Islamic finance roundup: AlHuda CIBE to bolster Islamic banking in West Africa
Here's a roundup of key developments across the Islamic finance ecosystem during the month of July.
Editor's note: Africa represents a huge reservoir of untapped opportunity, which perhaps led to AlHuda CIBE's visit to the region to assess its Islamic finance potential.
Meanwhile, Malaysia's Affin Bank is aiming to launch an Islamic digital asset fund. Uzbekistan has also approved microfinance institutions to offer Islamic finance services.
Company News
United Kingdom
Islamic finance start-up Ethos taps Thought Machine for core banking tech
Ethos, a UK-based Islamic and ethical finance start-up, has partnered with Thought Machine to deliver Shariah-compliant financial solutions.
Leveraging Thought Machine’s cloud-based Vault Core platform, Ethos will launch a deposit account service and a home purchase plan mortgage service, supporting Mudaraba, Musharakah, and Ijarah structures. (Fintech Futures)
UAE
AlHuda CIBE: Mission to strengthen Islamic banking and finance in West Africa
AlHuda Centre of Islamic Banking and Economics (CIBE) management recently visited Senegal, Ivory Coast, Mauritania, and Guinea to assess the financial markets and the potential for Islamic finance.
The visit focused on the Francophone regions of West Africa, where Islamic finance is in its early stages despite significant Muslim populations and governmental support through Sukuk issuance for major projects. (Zawya)
Egypt
Authority approves launch of Azimut’s Shariah-compliant fund in Egypt
The Financial Regulatory Authority (FRA) has approved Azimut Egypt’s Shariah-compliant fund, which will invest in stocks on the newly-launched EGX33 Shariah index.
Azimut Egypt received a license for its digital investment platform, AZ Invest this month, offering access to various fund types, including cash, fixed income, equity, multi-currency, and gold funds. (Zawya)
Malaysia
Affin Bank to launch Islamic digital asset fund
Affin Bank is set to distribute an Islamic version of its new digital asset fund, the Cross Light Capital Performa Digital Asset Fund.
This initiative marks the bank's foray into digital assets and caters to the rising demand for Shariah-compliant financial products.
The fund will offer diversified investments in cryptocurrencies and blockchain equities, targeting investors seeking halal financial solutions. (The Halal Times)
United Kingdom
Fintech firm Offa launches Islamic BTL service
Offa, the UK's first Shari’a-compliant bridge finance fintech, has launched a buy-to-let (BTL) service, offering fast funding decisions through a paperless process.
The new products are available to British expats in the Gulf region, Australia, the EU, Canada, Singapore, and Brunei.
Utilizing next-generation technology, Offa aims to replace legacy finance systems with flexible and ethical Islamic property finance solutions via end-to-end digital processes. (Mubasher)
Education
Tajikistan
ITFC, Tajikistan conclude workshops to advance Islamic trade finance knowledge
The International Islamic Trade Finance Corporation (ITFC) and the Ministry of Economic Development and Trade of Tajikistan held workshops in July to enhance participants' knowledge of Islamic finance.
These workshops mark a significant milestone in ITFC’s mission to strengthen Islamic finance capabilities in member countries. (Dev Discourse)
Bahrain
Webinar highlights Islamic banks' role in social financing initiatives
The General Council for Islamic Banks and Financial Institutions (CIBAFI) held a webinar on 'Islamic Social Financing: Assessing Islamic Banks’ Current Initiatives and Potential Impact' in Manama, Bahrain.
The event explored the role of Islamic banks in social financing, addressing both opportunities and challenges, and discussed strategies and partnerships to advance the field. (Zawya)
Regulatory
Uzbekistan
Uzbekistan approves Islamic finance services for microfinance institutions
The Central Bank of Uzbekistan has approved regulations allowing microfinance institutions (MFIs) to provide Islamic finance services.
The guidelines offer a framework for MFIs to engage in various Islamic finance activities while ensuring regulatory compliance. (Daryo)
