Islamic Finance

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. 

 

 

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

FRA nods to launching 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.

 

On July 8th, Azimut Egypt received a license for its digital investment platform, AZ Invest, 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 first foray into digital assets and caters to the rising demand for Sharia-compliant financial products.

 

The fund will offer diversified investments in cryptocurrencies and blockchain equities, targeting investors seeking halal financial solutions. (The Halal Times)