Latest news with #Shari'ah-compliant
Daily Maverick
a day ago
- Business
- Daily Maverick
Standard Bank Launches Southern Africa's First Shari'ah-Compliant Overdraft
Structured under the Shari'ah principle of Wakaalah, the Shari'ah Overdraft facility is a non-interest based alternative that provides businesses with instant access to short-term funding. Linked to the Shari'ah Business Current Account, the new product will allow clients to drawdown up to a pre-approved limit. 'This is not just a product launch, it's a response to a critical gap in Africa's Islamic Finance ecosystem,' said Ameen Hassen, Head of Shari'ah Banking at Standard Bank. 'For too long, businesses that required Shari'ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance.' With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic Finance assets, Standard Bank's innovation arrives as the region seeks scalable, Shari'ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses. Key benefits of the new product include: Competitive market related pricing. Direct linkage to the Shari'ah Business Current Account for streamlined operations. Certified compliance: The facility is certified by Standard Bank's Shari'ah Advisory Committee. Not only for Muslims While Shari'ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank's offering transcends religious boundaries, with approximately 35% of Standard Bank's South African Shari'ah clients identifying as non-Muslim. 'This isn't just for Muslims, it's for anyone seeking transparent, non-interest, asset-based or backed financial solutions,' said Hassen. The launch builds on Standard Bank's legacy of Islamic Finance innovation, including the world's first Shari'ah-compliant Diners Club product and South Africa's inaugural Shari'ah tax-efficient endowment. 'Africa's economic future hinges on inclusive, innovative finance,' said Hassen. 'With this product, we're not just serving clients, we're innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.' To leverage this Shari'ah-compliant liquidity facility, businesses and individuals can contact their Standard Bank Relationship Manager or email [email protected]. DM
Mid East Info
4 days ago
- Business
- Mid East Info
ruya announces strategic partnership with Ignyte to empower the UAE's Start-up ecosystem - Middle East Business News and Information
Ajman, UAE – 24 June, 2025 : At the Dubai AI Festival this April, ruya and Ignyte have formalized their strategic partnership, bringing together ruya's digital-first Islamic banking expertise and Ignyte's government-backed, all-in-one start-up ecosystem to accelerate innovation across the UAE. The UAE's start-up scene remains the region's most active, recording 188 funding rounds in 2024—the highest in MENA and Dubai is now recognised as one of the top five cities worldwide for FinTech. Launched in early 2024 and licensed by the Central Bank of the UAE, ruya has quickly redefined banking with a fully Shari'ah-compliant digital platform and community centres that blend cutting-edge technology with a commitment to fairness, transparency and social responsibility. By eliminating hidden fees, minimum-balance requirements and lengthy onboarding, ruya ensures that entrepreneurs—from fintech start-ups and SME founders to freelancers and family businesses—can access the financial tools they need without friction. Ignyte, launched under Dubai's Digital Economy Strategy by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in October 2024, has grown into the Emirates' premier ecosystem for founders, connecting more than 2,500 start-ups with mentors, investors and over 250 exclusive perks designed to drive growth and global expansion. This partnership will see ruya championing that ecosystem through co-hosted events, mentorship programmes and a branded presence across Ignyte's channels, embedding ethical Islamic finance at the heart of Dubai's entrepreneurial journey. 'For founders navigating a fast-evolving market, the fusion of digital agility and principled banking is game-changing,' said Christoph Koster, CEO of ruya. 'Our alliance with Ignyte means that ethical financing and community support go hand-in-hand, empowering the UAE's next generation of innovators to scale with confidence'. 'By partnering with ruya, we are ensuring that our founders achieve success with integrity and community support. This collaboration equips entrepreneurs with the resources to innovate while promoting a culture of sustainable growth. Together, we aim to establish a strong foundation for the UAE's rapidly growing start-up scene, driving both local and global success.' said Mohammad Alblooshi Chief Executive Officer of DIFC Innovation Hub. Looking ahead, this strategic collaboration will not only enhance access to capital and expertise but also reinforce the UAE's vision to double its digital economy to AED 280 billion by 2031. By weaving together, the strengths of ruya's community-focused Islamic banking model and Ignyte's dynamic startup platform, the partnership exemplifies how public-private synergy can fuel sustainable growth and position the Emirates as a global leader in fintech and entrepreneurship. For more information on how to start investing in virtual assets through ruya , please visit . About ruya (رويا): Headquartered in Ajman and launched in 2024, ruya (Ruya Islamic Community Bank LLC) is a fusion of innovative technology and the enduring principles of Islamic banking, designed for individuals and businesses alike. Licensed by the Central Bank of the UAE as a Specialised Bank, ruya delivers a seamless digital banking experience built on robust security and intuitive design. Guided by the pillars of fairness, transparency, and social responsibility, ruya is deeply rooted in the community supporting families, entrepreneurs and small businesses while fostering financial literacy and inclusion through open-door branches that serve as hubs of education and support. For media inquiries: pr@ Website: Twitter/X: myruyabank Instagram: myruyabank LinkedIn: ruya Facebook: myruyabank TikTok: @myruyabank YouTube: @myruyabank Snapchat: myruyabank About Ignyte: Ignyte is part of the Dubai Digital Economy Strategy under the vision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. It is a leading global start-up ecosystem that empowers founders. As a digital hub for innovation, investment, and entrepreneurship, it provides access to world-class mentors, investors, and over 250 exclusive perks and resources from leading corporates and industry partners. Ignyte aims to transform the start-up landscape and position the region as a global centre for innovation and business acceleration. It bridges the gap between entrepreneurs and opportunities by fostering collaborations, offering tailored programmes, and facilitating access to capital. Ignyte's mission is to empower 100,000 start-ups, connect over 5,000 investors, and unite 5,000 industry-leading mentors. Key initiatives include streamlining business setup, supporting future founders, and accelerating corporate innovation. For more details, visit For media inquiries: jean@ Website: Twitter/X: Ignyte_AE Instagram: @ LinkedIn: Facebook: @ YouTube: @Ignyte-ae
SowetanLIVE
28-05-2025
- Business
- SowetanLIVE
Standard Bank crowned Africa's Best Islamic Bank — again
'We're honoured to receive this prestigious recognition for the second year running. Being named Africa's Best Islamic Bank reaffirms our commitment to innovation and to delivering principled, Shari'ah-compliant solutions tailored to our clients' unique needs,' says Ameen Hassen, head of Shari'ah Banking at Standard Bank. He says the award reflects the exceptional teamwork driving the bank's efforts to advance Islamic finance across the continent. The Euromoney Islamic Finance Awards honour institutions that have made a significant impact by driving innovation and growth in Islamic banking and finance. Standard Bank Shari'ah Banking has led several industry firsts, including: The world's first Shari'ah-compliant Diners Club card; SA's first fintech-enabled unsecured Shari'ah-compliant working capital solution through the Merchant Capital Shari'ah Advance; and The first Shari'ah-compliant term facility in SA offered by a commercial bank. Over the past five years, its assets have grown by 82%, outpacing the 79% growth in liabilities over the same period. 'We see Islamic finance as a powerful enabler of economic growth in Africa, especially in Sub-Saharan regions, which are home to 18% of the global Muslim population,' says Hassen. He says Standard Bank's Shari'ah Banking continues to innovate to ensure that Islamic banking plays a bigger role in Africa's economic development. This article was sponsored by Standard Bank.
TimesLIVE
28-05-2025
- Business
- TimesLIVE
Standard Bank crowned Africa's Best Islamic Bank — again
'We're honoured to receive this prestigious recognition for the second year running. Being named Africa's Best Islamic Bank reaffirms our commitment to innovation and to delivering principled, Shari'ah-compliant solutions tailored to our clients' unique needs,' says Ameen Hassen, head of Shari'ah Banking at Standard Bank. He says the award reflects the exceptional teamwork driving the bank's efforts to advance Islamic finance across the continent. The Euromoney Islamic Finance Awards honour institutions that have made a significant impact by driving innovation and growth in Islamic banking and finance. Standard Bank Shari'ah Banking has led several industry firsts, including: The world's first Shari'ah-compliant Diners Club card; SA's first fintech-enabled unsecured Shari'ah-compliant working capital solution through the Merchant Capital Shari'ah Advance; and The first Shari'ah-compliant term facility in SA offered by a commercial bank. Over the past five years, its assets have grown by 82%, outpacing the 79% growth in liabilities over the same period. 'We see Islamic finance as a powerful enabler of economic growth in Africa, especially in Sub-Saharan regions, which are home to 18% of the global Muslim population,' says Hassen.
Daily Maverick
23-05-2025
- Business
- Daily Maverick
Standard Bank Wins Africa's Best Islamic Bank – Two Years in a Row
Standard Bank's Shari'ah Banking has been crowned Africa's Best Islamic Bank for the second consecutive year at the 2025 Euromoney Islamic Finance Awards. The bank also received the award for South Africa's Best Islamic Bank. In 2024, Standard Bank Shari'ah Banking became the first Sub-Saharan African bank to win the title of Africa's Best Islamic Bank. This continued recognition highlights the market's appreciation of Standard Bank's innovative solutions tailored to meet the continent's growing demand for Islamic finance. 'We're honoured to receive this prestigious recognition for the second year running. Being named Africa's Best Islamic Bank reaffirms our commitment to innovation and to delivering principled, Shari'ah-compliant solutions tailored to our clients' unique needs,' says Ameen Hassen, Head of Shari'ah Banking at Standard Bank. He adds that the award reflects the exceptional teamwork driving the bank's efforts to advance Islamic finance across the continent. The Euromoney Islamic Finance Awards honour institutions that have made a significant impact by driving innovation and growth in Islamic banking and finance. Standard Bank Shari'ah Banking has led several industry firsts, including the world's first Shari'ah-compliant Diners Club card, South Africa's first fintech enabled unsecured Shari'ah compliant working capital solution through the Merchant Capital Shari'ah Advance and the first Shari'ah Compliant term facility in South Africa offered by a commercial bank. Over the past five years, its assets have grown by 82%, outpacing the 79% growth in liabilities over the same period. 'We see Islamic finance as a powerful enabler of economic growth in Africa, especially in Sub-Saharan regions, which are home to 18% of the global Muslim population,' adds Hassen.
