Newswrap: Islamic finance
Fintech IOUPay awarded Sharia compliance certification; Indonesian Islamic bond auction raises $401 million; Moroccan bank markets new Islamic insurance product; Digital currency Islamic Coin gains fatwa, set to launch; and Malaysia’s Boustead Holdings Bhd and Turkiye’s Great East Capital to establish Islamic digital bank.
Fintech IOUPay awarded Sharia compliance certification
Malaysia-based fintech IOUPay has been granted Sharia Compliance certification by Tawafuq, an independent, global Sharia advisory firm, reported Stockhead. IOUpay Asia has also signed a merchant acquiring services agreement with Souqa Fintech, which trades as PayHalal, a Sharia-compliant payment gateway. The certification will enable IOUPay to target Malaysia’s Muslim population, develop ties with Islamic banks for installment plan-based consumer finance programmes, and will allow for regional expansion in Southeast Asia.
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