New startups in the digital Islamic bank loan worldDecember 28, 2017 at 10:58 am
An Islamic bank loan is like a traditional one in many ways. Of course one of the big differences is you can stay away from riba with Islamic loans.
However, the sharia compliant version is adopting digital innovations as fast as their traditional cousins.
Fintech Landscape Additions
For example, The IFN Islamic Fintech Landscape reports there were three additions to the Fintech landscape recently. These additions bring the total of firms offering sharia compliant products to 116.
It should be no surprise digital banking startups are the focus of this new push in the Islamic finance world. Kenya provides Medina Digital Finance as the first new organization on our list.
Sharia Compliant Islamic Bank Loan Products
Hada Dbank will have its headquarters in Switzerland. Both of these new companies will offer sharia compliant Islamic bank loan products.
Sarwa Digital Wealth is the third new company. They are an automated investment management platform based in the UAE.
More Islamic Bank Loan News
In other news, reports say the Fintech landscape is shifting away from traditional sources. GCC, Bahrain and the UAE have always been innovation hub for Fintech.
Now, Saudi Arabia is becoming a powerhouse in this industry too. Industry experts are predicting a shift in the balance of power for the Fintech industry.
Saudi Arabia launched a Fintech Lab which has been designed specifically to attract interest. This new organization has a clearly defined role. They are working to establish a sharia compliant regulatory framework
The Saudi Capital Markets Authority (CMA) is behind this bold new idea. They recently told IFNFintech.com they are interested in primarily capital markets for the time being. It’s all good news for global expansion when it comes to Islamic bank loan products.