#Saudi Arabia Islamic Fintech Market

[marketsndata]

[ama2024]

https://www.advancemarketanalytics.com/reports/166081-global-banking-software-solutions-market

Banking Software Solutions Market: Know More About The Years Ahead

Advance Market Analytics released a new market study on Global Banking Software Solutions Market Research report which presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data. The research study provides estimates for Global Banking Software Solutions Forecast till 2029*.

The financial services industry has seen extreme technology-led changes over the past many years. According to the financial industry experts, they are looking for their IT departments to enhance their efficiency and facilitate game-changing innovation to lower their costs and continuing to support legacy systems. In the meantime, FinTech start-ups are influencing upon established markets, leading with customer-friendly solutions developed legacy systems. Customers have had their expectations set by various other industries. Today customers are now demanding better services, seamless experiences regardless of channel, and more value for their money. Regulators demand more from the industry too and have started to adopt new technologies that will revolutionize their ability to collect and analyze information. And the pace of change shows no signs of slowing. It is clear that technology is upsetting financial services in a multitude of ways. There are some key themes that believe IT executives will address as they begin their strategic planning for 2020 and beyond. They are some of the following -

Key Players included in the Research Coverage of Banking Software Solutions Market are:

Temenos Transact (Switzerland), EBANQ (The Netherlands), Oracle (United States), Microsoft (United States), Fiserv (United States), Plaid (United States), SAP (Germany), Tipalti (United States), NCR Corporation (United States), FIS (United States), International Financial Systems Ltd. (England), Mambu (Germany)

What's Trending in Market: Advancement in Robotics and Artificial Intelligence Technology

The Public Cloud will Become the Dominant Infrastructure Model

Cyber-Security will be the One Major Areas of Risks Faced by the Financial Institutions

Challenges: Increase in Market Technologies

Opportunities: Asia will Emerge as a Key Center of Technology-Driven Innovation

Regulators will Turn to Technology as well

Market Growth Drivers: FinTech is Investing in the New Business Model

Development in the Blockchain Technology

Digitization becomes Mainstream

The Global Banking Software Solutions Market segments and Market Data Break Down by Deployment Mode (Cloud-Based, On-Premises), Category (Small Size Enterprises, Medium Size Enterprises, Large Size Enterprises), Banking (Core Banking, Mobile Banking, Corporate Banking, Retail Banking, Wealth Management & Private Banking, Credit Unions Banks, Others {Business Banking, Islamic Banking, Central Banks, Universal banks}), Organizations Size (Small Size Enterprises, Medium Size Enterprises, Large Size Enterprises)

Get inside Scoop of the report, request for free sample @: https://www.advancemarketanalytics.com/sample-report/166081-global-banking-software-solutions-market

To comprehend Global Banking Software Solutions market dynamics in the world mainly, the worldwide Banking Software Solutions market is analyzed across major global regions. AMA also provides customized specific regional and country-level reports for the following areas.

• North America: United States, Canada, and Mexico.

• South & Central America: Argentina, Chile, Colombia and Brazil.

• Middle East & Africa: Saudi Arabia, United Arab Emirates, Israel, Turkey, Egypt and South Africa.

• Europe: United Kingdom, France, Italy, Germany, Spain, Belgium, Netherlands and Russia.

• Asia-Pacific: India, China, Japan, South Korea, Indonesia, Malaysia, Singapore, and Australia.

Presented By

AMA Research & Media LLP

[techsciresearch]

Saudi Arabia Islamic Finance Market to be Dominated by Islamic Banking through 2026 – TechSci Research

The growing FinTech industry and presence of tech-savvy youth population are driving the growth of Saudi Arabia Islamic Finance Market in the forecast period, 2022-2026.

According to TechSci Research report, “Saudi Arabia Islamic Finance Market By Financial Sector (Islamic Banking, Islamic Insurance, Sukuk Outstanding, Others), By Region, Competition Forecast & Opportunities, 2026”, the Saudi Arabia Islamic Finance market is expected to witness a growth of double-digit CAGR during the forecast period, 2022-2026. Rising government Sukuk insurance and full support by the leading authorities to boost foreign investment in the country by providing easy entry rules and strengthening capital markets are the major market driving factors in the forecast period. Strong investments for the development of the Halal sector and infrastructure and Sukuk bonds through the electronic modes in all products and services contribute to the market growth.

The easy entry of market players in the region and encouraging the financial institutions to finance the small and medium-sized enterprises are driving the country towards cashless payments. Leading authorities are incentivizing the merchants and citizens to adopt the e-payment solutions and ensuring vehicle and health insurance enforcement to the consumers. The high demand for digital banking services ensures higher transparency in financial transactions. The replacement of the conventional banking services in various sectors such as banking, social commerce, electronic commerce, wealth management, and others is expected to boost the growth of the Saudi Arabia Islamic Finance market in the next five years. The increase in the mergers and acquisitions in the insurance industry in order to boost its scale and solvency is expected to influence the market demand.

The rise in the initiatives taken by the leading authorities to promote financial literacy and planning among the citizens of the country and making available the products and services at affordable rates to increase the saving of the consumers is expected to contribute to the market growth. High internet penetration and the rise in the use of smart devices is creating the viewership of online platforms. An increase in the disposable income of the consumers is enabling them to invest in quality products which in turn is strengthening the economic structure of the country. The growth of the E-Commerce industry in the country is expected to promote the use of cashless payments. Consumers prefer to buy through online sales platforms due to the presence of lucrative discounts and quick delivery, which is expected to accelerate the demand for online banking services.

Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on " Saudi Arabia Islamic Finance Market"

https://www.techsciresearch.com/report/saudi-arabia-islamic-finance-market/8021.html

 The Saudi Arabia Islamic Finance market is segmented on the basis of financial sector, competitional landscape, and regional distribution. On the basis of the financial sector, the Saudi Arabia Islamic Finance market is divided into Islamic banking, Islamic insurance, Sukuk outstanding, and others. The Islamic banking segment is expected to hold the largest market share of the Saudi Arabia Islamic Finance market in the forecast period, 2022-2026. The Kingdom of Saudi Arabia is home to full-fledged Islamic banks and eight Islamic windows in all the traditional banks.

Islamic banks are supported by an array of wholesale, commercial, and other types of banks. Saudi Arabia boasts of one of the largest Sharīʿah-compliant development banks in the world and has the only AAA-rated Islamic bank known as the Islamic Development Bank. Consumers prefer to take financial services from Islamic banks as they have higher moral standards. Islamic banks do not take high risks or pay outsize bonuses to their top bankers and are highly responsible towards their customers.

The earnings in Islamic banks come from identifiable assets and not from unknown sources, which makes them highly reliable for banking. Islamic banks cannot make money from the interest, which is the main reason they use real estate and equity and charge ‘rent’ instead of making interest.

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According to TechSci Research “Digitization of Islamic products and services to enhance the consumer experience and convenience by offering digital banking services and the adoption of advanced technologies by the Islamic Banks is expected to create lucrative opportunities for market growth. Market players are launching Islamic Robo-advisors that use artificial intelligence technology for determining optimal investments satisfying the Shariah compliance to increase the access of the Islamic Banks.

The banks are also using blockchain technology to assist with payments and remittances and assist the customers to avail banking services from the comfort of their homes. Ongoing technological advancements and the growing penetration of internet services to boost access to banking services is expected to propel the Saudi Arabia Islamic Finance market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Topics cover in this report

·         Saudi Arabia Islamic Finance Market Outlook

·         Saudi Arabia Islamic Finance Market Size

·         Saudi Arabia Islamic Finance Market Share

·         Islamic Finance Market Growth

·         Islamic Finance Market Forecast

·         Islamic Finance Market Future

·         Islamic Finance Market Trends

“Saudi Arabia Islamic Finance Market By Financial Sector (Islamic Banking, Islamic Insurance, Sukuk Outstanding, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia Islamic Finance market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Islamic Finance market.

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[finterraventuress]

Islamic Finance — New Or Old?

As I continue looking at the Islamic Fintech Finance Industry, interesting facts and answers to questions concerning the sector keep on presenting themselves. For instance, how old is the institution of Islamic Finance?

As I trawl through my go to site at the moment, GF Global, for all things concerning Islamic Finance, this piece caught my attention. Apparently, for hundreds of years, there was no need for Islamic finance , simply because there was no financial system to “Islamise.” Until the second half of the 19th century, the majority of the Muslim population around the world was unbanked and the prohibition of interest was applied on transactions by tradition rather than by law or regulatory bodies.

It was during the colonial era, Western banks and financial institutions penetrated Muslim countries and imposed interest-based methods on the Islamic world. In the 1940s and 1950s, independence movements pushed for the revival of Islamic culture and religious scholars in countries such as India, Pakistan and Egypt started to condemn the use of interest by banks. They proposed to prohibit interest and replace it with Islamic risk-sharing. Localised Islamic finance experiments took place in the 1960s in Egypt and Malaysia.

The idea being, to provide an ethical alternative to the Western-dominated international financial system based on the Quran.

Islamic Debt Market

Islamic bonds also known as sukuks began to be issued in the late 1990s. Although they often serve the same purpose as regular bonds, they should be viewed as certificates of asset ownership rather than as debt obligations.

The trend really took off in 2006 when total sukuk issuance reached $20 billion. It peaked at $137 billion in 2012 before the pace slowed down. Last year, total Islamic bond issuance reached $95 billion, with a major contribution from Saudi Arabia and its first series of sovereign sukuks for a total of $17 billion.

Today, there are over 350 Islamic financial institutions spread over more than 60 countries and total sharia-compliant assets represent $2.2 trillion. Although Islamic finance is less than 1% of the global financial market, it is one of the fastest-growing segments. And the march goes on, while consolidating their existing markets, sharia-compliant entities have started to branch out into new territories, notably Sub-Saharan Africa and Europe.

Visit http://finterraventures.com/

[adalidda]

Illustration Photo: OMNY Program Executive Al Putre demonstrated use of a digital wallet on an OMNY reader at Fulton Center on Tuesday, August 13, 2019, to announce the millionth OMNY tap. (credits: Marc A. Hermann / MTA New York City Transit / Flickr Creative Commons Attribution 2.0 Generic (CC BY 2.0))

Call for applications: DIFC Scale Up Programme for FinTech Startups with MVP

If you’re a competitive FinTech, InsurTech, RegTech or Islamic FinTech startup looking for opportunities in one of the most exciting financial industry regions in the world, then this programme is for you! Our programme offers the most innovative of startups mentoring, workshops, funding opportunities, industry insights, marketing exposure and more.

Be part of this dynamic 12-week programme where you can test and develop your solutions under the mentorship of leading banking and insurance institutions. During the first phase of the programme you will get the chance to pitch your business to financial institution and insurance partners located in the UAE, Saudi Arabia, and Jordan. Following, you will be paired with mentors to complete the second phase of the programme to further refine your product proposition and possibly engage in a Proof of Concept. The programme concludes with an Investor Day where you will get the chance to present to a large audience of investors, industry leaders, media, and other members of the FinTech Community.

Best of all, we do not take an equity stake from startups who participate in our accelerator programme!

Programme Benefits Address priorities of leading international and regional financial institution and insurance partners Access to investor network including DIFC'S USD 100M FinTech Fund Support services from 60+ partners including legal clinics, tech solutions and talent workshops Co-working space in DIFC, MEASA's leading international financial centre Marketing & PR exposure Events and networking opportunities with FinTech community Access to regulatory sandbox scheme (Innovation Testing License) International network of 15+ global FinTech hubs

Eligibility Demonstrate Minimum Viable Product and be willing to provide partners to it during the programme Demonstrate that access to Financial Services executives will have a meaningful impact on your growth prospects Nominate 1-2 members of your Senior Team (e.g. Founder/ CEO and/or CTO/ Lead Developer) as representatives Commit at least 1 representative to be in Dubai at any point in time during the 3-month programme

Application deadline: June 21, 2020

Check more https://adalidda.com/posts/47xNEEBZKMuqCRbQ6/call-for-applications-difc-scale-up-programme-for-fintech

[yourcrazycrack]

Foloosi is on the Top 20 Middle East Fintech

The past year has been eventful in the Middle East’s financial services sector. Last year, we saw the Saudi British Bank merge with Al Awwal Bank to create Saudi Arabia’s third largest lender. This came after Abu Dhabi Commercial Bank’s tie-up with Union National Bank and the subsequent takeover of Al Hilal bank as its Sharia-compliant arm in the U.A.E. The Islamic banking sector has also seen the merger of the region’s largest Islamic bank, Dubai Islamic Bank, with Noor Bank, a U.A.E.-based Sharia-compliant lender.

These mergers have reduced competition in an oversaturated banking market and in the long run will improve the profitability of the banking system. Dubai-based investment bank, Shuaa Capital, has also agreed to merge with its largest shareholder, Abu Dhabi Financial Group, to create a $12 billion asset under management firm.

And the region’s payment’s sector saw two large IPOs: one from Finablr, which owns the U.A.E Exchange brand, and one by payments solution giant, Network International. Both are listed on the London Stock Exchange.

This year we have collated two lists to mark this changing landscape: the Fintech 20 which is a collection of the most promising financial technology startups in the region.

Only fintech startups that were founded during or after 2012 were included, and we ranked them according to:

· Funds raised from external investors

· Scalability of the business

Name: PayTabs

Online Payment Processing Solutions

Abdulaziz Al Jouf

$26 M

Saudi Arabia

Name: Bayzat

Online Health Insurance And HR Solutions Provider

Talal Bayaa And Brian Habibi

$25 M

UAE

Name: Aqeed

Insurance Solutions Platform

Hadi Radwan

$18 M

UAE

Name: Beehive

SME Focused Peer2peer Lending Platform

Craig Moore

$15.5 M

UAE

Name: Souqalmal.Com

Financial Products Comparison Site

Ambareen Musa

$15 M

UAE

Name: Eureeca

Crowdfunding Platform

Sam Quawasmi And Chris Thomas

$12.3 M

UAE

Name: Liwwa

Peer-To-Peer Lending Platform

Ahmed Moor And Samer Atiani

$8.55 M

Jordan

Name: Expensya

Cloud Based Multi-Platform Expense Management Software

Ahmed Moor And Samer Atiani

$5.7 M

Tunisia/ France

Name: NymCard

Payment Solutions

Omar Onsi And Ayman Chalhoub

$4 M

Lebanon

Name: POSRocket

IPad-Based Point-Of-Sale Solutions

Zeid Husban

$2.36 M

Jordan

Name: Sarwa

Robo Wealth Advisor

Mark Chahwan- Jad Sayegh And Nadine Mezher

$1.5 M

UAE

Name: Risk+ Solutions

Financial Intelligence And Risk Management Solutions

Jad G. Doumith And Chadi El Nawar

$1.45 M

Lebanon

Name: Zbooni

Connected Chat Commerce App

Ramy Assaf- Mohamed Hamedi- Ashraf Atia

$1.4 M

UAE

Name: Democrance

Insurance Marketplace For The Underserved

Michele Grosso Alberto Perez And Damian Dimmich

$1.3 M

UAE

Name: Vapulus

E-Payment Gateway

Abdelrahman El Shaarawy- Islam Mousa- Khalid Gabr

$1.065 M

Egypt

Name: Monami Tech

Financial Services

Ammar Afif

$1 M

UAE

Name:Moneyfellows

Crowd Funding From Social Networks

Ahmed Wadi

$980 K

Egypt

Name:PointCheckout

Payment Gateway For Loyalty Points

Bashar Saleh And Tarek Ghobar

$600 K

UAE

Name: Foloosi

Payment Solutions Platform

Omar Bin Brek- Mohan Karuppiah

$500 K

UAE

Name: Paymob

Digital Financial Enabler

Islam Shawky- Alain El-Hajj- Mostafa Menessy

Confidential

Egypt

Source: https://www.forbesmiddleeast.com/list/middle-east-fintech-20

[swissforextrading]

Swiss fintech firms venture deeper into Middle East

Swiss fintech company Instimatch has launched into the Middle East, having won a licence to operate in Qatar, and signed up its first Kuwaiti bank. The mineral and cash-rich region is proving a magnet for financial innovation from Switzerland. Instimatch’s digital platform directly connects deep-pocketed corporate, financial and municipal lenders with global investments. The unsecured money-lending market shifts $200 billion (CHF194 billion) per day in Europe alone. The company, which is poised to incorporate Islamic finance-compliant solutions and blockchain into its platform, says Qatar will be a springboard for further expansion in the Middle East and later to Africa and Asia. Qatar’s Masraf Al Rayan and Ahli banks are among the 80-plus entities signed up by Instimatch, along with Kuwait’s Gulf Bank. Since 2017, Qatar has faced a diplomatic and economic blockade from a number of countries in the region, including Saudi Arabia, the United Arab Emirates and Egypt. This has left ... http://www.swissinfo.ch/eng/promising-market_swiss-fintech-firms-venture-deeper-into-middle-east/45540332?utm_source=multiple&utm_campaign=swi-rss&utm_medium=rss&utm_content=o (Source of the original content)

[businessliveme]

Consumer spend in Islamic economy hits US$2.2 trillion; Malayasia, UAE, Bahrain, Saudi top contributors

The annual consumer spending in Islamic economy sectors touched US$2.2 trillion in 2018, reflecting a 5.2 per cent year-on-year growth, said the Dubai Islamic Economy Development Centre (DIEDC) in its State of the Global Islamic Economy Report 2019-20. The consumer spending is expected to reach US$3.2 trillion by 2024.

Out of 73 countries, Malaysia, the UAE, Bahrain and Saudi Arabia lead the Global Islamic Economy Indicator ranking. Indonesia showed the biggest jump from number 10 to number five. The UAE also tops five of the seven Islamic economy sector rankings. This year’s SGIE report has been produced by DinarStandard, a US-based research and advisory firm.

“Muslims spent US$2.2 trillion in 2018 across the food, pharmaceutical and lifestyle sectors that are impacted by Islamic faith-inspired ethical consumption needs. This spending reflects a healthy 5.2 per cent year-on-year growth and is forecasted to reach US$3.2 trillion by 2024 at a cumulative annual growth rate (CAGR) of 6.2 percent. In addition, Islamic finance assets are estimated to have reached US$2.5 trillion in 2018,” said the seventh edition of the report released on Monday.

The annual report presents an update on the continued global growth of the Islamic economy, encompassing halal products, Islamic finance and related lifestyle sectors.

Read: The 2020 economy should feel a lot better

Another major development has been the growth in Islamic economy investment activity which reached US$1.2 billion in 2018, growing 399 percent on a like-to-like basis compared to the prior year. Almost 54 per cent of these investments were recorded within the halal products category, while Islamic finance and Islamic lifestyle attracted 42 percent and four percent of the investments respectively. These figures reflect a broad span of corporate-led acquisitions, venture investments in halal tech startups, and private equity investments.

Speaking on the results of the report, Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, said,: “The UAE’s consistent rank amongst the top 3 in the Global Islamic Economy Indicator year after year is a key outcome of the Dubai: Capital of Islamic Economy initiative and its positive impact on the nation’s economy. The initiative is undergoing globalisation through multiple trade collaborations with entities around the world that are interested in the field, as well as the emirate’s regulatory leadership and robust Islamic finance activity. I commend DIEDC and its strategic partners for the successful implementation of the Centre’s initiatives. Such consistent efforts have significantly contributed to the growth of Islamic economy in Dubai while supporting sustainable development in the UAE and advancing its economic diversification drive.”

Essa Kazim, Governor of the Dubai International Financial Centre and Secretary General of DIEDC, said, “The Islamic economy continues to achieve remarkable year-on-year growth across its sectors. The report shows that Islamic finance assets reached US$2.5 trillion in 2018 and are expected to hit US$3.4 trillion in 2024. These numbers indicate the critical role of the Islamic finance sector in the overall Islamic economic system. Successful adoption of modern technologies, such as fintech and digital banking, has created new opportunities for the sector and the wider Islamic economy.”

Read: Assets of UAE commercial banks soar to AED 2.457 trillion

Highlighting the purpose of the report, Abdulla Mohammed Al Awar, CEO of DIEDC, said: “The SGIE report, now in its seventh edition, has become a trusted reference on the Islamic economy worldwide. We are proud to support this annual initiative that helps position Dubai as the global capital of Islamic economy while contributing to the growth of the Islamic economy sectors worldwide.”

“This year, the report presents carefully identified ‘signals of opportunities’ for each of the seven sectors covered, with clear recommendations for governments, businesses, and investors to reap substantial economic benefits. Among these signals is the growth of Islamic digital startups and ventures, particularly in Islamic fintech. Given its underlying value-based ethos, it is encouraging to see the important role that the Islamic economy plays in addressing the needs of global ethical consumers and its link to the United Nations’ Sustainable Development Goals,” he added.

Rafi-uddin Shikoh, CEO and Managing Director of DinarStandard, said: “This year, we are proud to have broadened the reach of the report through introducing executive summaries in Arabic, French, Bahasa Indonesia, and Spanish. We have also organised live launch events in New York, Madrid, Luxembourg, Madinah, Kuala Lumpur, and Jakarta. The expanded coverage highlights the growing impact of the report and the Islamic economy worldwide. Most impressively, the report has helped make a business case for funding startups and driving multiple national-level halal economy strategies and investments as well as corporate expansion initiatives.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As Nasdaq Dubai expands its activities across the Islamic capital markets, we are delighted to host the launch of this important report detailing the growth and health of the Islamic economy globally. We are keen and committed to supporting the growth of Islamic capital market products, building on Dubai’s global role as one of the largest Sukuk listing venues at US$64.3 billion.”

The post Consumer spend in Islamic economy hits US$2.2 trillion; Malayasia, UAE, Bahrain, Saudi top contributors appeared first on Businessliveme.com.

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[qbdotcom]

R3 and Wethaq will issue blockchain Sukuki in Islamic capital markets

R3 entered into a strategic partnership with Dubai-based fintech startup Wethaq to create the next-generation financial architecture for Islamic capital markets.

 Wethaq plans to use the Corda R3 blockchain to manage the pre-sale, release, management and financing of Sukuki. Sukuki is a financial document distributed in Shariah countries and known as the Islamic equivalent of a bond that allows investors to make a profit without violating Islamic law.

 According to the Annual Report on the Sukuki of the International Islamic Financial Market for 2019, the total issue of these financial instruments reached $ 123.15 billion in 2018, which is 5% more compared to the same indicator in 2017.

 The blockchain platform will digitize Sukuki, reducing both the cost and time of release. Currently, this process includes the participation of a number of banks, clearing houses and proxies. The Corda platform is reported to simplify this “life cycle”. In addition, Corda can provide a wider distribution of technology and consequently, a larger number of issuers and investors, standardizing digital assets with a global financial architecture.

 R3 CEO David E. Rutter said:

“Blockchain is driving an unprecedented period of innovation in capital markets, and more assets are moving towards full digitization. Saudi Arabia and the wider Middle East are areas where we see enormous potential for Corda to modernize the economy, and our partnership with Wethaq is a step towards this. ”

 Starting in 2018, Wethaq began work on proving the concept of a blockchain-based solution for managing Sukuki. The goal of the initiative is to ensure that the distributed registry functions as a register and central securities depository, improves interaction with other settlement and payment platforms and creates a network for interaction between market participants, suppliers and regulators. The company also applied for permission from regulatory authorities.

 Last year, another financial institution, Al Hilal Bank, completed a deal to sell Sukuki on the blockchain. Last fall, Blossom Finance announced that it also plans to issue bonds on the blockchain under Sharia law.

[vanessawestwcrtr5]

The Deployment of Blockchain in Islamic Finance

The Deployment of Blockchain in Islamic Finance

Blockchain, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks. (Shutterstock)

Blockchain technology, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks for complex financing contracts and Shariah-compliant transactions, as well as to drive innovation in the industry and improve transparency and traceability of financial transactions.

The first Islamic bank starting to facilitate blockchain was Emirates Islamic, part of the UAE’s Emirates NBD banking group, which as early as in 2017 began integrating the technology into cheque-based payment processes to strengthen their authenticity and minimize potential fraud. UAE-based Al Hilal Bank in November last year became the world’s first Islamic bank to execute a sukuk transaction via blockchain on the Abu Dhabi Global Market financial center. The system, based on the Ethereum blockchain, was developed by Dubai-incubated fintech Jibrel Network. “We are proud to be the first bank to launch a ‘smart blockchain Islamic sukuk’,” said Alex Coelho, CEO of Al Hilal Bank, listing the advantages of using the technology as “cost efficiency, robust Shariah-compliance and the unlocking of new opportunities.” Saudi Arabia’s Islamic Development Bank (IDB) – through its private sector division Islamic Corp for the Development of Private Sector (ICD) – began to co-operate with crypto currency fintechs to develop smart contracts and other blockchain-based innovations for Islamic finance. One of its partners is iFinTech Solutions, a Tunis-based fintech, which is working on developing blockchain products to solve liquidity management issues and commodity transactions in Islamic finance, as well as interbanking relations between conventional and Islamic banks to ensure their Shariah-compliance.

Read More

Blockchain Technology Evolves Despite Cryptocurrency Crash Opinion: How Could Energy Sectors Deploy Blockchain Effectively

“Information technology will always play an important role in the financial system,” said ICD’s new CEO Ayman Sejiny, adding that “we will consistently pursue our strategy of service orientation and help our partners with innovative Shariah-compliant fintech solution.” In another move, the IDB’s Islamic Research and Training Institute entered co-operations with fintech firms Ateon from Riyadh and SettleMint from Dubai to work on blockchain-based smart contracts in order to create Shariah-compliant financial products and automate the entire contractual process for Islamic finance institutions. There are also some Islamic crypto currency startups that deploy blockchain technology, among them Dubai-based OneGram and Malaysia’s HelloGold, as well as Islamic microfinance firm Blossom Finance from Indonesia. All these companies have been approved by Islamic scholars to offer Shariah-compliant financial products. Applications of blockchain in Islamic finance are manifold, but three core utilisations are of particular importance. One has been already mentioned as being smart contracts for Islamic finance transactions, covering the management of profit sharing agreements, agency arrangements and partnerships, reducing uncertainty for all stakeholders and reaching best possible legal clarity. Another application is cloud storage, which provides access to all the necessary information of Islamic finance transactions for banks and customers to avoid conflicts, maintain and foster client partnerships and increase transparency. Since blockchain combines the security of cryptography and the storage and transmission of data in coded form with peer-to-peer networks to create a shared database of transactions, data is stored digitally with ease, unalterable and openly accessible, which makes Islamic finance transactions, investments and financing agreements openly verifiable processes for all stakeholders. Last but not least, blockchain in Islamic finance combined with mobile technology can also be used for Islamic communities in developing and poorer countries that lack basic infrastructure. As a low-cost technology, it can make banking processes and transactions accessible through simplistic smartphone applications while at the same time ensuring traceability and transparency of banking deals for retail clients.

By Arno Maierbrugger

Source link http://bit.ly/2scsPxO

[un-enfant-immature]

Halal fintech startup Wahed closes $25M led by Saudi Aramco’s investment arm

New York-based fintech startup Wahed (meaning ‘One’ in Arabic) describes itself as a digital Islamic investment platform and as the world’s first ‘halal robo adviser’. It’s now closed a $25 million investment round led by Saudi Aramco Entrepreneurship Ventures (also known as Wa’ed Ventures), a venture capital investment arm of oil giant Saudi Aramco.

Existing investors BECO and CueBall Capital participated, as well as Dubai Cultiv8, and Rasameel. The funds will be used to expand internationally, including developing the company’s subsidiary in Saudi Arabia. The platform is currently running in the US and UK, and has more than 100,000 clients globally. It plans to grow in the largest Muslim markets including Indonesia, Nigeria, India and the CIS. The three-year-old company has already received a license to operate in Saudi Arabia, and aims to get regulatory approval in 20 countries.

According to Crunchbase, Wahed has now raised a total of $40 million in funding since its 2015 founding by Junaid Wahedna.

Last October, Wahed launched in Malaysia after the Malaysian Securities Commission awarded the company the country’s first Islamic Robo Advisory license. The firm is also considering listing its Islamic ETF on the Saudi stock exchange

Ethical investment and Islamic finance is growing in popularity in Muslim countries so long as it is in line with Islamic ethics, so Wahed looks set to benefit.

Commenting on the investment, Junaid Wahedna, CEO of Wahed, said: “We’re excited to have the support of Aramco Ventures as we foray into the Saudi market. We consider Aramco a strategic long term partner in both the Kingdom and the rest of the world.” 

Wassim Basrawi, Managing Director at Wa’ed Ventures, said: “We believe in Wahed’s mission to provide ethical investing. The company has taken the lead in delivering investment services to one of the world’s fastest-growing sectors – Islamic Finance. Wahed is also, in the true spirit of FinTech, helping to broaden the investment landscape. This latest funding round will enable Wahed to make Saudi their regional MENA hub and contribute towards a fast-growing FinTech ecosystem.”

[mccartneynathxzw83]

The Deployment of Blockchain in Islamic Finance

The Deployment of Blockchain in Islamic Finance

Blockchain, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks. (Shutterstock)

Blockchain technology, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks for complex financing contracts and Shariah-compliant transactions, as well as to drive innovation in the industry and improve transparency and traceability of financial transactions.

The first Islamic bank starting to facilitate blockchain was Emirates Islamic, part of the UAE’s Emirates NBD banking group, which as early as in 2017 began integrating the technology into cheque-based payment processes to strengthen their authenticity and minimize potential fraud. UAE-based Al Hilal Bank in November last year became the world’s first Islamic bank to execute a sukuk transaction via blockchain on the Abu Dhabi Global Market financial center. The system, based on the Ethereum blockchain, was developed by Dubai-incubated fintech Jibrel Network. “We are proud to be the first bank to launch a ‘smart blockchain Islamic sukuk’,” said Alex Coelho, CEO of Al Hilal Bank, listing the advantages of using the technology as “cost efficiency, robust Shariah-compliance and the unlocking of new opportunities.” Saudi Arabia’s Islamic Development Bank (IDB) – through its private sector division Islamic Corp for the Development of Private Sector (ICD) – began to co-operate with crypto currency fintechs to develop smart contracts and other blockchain-based innovations for Islamic finance. One of its partners is iFinTech Solutions, a Tunis-based fintech, which is working on developing blockchain products to solve liquidity management issues and commodity transactions in Islamic finance, as well as interbanking relations between conventional and Islamic banks to ensure their Shariah-compliance.

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“Information technology will always play an important role in the financial system,” said ICD’s new CEO Ayman Sejiny, adding that “we will consistently pursue our strategy of service orientation and help our partners with innovative Shariah-compliant fintech solution.” In another move, the IDB’s Islamic Research and Training Institute entered co-operations with fintech firms Ateon from Riyadh and SettleMint from Dubai to work on blockchain-based smart contracts in order to create Shariah-compliant financial products and automate the entire contractual process for Islamic finance institutions. There are also some Islamic crypto currency startups that deploy blockchain technology, among them Dubai-based OneGram and Malaysia’s HelloGold, as well as Islamic microfinance firm Blossom Finance from Indonesia. All these companies have been approved by Islamic scholars to offer Shariah-compliant financial products. Applications of blockchain in Islamic finance are manifold, but three core utilisations are of particular importance. One has been already mentioned as being smart contracts for Islamic finance transactions, covering the management of profit sharing agreements, agency arrangements and partnerships, reducing uncertainty for all stakeholders and reaching best possible legal clarity. Another application is cloud storage, which provides access to all the necessary information of Islamic finance transactions for banks and customers to avoid conflicts, maintain and foster client partnerships and increase transparency. Since blockchain combines the security of cryptography and the storage and transmission of data in coded form with peer-to-peer networks to create a shared database of transactions, data is stored digitally with ease, unalterable and openly accessible, which makes Islamic finance transactions, investments and financing agreements openly verifiable processes for all stakeholders. Last but not least, blockchain in Islamic finance combined with mobile technology can also be used for Islamic communities in developing and poorer countries that lack basic infrastructure. As a low-cost technology, it can make banking processes and transactions accessible through simplistic smartphone applications while at the same time ensuring traceability and transparency of banking deals for retail clients.

By Arno Maierbrugger

Source link http://bit.ly/2scsPxO

[bobbynolanios88]

The Deployment of Blockchain in Islamic Finance

The Deployment of Blockchain in Islamic Finance

Blockchain, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks. (Shutterstock)

Blockchain technology, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks for complex financing contracts and Shariah-compliant transactions, as well as to drive innovation in the industry and improve transparency and traceability of financial transactions.

The first Islamic bank starting to facilitate blockchain was Emirates Islamic, part of the UAE’s Emirates NBD banking group, which as early as in 2017 began integrating the technology into cheque-based payment processes to strengthen their authenticity and minimize potential fraud. UAE-based Al Hilal Bank in November last year became the world’s first Islamic bank to execute a sukuk transaction via blockchain on the Abu Dhabi Global Market financial center. The system, based on the Ethereum blockchain, was developed by Dubai-incubated fintech Jibrel Network. “We are proud to be the first bank to launch a ‘smart blockchain Islamic sukuk’,” said Alex Coelho, CEO of Al Hilal Bank, listing the advantages of using the technology as “cost efficiency, robust Shariah-compliance and the unlocking of new opportunities.” Saudi Arabia’s Islamic Development Bank (IDB) – through its private sector division Islamic Corp for the Development of Private Sector (ICD) – began to co-operate with crypto currency fintechs to develop smart contracts and other blockchain-based innovations for Islamic finance. One of its partners is iFinTech Solutions, a Tunis-based fintech, which is working on developing blockchain products to solve liquidity management issues and commodity transactions in Islamic finance, as well as interbanking relations between conventional and Islamic banks to ensure their Shariah-compliance.

Read More

Blockchain Technology Evolves Despite Cryptocurrency Crash Opinion: How Could Energy Sectors Deploy Blockchain Effectively

“Information technology will always play an important role in the financial system,” said ICD’s new CEO Ayman Sejiny, adding that “we will consistently pursue our strategy of service orientation and help our partners with innovative Shariah-compliant fintech solution.” In another move, the IDB’s Islamic Research and Training Institute entered co-operations with fintech firms Ateon from Riyadh and SettleMint from Dubai to work on blockchain-based smart contracts in order to create Shariah-compliant financial products and automate the entire contractual process for Islamic finance institutions. There are also some Islamic crypto currency startups that deploy blockchain technology, among them Dubai-based OneGram and Malaysia’s HelloGold, as well as Islamic microfinance firm Blossom Finance from Indonesia. All these companies have been approved by Islamic scholars to offer Shariah-compliant financial products. Applications of blockchain in Islamic finance are manifold, but three core utilisations are of particular importance. One has been already mentioned as being smart contracts for Islamic finance transactions, covering the management of profit sharing agreements, agency arrangements and partnerships, reducing uncertainty for all stakeholders and reaching best possible legal clarity. Another application is cloud storage, which provides access to all the necessary information of Islamic finance transactions for banks and customers to avoid conflicts, maintain and foster client partnerships and increase transparency. Since blockchain combines the security of cryptography and the storage and transmission of data in coded form with peer-to-peer networks to create a shared database of transactions, data is stored digitally with ease, unalterable and openly accessible, which makes Islamic finance transactions, investments and financing agreements openly verifiable processes for all stakeholders. Last but not least, blockchain in Islamic finance combined with mobile technology can also be used for Islamic communities in developing and poorer countries that lack basic infrastructure. As a low-cost technology, it can make banking processes and transactions accessible through simplistic smartphone applications while at the same time ensuring traceability and transparency of banking deals for retail clients.

By Arno Maierbrugger

Source link http://bit.ly/2scsPxO

[courtneyvbrooks87]

The Deployment of Blockchain in Islamic Finance

The Deployment of Blockchain in Islamic Finance

Blockchain, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks. (Shutterstock)

Blockchain technology, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks for complex financing contracts and Shariah-compliant transactions, as well as to drive innovation in the industry and improve transparency and traceability of financial transactions.

The first Islamic bank starting to facilitate blockchain was Emirates Islamic, part of the UAE’s Emirates NBD banking group, which as early as in 2017 began integrating the technology into cheque-based payment processes to strengthen their authenticity and minimize potential fraud. UAE-based Al Hilal Bank in November last year became the world’s first Islamic bank to execute a sukuk transaction via blockchain on the Abu Dhabi Global Market financial center. The system, based on the Ethereum blockchain, was developed by Dubai-incubated fintech Jibrel Network. “We are proud to be the first bank to launch a ‘smart blockchain Islamic sukuk’,” said Alex Coelho, CEO of Al Hilal Bank, listing the advantages of using the technology as “cost efficiency, robust Shariah-compliance and the unlocking of new opportunities.” Saudi Arabia’s Islamic Development Bank (IDB) – through its private sector division Islamic Corp for the Development of Private Sector (ICD) – began to co-operate with crypto currency fintechs to develop smart contracts and other blockchain-based innovations for Islamic finance. One of its partners is iFinTech Solutions, a Tunis-based fintech, which is working on developing blockchain products to solve liquidity management issues and commodity transactions in Islamic finance, as well as interbanking relations between conventional and Islamic banks to ensure their Shariah-compliance.

Read More

Blockchain Technology Evolves Despite Cryptocurrency Crash Opinion: How Could Energy Sectors Deploy Blockchain Effectively

“Information technology will always play an important role in the financial system,” said ICD’s new CEO Ayman Sejiny, adding that “we will consistently pursue our strategy of service orientation and help our partners with innovative Shariah-compliant fintech solution.” In another move, the IDB’s Islamic Research and Training Institute entered co-operations with fintech firms Ateon from Riyadh and SettleMint from Dubai to work on blockchain-based smart contracts in order to create Shariah-compliant financial products and automate the entire contractual process for Islamic finance institutions. There are also some Islamic crypto currency startups that deploy blockchain technology, among them Dubai-based OneGram and Malaysia’s HelloGold, as well as Islamic microfinance firm Blossom Finance from Indonesia. All these companies have been approved by Islamic scholars to offer Shariah-compliant financial products. Applications of blockchain in Islamic finance are manifold, but three core utilisations are of particular importance. One has been already mentioned as being smart contracts for Islamic finance transactions, covering the management of profit sharing agreements, agency arrangements and partnerships, reducing uncertainty for all stakeholders and reaching best possible legal clarity. Another application is cloud storage, which provides access to all the necessary information of Islamic finance transactions for banks and customers to avoid conflicts, maintain and foster client partnerships and increase transparency. Since blockchain combines the security of cryptography and the storage and transmission of data in coded form with peer-to-peer networks to create a shared database of transactions, data is stored digitally with ease, unalterable and openly accessible, which makes Islamic finance transactions, investments and financing agreements openly verifiable processes for all stakeholders. Last but not least, blockchain in Islamic finance combined with mobile technology can also be used for Islamic communities in developing and poorer countries that lack basic infrastructure. As a low-cost technology, it can make banking processes and transactions accessible through simplistic smartphone applications while at the same time ensuring traceability and transparency of banking deals for retail clients.

By Arno Maierbrugger

Source link http://bit.ly/2scsPxO

[teiraymondmccoy78]

The Deployment of Blockchain in Islamic Finance

The Deployment of Blockchain in Islamic Finance

Blockchain, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks. (Shutterstock)

Blockchain technology, an unalterable digital information recording system, is increasingly being discovered as a useful tool by Islamic finance institutions and banks for complex financing contracts and Shariah-compliant transactions, as well as to drive innovation in the industry and improve transparency and traceability of financial transactions.

The first Islamic bank starting to facilitate blockchain was Emirates Islamic, part of the UAE’s Emirates NBD banking group, which as early as in 2017 began integrating the technology into cheque-based payment processes to strengthen their authenticity and minimize potential fraud. UAE-based Al Hilal Bank in November last year became the world’s first Islamic bank to execute a sukuk transaction via blockchain on the Abu Dhabi Global Market financial center. The system, based on the Ethereum blockchain, was developed by Dubai-incubated fintech Jibrel Network. “We are proud to be the first bank to launch a ‘smart blockchain Islamic sukuk’,” said Alex Coelho, CEO of Al Hilal Bank, listing the advantages of using the technology as “cost efficiency, robust Shariah-compliance and the unlocking of new opportunities.” Saudi Arabia’s Islamic Development Bank (IDB) – through its private sector division Islamic Corp for the Development of Private Sector (ICD) – began to co-operate with crypto currency fintechs to develop smart contracts and other blockchain-based innovations for Islamic finance. One of its partners is iFinTech Solutions, a Tunis-based fintech, which is working on developing blockchain products to solve liquidity management issues and commodity transactions in Islamic finance, as well as interbanking relations between conventional and Islamic banks to ensure their Shariah-compliance.

Read More

Blockchain Technology Evolves Despite Cryptocurrency Crash Opinion: How Could Energy Sectors Deploy Blockchain Effectively

“Information technology will always play an important role in the financial system,” said ICD’s new CEO Ayman Sejiny, adding that “we will consistently pursue our strategy of service orientation and help our partners with innovative Shariah-compliant fintech solution.” In another move, the IDB’s Islamic Research and Training Institute entered co-operations with fintech firms Ateon from Riyadh and SettleMint from Dubai to work on blockchain-based smart contracts in order to create Shariah-compliant financial products and automate the entire contractual process for Islamic finance institutions. There are also some Islamic crypto currency startups that deploy blockchain technology, among them Dubai-based OneGram and Malaysia’s HelloGold, as well as Islamic microfinance firm Blossom Finance from Indonesia. All these companies have been approved by Islamic scholars to offer Shariah-compliant financial products. Applications of blockchain in Islamic finance are manifold, but three core utilisations are of particular importance. One has been already mentioned as being smart contracts for Islamic finance transactions, covering the management of profit sharing agreements, agency arrangements and partnerships, reducing uncertainty for all stakeholders and reaching best possible legal clarity. Another application is cloud storage, which provides access to all the necessary information of Islamic finance transactions for banks and customers to avoid conflicts, maintain and foster client partnerships and increase transparency. Since blockchain combines the security of cryptography and the storage and transmission of data in coded form with peer-to-peer networks to create a shared database of transactions, data is stored digitally with ease, unalterable and openly accessible, which makes Islamic finance transactions, investments and financing agreements openly verifiable processes for all stakeholders. Last but not least, blockchain in Islamic finance combined with mobile technology can also be used for Islamic communities in developing and poorer countries that lack basic infrastructure. As a low-cost technology, it can make banking processes and transactions accessible through simplistic smartphone applications while at the same time ensuring traceability and transparency of banking deals for retail clients.

By Arno Maierbrugger

Source link http://bit.ly/2scsPxO

[businessliveme]

Best Banks & NBFCs in Oman

The OER-GBCM Best Banks in Oman survey 2019 shows a robust showing by the sector despite some strong headwinds. Mayank Singh reports

  The financial services industry is one of the industries that has been most impacted by digital, economic and disruption and the same is expected to continue in 2019. Given the disruptive changes, banks and financial institutions are focusing on customer experience, data-driven marketing and personalisation. Given the fierce competition that established financial services companies have faced from upstarts, it’s not surprising that marketers in the industry are placing a lot of emphasis on things that will help them win new customers and retain and expand relationships with existing customers.

While there’s no doubt that established financial services firms are being impacted by fintech rivals, it would be incorrect to assume that entrenched companies and upstarts are enemies. To the contrary, established banks and fintechs are increasingly teaming up.

This was likely driven in part by growing interest in the so-called marketplace model. Under this model, established banks and fintechs create marketplaces in which their customers can discover and acquire financial services products offered by trusted third parties.

The fintech boom has been driven in part by consumers’ willingness to unbundle the financial services they need, but in 2018, even fintechs started making moves to expand their relationships with customers by offering broader suites of services. In other words, a ‘rebundling’ trend emerged.

Stable performance The banking sector in Oman witnessed steady growth in 2018. The total outstanding credit of conventional banks grew by 4.7 per cent year on year at the end of November 2018. Credit to the private sector increased by 3.8 per cent to reach RO18.9bn.

Their overall investment in securities stood at RO3.1bn. Investments in government development bonds and government sukuk increased by 13.2 per cent over the year to RO1.4bn, while their investment in treasury bills stood at RO272.6mn. Investments in foreign securities by banks stood at RO1.1bn at the end of November 2018. Aggregate deposits held with conventional banks increased by 4.9 per cent to RO19.5bn in November 2018 from RO18.6bn a year ago. Government deposits went up by 11.1 per cent to RO5.4 bn, while deposits of public enterprises increased by 15.1 per cent to RO1.1bn. Private sector deposits, which accounted for 65 per cent of total deposits with conventional banks, increased by 1.3 per cent to RO12.7bn in November 2018. The core capital and reserves of conventional banks stood at RO4.5bn as of the end of November 2018, reflecting good provisioning.

The Islamic banking entities provided finance amounting to RO3.5bn at the end of November 2018, higher as compared to OMR3bn a year ago. Total deposits held with Islamic banks and windows also increased significantly by 11.2 per cent to RO3.2bn in November 2018. The total assets of Islamic banks and windows combined amounted to RO4.3bn billion at the end of November 2018 and constituted about 13 per cent of the banking system assets.

Outlook The GCC banking sector is set for improved profitability, better asset quality and stable balance sheet strength in 2019, thanks to a better operating environment supported by higher government spending, higher oil prices and government stimulus packages, according to rating agency Moody’s.

Moody’s 2019 GCC banking sector outlook predicts that banks in Kuwait, UAE, Qatar and Saudi Arabia will remain resilient, while fiscal pressures will weigh on banks in Oman and Bahrain, where oil prices will continue to remain below the fiscal breakeven level.

In the UAE, loan performance is expected to gradually stabilise, with capital levels remain strong and profits improving slightly as a result of rising interest rates. Higher oil prices are expected to support stable deposit funding and liquidity. For Saudi banks, Moody’s expects increased government spending to support the non-oil economy and asset risk to weaken marginally from a strong position with supportive capital buffers.

For Kuwaiti banks, government project spending and consumption will sustain non-oil growth. Profitability is expected to improve as margins widen and provisioning charges fall. The report expects banks in Oman and Bahrain to face some challenges, but overall the outlook remains positive. Despite some divergence among countries, analysts say the overall loan performance will weaken but will largely remain solid, overall. Problem loans are expected to increase due to the lagging effect of the economic slowdown in previous years. Moody’s has projected non-performing loans (NPLs) to stand at a still solid 3 per cent of total loans at the end of 2019 in the GCC.

Improved loan performance and ability to reprice loans in a rising interest rate environment is expected to ease profitability pressures of GCC banks in 2019; however, slow loan growth is expected to keep profit growth modest.

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