Islamic Leasing Plans in Pakistan and Other Recent News
Islamic leasing is moving in a new and exciting direction. Here are some updates in the Middle-Eastern financial field.
Islamic Leasing Turning Interest-Free
Pakistan has made a big Islamic leasing-centered announcement. The federal government there has announced its intention to introduce interest-free banking. The announcement was made on November 10 and the plan is to move towards a riba-free Islamic-compliant banking and financial system as quickly as possible. In addition, government officials hope to have a transformation done within five years.
Blockchain Platform
Ramziq is a blockchain platform that’s making inroads into the UAE’s exploding technological ecosystem. The company detailed how they were going to further this kind of digital technology at an annual initiative called Smart Chain Forum in Dubai.
According to the company. Only 3% of the people who are potential users of a blockchain actually have access to it. Their goal is to get the other 97% on board.
Public Offerings
In addition, Saudi Arabia’s Capital Market Authority (CMA) recently announced that they have approved three new initial public offerings. The country is the biggest regional market in the area and it raised 3.8 billion through 13 different IPOs in Q1 of 2022. Additionally, the PWC reports that number accounts for 87% of the quarter’s profits from the area.
Fintech Funding and Islamic Leasing in Saudi Arabia
Fintech funding in that country has continued to grow. It’s up 11% from last year according to Fintech Saudi’s annual report, with the largest funding coming from restaurant management solution Foodics. They were able to raise SAR 637.5 million.
MENA’s online payment app Tamara is another leading Fintech investor. Customers here don’t pay any fees to buy from their favorite stores.
They earn their profits by charging fees from these establishments. Additionally, users can split payments with this online app and pay over two months interest-free. There is also an option to split the payments over five months interest-free.
The Shariah Review Board issued a certificate, with The Kingdom launching a fintech strategy in May. What’s more, the goal is to have 525 Finn Tech and Islamic leasing companies in the Kingdom by the year 2030.
Other Islamic Financing News
In other news, ComTech Gold $CGO has received a sharia-compliant certification. Their ComTech Gold Token is the first product to be awarded sharia certification. Furthermore, Amanie Advisors Ltd issued the Fatawa.
They are a company that specializes in sharia-compliant Islamic leasing investments and Islamic finance solutions. Moreover, ComTech Gold token is a cryptocurrency using the blockchain to allow investors to own gold in digitized form. This is another advancement for Islamic leasing.
IjaraCDC is a Sharia-compliant structuring company that has a crypto project called the Ethical Token. The project is based on lease-to-own real estate, making it a strong and safe investment for budding and established crypto investors. Learn more about ETHi here.
