Islamic Banking
Fasset, a Dubai and Jakarta-based digital banking platform, has secured a provisional banking license from Malaysia to offer digital banking services under Shariah-compliant regulations. The company said this approval makes it the first Islamic digital bank to operate using stablecoins. The regulatory approval enables Fasset to offer a full suite
Islamic Banking
Bangladesh Bank is set to merge five struggling Islamic banks into a single entity by November 2025, in an unprecedented step to stabilise the country’s financial sector. The central bank’s plan covers First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank, and EXIM Bank, all
Islamic Banking
The Bank of Ghana has taken a significant step toward introducing Non-Interest Banking and Finance (NIBF) by convening a high-level meeting with senior religious leaders in Accra. The initiative, led by Governor Dr. Johnson Pandit Asiama, reflects the central bank's commitment to deepening financial inclusion through ethical and
Islamic Finance
Islamic banks in the Gulf Cooperation Council (GCC) are poised to outpace conventional banks in growth, driven by rising demand for Shariah-compliant financial products and the resilience of their profit margins, according to a report by Moody’s Investors Service. The report highlights that Islamic banks’ fixed-rate retail financing models
Islamic Finance
Islamic banking assets in the UK experienced a significant surge of 26% in 2023, reaching a total of $8.2 billion, according to a recent report by Fitch Ratings. This substantial growth underscores the UK’s status as a key Western hub for Shariah-compliant banking. Fitch projects that the UK’