Islamic finance roundup: Omani lender launches Shariah-compliant medical finance solution
Here's a roundup of key developments across the Islamic finance ecosystem during the month of October.
Editor's note: Muzn Islamic Banking has launched a Shariah-compliant product to facilitate ethical financing for medical treatments both in Oman and abroad. Meanwhile, a UAE-based JV has launched a pilot program for what it calls the world's first real-world Mudarabah smart contract.
Company News
United Kingdom
Sonali Bangladesh UK boosts Shariah-compliant services with Finastra
Sonali Bangladesh UK (SBUK), a London-based financial institution focused on trade finance for Bangladesh, has partnered with Finastra to enhance its banking operations.
The lender will faciliate transactions through the Finastra Essence core banking solution hosted on Microsoft Azure Cloud.
The new system will cater to both Shariah-compliant and conventional banking needs. Its CEO Masum Billah emphasized the need for a flexible platform to meet evolving demands. (IBS Intelligence)
Indonesia
HAQQ partners with KNEKS, BUMR to enhance Shariah-compliant financial services
HAQQ Association has teamed up with the National Committee for Sharia Economy and Finance (KNEKS) and PT BUMR Industri Terhubung Indonesia to advance Indonesia's Shariah economy through technology and innovation.
The partnership aims to leverage blockchain and Shariah-compliant financial services to create new opportunities for businesses, investors, and communities. (The Jakarta Post)
Oman
Muzn launches Shariah-compliant medical finance solution
Muzn Islamic Banking has launched a Shariah-compliant medical finance product to provide flexible and ethical financing for medical treatments both in Oman and abroad.
Muzn is National Bank of Oman's Islamic banking window. Salima Obaid Issa Al-Marzoqi, Chief Islamic Banking Officer at NBO emphasized the importance of healthcare and the alignment of the product with Shariah principles, ensuring access to quality medical care for customers. (Zawya)
UAE
Firoza Finance announces launch of $2m pilot for world’s first real-world Mudarabah smart contract
Firoza Finance, a UAE-based joint venture between Liberty Finance and HAQQ Network, has launched a pilot program for what it claims is the world’s first real-world Mudarabah smart contract.
The initiative, which has a budget of $2 million, aims to revolutionize Islamic finance by integrating technology with traditional financial principles.
The move highlights Firoza Finance's commitment to innovation in the financial sector. (Arabian Business)
Investment
Cameroon
BDEAC approves Islamic finance window to boost project funding
Shareholders of the Central African States Development Bank (BDEAC) approved the establishment of an Islamic finance window.
This new initiative is designed to diversify and enhance the bank's resources while complementing its conventional financing.
The Islamic finance window aims to attract and allocate funds to states and businesses in accordance with Islamic law, expanding BDEAC's financial capabilities. (Business In Cameroon)
