Islamic Finance

Islamic finance wrap: Sohar Islamic introduces new Shariah-compliant credit cards

Here's a roundup of key developments across the Islamic finance ecosystem during the first week of May

Editor's note: Oman's Sohar Islamic has unveiled three new Shariah-compliant credit cards, while AlHuda CIBE partners with an Islamic fintech to propel the sector. 

Company News


Sohar Islamic introduces new Shariah-compliant credit cards

Sohar Islamic, the Islamic window of Sohar International, has introduced three new Sharia-compliant credit cards. 


These cards offer a range of benefits in travel, wellness, and lifestyle, meeting the increasing demand for premium services and unique experiences.  (Zawya)



MYTM and AlHuda CIBE partner to drive global expansion of Islamic fintech
MYTM, an Islamic fintech firm, and AlHuda Centre of Islamic Banking and Economics (CIBE) have inked a memorandum of understanding (MoU).


The collaboration underscores their shared commitment to driving innovation and accessibility in Islamic finance. (Zawya)



Trade Developments

Azerbaijan / Türkiye

Azerbaijan participates in training on "Islamic banking, finance" in Turkiye

The Small and Medium Business Development Agency (SMBDA) and the Participation Banks Association of Turkey collaborated on a training initiative titled "Islamic Banking and Finance" in Istanbul, aimed at enhancing expertise within financial sectors, according to Azernews.


Representatives from various Azerbaijani institutions attended, including the ministry of economy, Central Bank, and Entrepreneurship Development Fund, and banks. (Azernews)



GFIEF to help Malaysia become top innovator in Islamic finance

The upcoming Global Forum of Islamic Economics and Finance (GFIEF) in Kuala Lumpur, slated for the end of May, presents an opportunity for Malaysia to reclaim its status as a leading innovator in Islamic finance, according to Treasury secretary-general Datuk Johan Mahmood Merican.


Prime Minister Anwar Ibrahim believes Malaysia's Islamic finance industry has matured enough to develop its own products and collaborate with other Islamic countries. (Pakistan Observer)


Islamic Economy
Trade finance