A summary of the latest Islamic finance news from around the world.
Bangladesh’s Nagad Islamic app attracts 60 million subscribers
Bangladesh Postal Department's mobile financial services Nagad Islamic has attracted 60 million subscribers in three years, it was announced during a discussion held in Dhaka on digital transactions in Sharia-based financial management, reported Jagonews24.
"Mobile financial service Nagad is growing popular day by day. For the last three years, Nagad Islamic has been providing various sorts of Shariah-based transactions, allowing the people of the country to conduct financial transactions digitally in accordance with the Islamic way of life," said State Minister for Religious Affairs Md. Faridul Haque Khan.
Nagad Islamic enables customers to manage accounts and pay for Hajj and Umrah travel and Islamic life insurance payments. The portal also includes a zakat calculation, contribution advantages and prayer-specific features.
"Our country's Muslim community accounts for around 90 percent of the total population. With this in mind, we've included the Nagad Islamic account. Nagad Islamic is a watershed moment in the country's Islamic digital transactions, and we think that individuals from all walks of life will reap the advantages." said Mohammad Aminul Haque, Executive Director of Nagad and a member of Nagad Islamic's Sharia board.
UAE Islamic insurance companies Watania and Dar Al Takaful to merge
Abu Dhabi-listed National Takaful Company (Watania) shareholders have approved a merger with Dar Al Takaful, the Abu Dhabi Securities Exchange (ADX) announced, reported Zawya. The deal between the Islamic insurance companies was proposed in March, with the aim of consolidating the UAE market. The merger, which has been conditionally approved by the central bank, is slated to be completed by the third quarter.
Podcast: Islamic finance in a fintech future
Salaam Gateway’s Islamic finance correspondent Hassan Jivraj was interviewed by the Jakarta Post’s and the Asia Institute of the University of Melbourne’s Ear to Asia podcast on Islamic finance in a fintech future. The podcast discusses the growth of the Shariah-compliant global finance industry, worth some $3 trillion, and how Islamic scholars are dealing with cryptocurrencies following a recent ruling banning crypto in Indonesia, deeming it haram. Dr Ryan Calder, who researches the social impacts of Sharia law, is also interviewed.
Dubai Islamic Bank, flydubai ink agreement
Dubai Islamic Bank (DIB) and flydubai signed an agreement to enable air travel for the bank’s customers, offering discounts of up to 15% on air fares. The service also includes a free UAE transit visa (48 Hours) and a 40% discount on PCR tests through the Find My Doctor app when customers users a DIB debit card for booking on the flydubai website, reported the Daily Times Pakistan.
Al Rajhi Bank Malaysia selects Moneythor for Personal Finance Management features
Al Rajhi Bank Malaysia (ARBM), a subsidiary of Saudi Arabia’s Al Rajhi Bank, one the largest Islamic banks in the world, has selected Moneythor, a leading digital banking solution provider to implement innovative personal financial management (PFM) features in its upcoming digital bank in Malaysia, ARBM said in a press release. This partnership is in line with ARBM’s ambition to become the leading Islamic innovation bank in Malaysia. Having committed to a digital transformation in 2021, ARBM is focused on providing customers an all-encompassing Islamic banking solution. The bank will deploy Moneythor’s Personal Finance Management (PFM features) to deliver rich in-app functionality and power highly personalised experiences for their customers.
The Moneythor solution is powered by real-time data, coupled with machine learning and behavioural science techniques to provide data-driven personalisation capabilities for digital financial management. This will allow ARBM to lean into its customer centric values and strengthen its digital engagement capabilities whilst reinforcing its position as a leader in Islamic banking.