Islamic finance roundup: IsDB grants $10m to WHO for healthcare, climate solutions
Here's a roundup of key developments across the Islamic finance ecosystem during the month of November
Editor's Note: The Islamic Development Bank, a champion of healthcare and climate care solutions, has whipped out a $10 million loan to the World Health Organization (WHO), to address related challenges in low- and middle-income countries.
Meanwhile, UAE's Ajman Bank has partnered with AAOIFI to bolster its workforce in Shariah standards.
Company News
Pakistan
Meezan Bank, CashNow sign MoU to transform Islamic finance
Meezan Bank, Pakistan's largest Islamic bank, has partnered with fintech platform CashNow to launch the country’s first fully digital Shariah-compliant supply chain finance solution.
The collaboration aims to streamline financing for suppliers and offers the lender's clients access to Islamic financial products, including a co-developed digital finished goods financing solution. (Mettis Global)
UAE
Firoza Finance to launch Shariah-compliant investment pools
Firoza Finance, a DeFi platform focused on ethical and Shariah-compliant investments, has launched its platform offering nine investment pools with returns of up to 20% APY.
With a low entry barrier of $100, the platform combines decentralized technology with Islamic Mudarabah principles, enabling risk-and-profit-sharing for its 2,600 early participants. (Zawya)
UAE
Ajman Bank partners with AAOIFI to certify workforce in Shari’ah standards
Ajman Bank has partnered with AAOIFI to enroll employees in the Certificate of Proficiency in Shari’ah Standards (CPSS) program, enhancing its commitment to Shari’ah compliance.
Announced during the 19th AAOIFI-IsDB Islamic Banking and Finance Conference, this initiative equips staff with advanced training in Shari’ah standards through AAOIFI’s e-learning platform, ensuring operational excellence. (Zawya)
Switzerland / UAE
Aleph Zero, Shariyah Review Bureau team up to bring Shariah-compliant blockchain to the GCC
Aleph Zero, a Swiss blockchain prioritizing privacy, has received Shariah certification from SRB. This makes it compliant with Islamic finance principles.
Its technology, including ZKP solutions, AlephBFT, and DAG, enables fast, secure, and private transactions.
Aleph Zero is actively working with Middle Eastern telecommunication companies to promote blockchain adoption in the region. (Shariyah)
Canada
Manzil Wealth launches financial platform
Manzil Wealth, a subsidiary of Manzil, has unveiled a comprehensive halal wealth management platform in Canada.
This platform offers a full suite of Sharia-compliant financial services.
To further strengthen its position in the Canadian market, Manzil Wealth has acquired Canadian Islamic Wealth, a halal investment and financial services provider. (IBS Intelligence)
UAE
Magnati & Aafaq Islamic Finance partner to support SMEs in UAE
Magnati and Aafaq Islamic Finance have joined forces to launch an embedded financial solutions platform aimed at empowering SMEs in the UAE.
The platform streamlines the loan application process, leveraging real-time POS transaction data to facilitate faster and more efficient access to Islamic financial services.
The partnership aims to provide SMEs with a range of tailored financial solutions, including business loans, invoice financing, and equipment financing. (IBS Intelligence)
Trade Developments
Qatar / Türkiye
Qatari-Turkish Supreme Strategic Committee bolsters bilateral economic ties
The 10th Qatari-Turkish Supreme Strategic Committee is expected to strengthen economic ties between the two countries.
Turkish Trade Minister Omer Bolat highlighted the committee's role in assessing bilateral relations and facilitating cooperation in areas such as defense, infrastructure, logistics, and free zones.
Over 100 agreements have been signed so far, aligning with the countries' strategic cooperation goals. (The Peninsula)
Investment
Oman
New investment fund to boost sultanate's waqf sector
The Ministry of Awqaf and Religious Affairs (MoARA), the Sultan Qaboos Higher Centre for Culture and Science, and Bank Nizwa have launched the Ishraq Waqf Investment Fund.
This initiative aims to boost Oman's waqf sector by channeling Islamic finance into projects aligned with charitable and social welfare goals.
Khalid al Kayed, CEO of Bank Nizwa, highlighted the fund's potential to enrich Oman's Islamic finance ecosystem through this unique partnership. (Zawya)
Qatar
Wahed receives funding from Qatar Development Bank to expand solutions
Qatar Development Bank has made a strategic investment in Wahed, an Islamic fintech company.
Wahed's platform offers Shariah-compliant investment solutions, including managed portfolios and venture capital opportunities.
The investment aims to further empower individuals to access sophisticated financial services, democratizing investment opportunities and aligning them with Islamic principles. (Fintech Global)
ESG Developments
OIC
IsDB grants $10m to WHO for healthcare, climate solutions
The Islamic Development Bank (IsDB) is providing a $10 million loan to the World Health Organization (WHO) to support the Health Impact Investment Platform.
This platform, a collaboration between the IsDB and WHO, aims to address healthcare and climate-related challenges in low- and middle-income countries. The initial phase of the platform will focus on 15 countries in Africa and the Middle East. (Anadolu Ajansi)
