it plans to expand Open Finance-enabled customer journeys in the next phase, focusing on greater financial transparency, improved decision-making, and more seamless digital experiences across accounts, products, and institutions.

Wahed has launched a suite of UCITS equity exchange-traded funds (ETFs) in Europe that combine Shariah screening with an additional discretionary review based on Islamic ethical and human rights principles, following approval from the Central Bank of Ireland.

The Ireland-domiciled ETFs are designed to meet standard Shariah requirements, including the exclusion of sectors such as alcohol, gambling and conventional financial services, while also applying an added values-based assessment intended to address broader ethical considerations.

Mohsin Siddiqui, chief executive of Wahed, said the additional screening reflects core Islamic principles that extend beyond financial compliance. “Principles such as responsibility, the protection of human dignity and the avoidance of harm are embedded in Shariah,” he said, adding that the framework is intended to apply those values to contemporary global challenges.

Under the additional review, Wahed evaluates companies across three areas: the severity of potential harm, a firm’s involvement in enabling or benefiting from harm, and its willingness to address concerns and improve practices. The assessment draws on external sources including frameworks and databases from the UN Office of the High Commissioner for Human Rights, the American Friends Service Committee, the Uyghur Forced Labor Prevention Act Entity List, and Norway-based pension fund ethics reviews.

The ETFs are structured as actively managed funds, allowing Wahed to adjust holdings in response to emerging humanitarian or ethical concerns, the company said.

Wahed operates across markets including the UK, the United States, Malaysia and the UAE, and manages more than $1 billion in assets globally. The launch expands its presence in the European fund market and adds to its existing Shariah-compliant investment offerings.

Abu Dhabi-headquartered Islamic digital bank, Mal, has raised the largest seed round in Middle East and Africa, as it gears up for launch later this year.  

The Islamic fintech raised $230 million in seed funding, led by global investment platform BlueFive Capital, alongside other strategic investors and family offices. 

The funding will accelerate product development, licensing efforts in multiple markets, and the go-to-market strategy, the company said in a statement. 

“Islamic finance is a $7 trillion space with no single global banking leader. With Mal, we aim to bridge that gap and bring cutting-edge fintech solutions to every underserved community globally.” said Abdallah Abu-Sheikh, founder of Mal. 

The mobile-first bank, which is currently under development, will be rolled out in phases, expanding into key Middle Eastern and Asian markets with localized offerings tailored according to each region. Mal does not yet hold any banking or financial services license.
 

Oman has approved the establishment of a financial centre, following its GCC peers in launching a global hub as the petrostate steps up economic diversification. 

The International Financial Centre of Oman (IFC Oman) will be headquartered in Madinat Al Irfan and will seek to attract financial investments and support sectors through incentives and tax exemptions for a period of up to 50 years.

Three independent entities, including the International Financial Centre of Oman Authority, International Financial Centre of Oman Regulator, and International Financial Centre of Oman Dispute Resolution Authority – will operate on their respective mandates. 

The centre will aim to establish operational frameworks to commence full operations in 2026. 

The establishment of International Financial Centre of Oman represents the ongoing efforts to achieve financial stability and economic diversification, said Abdulsalam Mohammed Al Murshidi, president of Oman Investment Authority.

“The centre will feature an innovative and advanced financial services infrastructure and will provide a secure and transparent environment for financial institutions and investors.”

Oman has followed the lead of several GCC peers, such as Dubai and Qatar in establishing a premier destination for companies and investors. The UAE’s Dubai International Financial Centre and Abu Dhabi Global Market have emerged as magnets for global capital, driven by regulatory environments and strong economies. 

The neighbouring Qatar Financial Centre is also an onshore global business and financial centre, offering legal and regulatory services to local and international companies. 

Saudi Arabia will open its capital market to foreign investors starting next month, marking the latest push in a series of initiatives to drive investment inflows and enhance market liquidity. 

Starting February 1, access to the kingdom’s capital market will be accorded to all categories of foreign investors, enabling them to invest directly into Tadawul’s main market, according to Saudi’s financial market regulator. 

The amendments will eliminate the concept of qualified foreign investors in the main market. Prior to the approved regulations, only a qualified foreign investor with assets worth 1,875,000,000 Saudi riyals, equivalent or more was permitted to open an investment account. 

The amendment will also abolish swap agreements, which were previously used as an option to allow non-resident foreign investors to merely gain economic benefits of listed securities. Instead, it will grant them the ability to directly invest in listed shares on the main market. 

Ownership of foreign investors in the capital market exceeded 590 billion Saudi riyals by the end of Q3 2025, while overseas investments in the main market reached approximately 519 billion Saudi riyals during the same period.

The latest amendment builds on previous measures such as the initiative to simplify investment accounts for foreign investors announced this July. Individual foreign investors residing in any GCC country were permitted to open an account and invest in listed shares. 

In a first, investors who had moved to their home country but had previously resided in Saudi Arabia or other GCC country were allowed to continue investing in listed shares on the main market.  

"These approved amendments align with the CMA's gradual approach to opening the market, building on previous phases and paving the way for complementary steps aimed at further opening the capital market," the regulator said.

The Saudi Tadawul market, which opened up to foreign investors in 2015, operates two primary equity market segments - the main market and the Nomu - parallel market.

Earlier this year, the capital market authority allowed foreigners to invest in listed companies owning real estate in the twin holy cities of Makkah and Madinah.  
 

Top sovereign wealth funds across the Gulf region captured 43% of the total deal activity in 2025, as regional governments ramp up spending across industries. 

The GCC’s largest and most active sovereign wealth funds, including Abu Dhabi’s ADIA, ADQ, Dubai’s Mubadala Investment Company, Kuwait Investment Authority, Qatar Investment Authority and Saudi Arabia’s Public Investment Fund, spent $119 billion in 2025, up 43% on the previous year.

Saudi’s PIF was the most active regional spender of the year with investments worth $36.2 billion. Abu Dhabi’s Mubadala ran it close investing $33.7 billion as the emirate deploys its financial firepower to leap into the top echelons of powerhouse investors. 

Total assets controlled by sovereign wealth funds reached $15 trillion by the end of 2025, owed to the rally in financial markets, new government inflows and the establishment of new vehicles.

Coupled with pension funds, central banks and state-owned investors, the total assets reached an aggregated $60 trillion.

The US emerged as the main recipient of capital, absorbing 47% of all sovereign investments in 2025. Europe and Developed Asia-Pacific also received more capital than in 2024, while emerging markets - especially China, India, Indonesia and Saudi Arabia – slipped 26% drop year-on-year. 
 

OSON, a fintech holding company operating across Central Asia and the UAE, has completed a new digital architecture to support the launch of a multi-currency wallet in the Middle East and North Africa, as part of a wider international expansion planned through 2026.

The company said the next-generation platform replaces legacy systems with a modular, API-driven infrastructure designed to handle cross-border payments, regulatory compliance and scalable financial services across multiple jurisdictions. OSON processed more than 30 million transactions in 2025.

As part of its regional expansion, OSON has established its global headquarters at the Dubai International Financial Centre, where it has received in-principle approval from the Dubai Financial Services Authority and is working toward full regulatory authorisation. The Dubai base will coordinate regulatory engagement, product localisation and partnerships across the GCC and wider MENA region, while also acting as a link between Central Asia and Middle Eastern markets.

The company operates a distributed development model, with engineering hubs focused on mobile wallets and infrastructure in Kazakhstan, high-volume payment processing in Uzbekistan, regulatory technology and GCC localisation in the UAE, and testing and optimisation in Kyrgyzstan and Tajikistan. 

Alongside consumer products, OSON is expanding its payments-as-a-service offering for banks and fintechs. Through a single API, partners can access cross-border remittances, digital service aggregation, identity verification and embedded connectivity tools, aimed at shortening product development cycles.

Looking ahead to 2026, OSON plans to roll out its multi-currency wallet in selected MENA markets, introduce AI-driven compliance automation tailored to GCC regulations, and deploy white-label eSIM solutions for financial institutions. The company said it is also preparing its systems to meet regulatory requirements for potential expansion into additional markets, including the United States.

Engro has closed a $475 million transaction financed entirely through Islamic banking to acquire Deodar’s more than 10,000 telecom towers, marking one of Pakistan’s largest Shariah-compliant deals as the conglomerate expands its digital infrastructure business.

Announcing the development on Tuesday, the company said the acquisition strengthens Pakistan’s domestic ownership of critical telecom assets and supports the shift toward shared tower infrastructure for mobile network operators.

State Bank of Pakistan Governor Jameel Ahmed, speaking at a ceremony marking the transaction, said the deal reflected “the conviction of Hussain Dawood and his family in getting it funded through Islamic banking,” commending the consortium of Islamic and conventional banks’ Shariah windows involved in structuring the financing. 

Engro noted that shared infrastructure, in which multiple mobile operators use a single tower, offers significant cost efficiencies at a time when each tower requires around $50,000 to build. The model, the company said, reduces duplication, supports wider network expansion and aligns with national goals to strengthen local control over digital infrastructure.

Dubai-based telecommunications and digital services company Veon has launched Islamic banking operations in Pakistan, building on the country’s bid to expand its Shariah-compliant offerings. 

Veon’s financial services subsidiary, Mobilink Microfinance Bank, inaugurated its first dedicated Islamic banking branch in Karachi, with a second branch scheduled to commence operations in Peshawar later this month.

The two launches will be followed by a phased rollout of Islamic banking services across additional locations nationwide. Mobilink Bank received its Islamic banking licence this year.  

The launch of Islamic banking services supports the bank’s strategy to broaden financial choice and inclusion for individuals, micro-entrepreneurs, and small businesses across Pakistan, VEON said in a statement.

Islamic banking assets reached approximately $44 billion for the period ending September 2025, accounting for 21.6% of the total banking sector assets, according to data issued by the State Bank of Pakistan.

“Expanding into Islamic banking allows us to directly respond to the needs of a large segment of Pakistan’s population,” said Haaris Mahmood Chaudhary, president and CEO of Mobilink Bank. 

“By offering transparent, faith-aligned products through both physical branches and digital  channels, we are increasing access to formal financial services across the country.” 

VEON delivers digital financial services through JazzCash and Mobilink Microfinance Bank in Pakistan, Simply in Kazakhstan, and Beepul in Uzbekistan.