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Islamic Development Bank looks to expand its support of innovation and entrepreneurship
The Islamic Development Bank annual meetings are underway this week in Tunisia, and one of the themes being discussed is social innovation.
- Categories
- Entrepreneurship
- Region
- North Africa & Near East
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The race to become the world’s leading leading Islamic fintech hub
Malaysia, the UK and Indonesia are leading the race, ranking first, second and third respectively by number of Islamic fintech startups, says Bloomberg Intelligence. However, fierce competition from Middle Eastern countries threatens their supremacy.
- Categories
- Inclusive Fintech
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Reserve Bank of India Says ‘No’ to Islamic Banking
Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The issue of introduction of the interest-free banking in India was examined by RBI and the government of India, the central bank added.
- Categories
- Uncategorized
- Region
- South Asia
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Islamic finance is making a case for ‘impact investment’
The Islamic Development Bank (IDB) and the Istanbul International Center for Private Sector in Development of the UN Development Program launched the “Global Islamic Finance and Impact Investing Platform,” an institution which seeks to build collaborations between a multitude of stakeholders, including Islamic banks and Islamic finance institutions, that engage in developmental investments in accordance with the United Nation’s 2030 Agenda for Sustainable Development.
- Categories
- Investing
- Region
- North Africa & Near East
- Tags
- IDB, impact investing, Islamic finance, MENA, SDGs, UNDP
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IDB-UNDP report identifies steps to leverage Islamic finance for impact investing
Given that impact investment is growing rapidly and has become an important source of funding the SDGs, a blending with Islamic finance provides a formable partnership that could play a significant role in achieving the SDGs.
- Categories
- Impact Assessment, Investing
- Region
- North Africa & Near East
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Islamic Banking has No Relevance in India: Union Finance Ministry
The Union Finance Ministry said Friday that Islamic banking was not relevant any more in achieving the objectives of financial inclusion as the government has already introduced programmes like Jan Dhan Yojana and Suraksha Bima Yojna for all citizens towards that end.
- Categories
- Uncategorized
- Region
- South Asia
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Kenya urged to adopt Islamic Microfinance to tackle poverty
Participants in the Global Islamic Microfinance Forum at the Intercontinental Hotel in Nairobi. Kenya has been urged to adopt Islamic microfinance business models to help lift many families out of poverty and boost financial inclusion of disadvantaged groups in the country.
- Categories
- Uncategorized
- Region
- Sub-Saharan Africa
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Malaysia’s EthisKapital Claims “World’s First” Licensed Islamic P2P/Crowdfunding Platform
The Securities Commission Malaysia awarded six peer to peer licenses, one of which is the world’s first license for Shari’ah-compliant P2P finance. EthisKapital will be focused on funding small businesses and real estate development projects. The team is spearheaded by UmarMunshi, who is also the Chairman of the newly-formed Islamic Fintech Alliance, and supported by former senior World Bank and Barclays Bank executives.
- Categories
- Technology
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