Islamic Fintech
Islamic digital bank Fasset has been named one of the World Economic Forum's 100 Technology Pioneers for 2026, placing the UAE-based startup among a globally selected group of early-stage companies recognised for developing technologies with the potential to reshape business and society. Through the two-year
Islamic Fintech
Abu Dhabi-based Mal has received in-principle approval from the Central Bank of the UAE to establish a licensed bank, moving the Islamic fintech one step closer to launching what it describes as a global Shariah-compliant financial services platform. The approval was granted following what the central bank
Islamic Fintech
Islamic digital bank Fasset has raised $51 million in a Series B round to expand its stablecoin-based banking platform across emerging markets, with backing from Japan's SBI Group, Bahrain-headquartered Investcorp, and Turkish asset manager Arz Portföy. Founded in 2019 and based in Los Angeles, Fasset is
Islamic Banking
Fasset, a Dubai and Jakarta-based digital banking platform, has secured a provisional banking license from Malaysia to offer digital banking services under Shariah-compliant regulations. The company said this approval makes it the first Islamic digital bank to operate using stablecoins. The regulatory approval enables Fasset to offer a
Islamic Banking
Bangladesh Bank is set to merge five struggling Islamic banks into a single entity by November 2025, in an unprecedented step to stabilise the country’s financial sector. The central bank’s plan covers First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank, and EXIM Bank, all
Islamic Banking
The Bank of Ghana has taken a significant step toward introducing Non-Interest Banking and Finance (NIBF) by convening a high-level meeting with senior religious leaders in Accra. The initiative, led by Governor Dr. Johnson Pandit Asiama, reflects the central bank's commitment to deepening financial inclusion through
Islamic Finance
Islamic banks in the Gulf Cooperation Council (GCC) are poised to outpace conventional banks in growth, driven by rising demand for Shariah-compliant financial products and the resilience of their profit margins, according to a report by Moody’s Investors Service. The report highlights that Islamic banks’ fixed-rate retail
Islamic Finance
Islamic banking assets in the UK experienced a significant surge of 26% in 2023, reaching a total of $8.2 billion, according to a recent report by Fitch Ratings. This substantial growth underscores the UK’s status as a key Western hub for Shariah-compliant banking. Fitch projects that the