IFN Islamic Fintech, a “one-stop-shop” for business information, networking and communication within the world Islamic monetary expertise house, revealed on June 26, 2020 that there at the moment are at the least 127 Fintech corporations globally that reportedly present a Shariah-compliant product.
IFN says that it’s going to quickly be releasing a Monetary Innovation Report the place individuals can examine digital, fintech and expertise within the Islamic Finance business.
Earlier this month, German Islamic Fintech insha confirmed that it is going to be launching a brand new app in July 2020, and is planning to increase its operations into Europe.
The Berlin-based firm says that it goals to supply customers all of the monetary help they want throughout their busy day “with a sense of keeping pace of the world.”
insha is powered by Albaraka Türk Participation Bank, an interest-free banking service supplier (as taking or charging curiosity is forbidden in Islam). The corporate claims that new customers can open an account with the Fintech agency in minutes.
The corporate states:
“We’re a banking service where you can handle your banking business swiftly, digitally and free of charge…insha places the daily life of a Muslim in the center of its interest and is always there for you… your yearly alms (donations to charity) will be calculated for you thus you could help the people who need with a peace of mind.”
Islamic Fintech agency Wahed Make investments not too long ago secured $25 million by means of a funding spherical led by the VC division of Saudi Aramco.
Waheed Make investments gives Shariah-compliant robo-advisory providers and claims over 100,000 purchasers globally. It goals to increase its operations into Indonesia, India, and a number of other different nations.
As reported, the vast majority of Indonesia’s Shariah-compliant Fintech corporations at the moment are utilizing the peer to see (P2P) enterprise model.
Shariah-compliant Canadian Fintech Manzil not too long ago introduced that it needed to offer the general public an opportunity to spend money on its operations by way of FrontFundr, a crowdfunding platform.
UK-based Minted, a Shariah-compliant platform for buying and selling gold, is planning to launch within the coming months. Co-founder Shahmad Ahmed confirmed (earlier this month) that his firm has acquired regulatory approval from the Monetary Conduct Authority (FCA) to function an e-money enterprise.