Islamic finance wrap: Zain launches Shariah-compliant fintech app in Bahrain
Here's a roundup of key developments across the Islamic finance ecosystem during the first two weeks of February
Editor's note: Fintech seems to be the new flavour of the month. Zain Group launched a new Shariah-compliant fintech app in Bahrain, two Malaysian powerhouses have come together to introduce the country's first Islamic Banking as a Service offering, while a Saudi-based fintech has received Shariah certification for its real estate investment offerings.
We, most certainly, aren't complaining.
Company News
Philippines
First BSP-licensed Islamic bank opens in BARMM
The Bangko Sentral ng Pilipinas (BSP)-licensed Islamic Branch of Center for Agriculture and Rural Development (CARD) Bank, is now operational in Cotabato City, catering to Bangsamoro residents with Islamic financial products and services.
Lawyer Normina Datudacula, BSP's Islamic Banking Supervisory Group manager, highlighted this as a significant step in the Philippines' commitment to advancing the Islamic finance ecosystem following the enactment of Republic Act 11439. (PIA)
Bahrain
Zain launches innovative fintech app
Zain FinTech, the financial services arm of Zain Group, has introduced its a new app in Bahrain.
Bede offers a Shariah-compliant mobile app for seamless consumer microfinance, providing quick approvals based on credit profiles. (The Fast Mode)
Saudi Arabia
IBDA real estate platform creates Sharia compliant investment opportunities
IBDA Real Estate platform, a Saudi-based fintech, has obtained Shari’a certification from Shariyah Review Bureau (SRB) for its real estate investment offerings.
CEO Waleed Albawardi highlights the platform's innovative features, enabling property owners to list their properties for sale or opt for unique usufruct right sales. (Zawya)
UAE
Money Maestro revolutionizes home financing with Shariah-compliant solutions
Money Maestro has introduced pioneering Shariah-compliant financing products tailored to meet the ethical and religious needs of customers.
Focused on Islamic home finance, the institution adheres strictly to Islamic law, prohibiting the payment or receipt of interest (Riba).
Employing structures like Murabaha, Ijara, and Musharakha, Money Maestro ensures financing solutions align with principles of fairness and equity. (Zawya)
Malaysia
New Islamic banking solution powered by 5G for MSMEs
Maybank Islamic Bhd and Telekom Malaysia Bhd (TM) join forces to introduce Malaysia's inaugural Islamic Banking as a Service (BaaS) solution empowered by 5G, unveiled as Go Niaga.
This collaborative effort targets consumers and micro, small, and medium enterprises (MSMEs), merging Maybank Islamic's wide-ranging financial services with TM's renowned Uni5G Postpaid Biz mobile packages. (The Star)
Trade Developments
Uzbekistan
Trade financing agreement to boost Uzbekistan's private sector
The International Islamic Trade Finance Corporation (ITFC) and Asia Alliance Bank have entered into a collaboration to enhance trade financing for Uzbekistan's private sector, especially its small and medium-sized enterprises (SMEs).
ITFC will provide a $10 million financing line to Asia Alliance Bank, focusing on addressing the trade finance requirements of private sector clients. (Zawya)
