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 three weeks 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. Meanwhile, a Bahraini lender is eyeing Pakistan for potential Islamic banking expansion.
Company News
Oman
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)
UAE
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)
Pakistan
Al Baraka eyes Pakistan for Islamic banking expansion
Bahrain-based Al Baraka Bank plans to expand its presence in Pakistan as the country adopts interest-free Islamic banking, Bloomberg reports.
The bank will initially open 15 new branches across Pakistan, according to Muhammad Atif Hanif, the bank’s country CEO.
“This is just the first year and we expect much stronger expansion in the years to come,” he stated.
Islamic banking, guided by Sharia law, offers profit sharing instead of interest as a return on investment.
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)
Malaysia
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)
Türkiye
President Erdogan highlights Türkiye's role in Islamic finance
President Recep Tayyip Erdogan highlighted Türkiye's significant role in global Islamic finance at the AlBaraka Summit in Istanbul, emphasizing the need to redesign the global system to address contemporary challenges and crises.
Speaking at the Lutfi Kirdar International Congress and Exhibition Center, Erdogan underscored Türkiye's expanding influence in commercial, cultural, and financial markets. (Türkiye Newspaper)
Investment
United Kingdom
Islamic car finance platform eyes £25m raise
Ayan Capital, an Islamic car finance platform for private hire vehicle (PHV) drivers, seeks to raise up to £25 million in Series A debt and equity funding. The London-based firm recently completed a £2.3 million seed round.
Ayan Capital offers UK drivers Islamic finance-compliant car loans up to £50,000, catering to the demand among PHV drivers, most of whom are Muslim.
The startup aims to establish a neobank focused on the Muslim population in the UK, with future expansion plans across Europe. (Business Cloud)
