Author Archives: IMFN - Page 2
New Islamic endowment trust seeks to be UK’s first waqf to combine commercial and social investments
A new charitable foundation is being set up in the UK that aims to become a £1 billion waqf fund combining commercial and social investments. There are waqf funds in the…
Islamic Development Bank to set up special USD730 million fund
(MENAFN) To ease the bad health and socioeconomic impact of the coronavirus, the Islamic Development Bank (IsDB Group) is arraigning a special USD730 million fund. International supply chain commotions, demand…
Dubai Islamic Bank shareholders approve lifting foreign ownership cap
Dubai Islamic Bank's shareholders approved a proposed increase in the Islamic lender's foreign ownership limit to 40 per cent, up from 25 per cent previously. Shareholders also approved a 35…
Indian micro-lending start-up SmartCoin raises $7 million Series A
an app-based consumer lending start-up, has raised over $7 million in Series A funding from LGT Lightstone Aspada and existing investors Unicorn India Ventures and Accion Venture Lab. The FinTech…
Al Wifaq International Islamic Bank selects ICSFS core banking package
Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems…
Shariah-Compliant Fintech: Malaysia, Singapore, Indonesia Corridor has Made Substantial Progress in Establishing Islamic Finance Services
Vinnie Lauria, an entrepreneur and venture capitalist who established Golden Gate Ventures, an early-stage VC company managing more than $250 million in assets, notes that his Singapore-based company has been watching emerging tech…
APNA Microfinance Bank-PayPak ink accord to provide debit cards
APNA Microfinance Bank and PayPak have inked a deal after which the later will provide debit cards to the account holders of the bank enabling them to use ATMs for…
Rising circular debt: Bids received by Power Division for Rs200b SUKUK-II scrapped
The government has done away with the Power Division’s initiative for launching Sukuk-II of worth Rs200 billion based on competitive bids to trim down the circular debt and asked for…
Senegal’s microfinance institution UM-ACEP seeks $10mln IFC loan
The Senegalese microfinance institution UM-ACEP (Union des Mutuelles Alliance de Crédit et d'Epargne pour la Production) is negotiating a five-year senior loan in local currency of up to $10 million from…
Qatar helps Taiwan become a new global sukuk player
Taiwan, or, as it calls itself officially, the Republic of China, in the past months became a new kid on the block for Islamic finance, and Qatar played a major…