Latest news with #ShariaCompliant
Finextra
5 days ago
- Business
- Finextra
ICSFS selected by Summit Bank for banking infrastructure
ICS Financial Systems ltd. (ICSFS), a leading global provider of premium universal banking software solutions, is pleased to announce that it has been selected by Summit Bank Limited – a newly established non-interest bank in Nigeria – to be their Banking Infrastructure provider. 0 The collaboration includes the deployment of ICS BANKS® Islamic Banking Solution as well as ICS BANKS® Digital Banking Solution at the banks' headquarters and six branches, marking a significant step forward for Summit Bank in bringing next-gen Digital sharia-complaint financial services to the Nigerian market. The ICS BANKS® Islamic Banking Solution will provide Summit Ban with a broad range of non-interest financing products, all to be delivered via several convenient digital touchpoints powered by ICS BANKS® Digital Banking Solution which encompasses modules such as SMS Banking Notifications System, ICS BANKS® Smart Mobile/Tablet Banking, ICS BANKS® Internet Banking, as well as ICS BANK® ERP Suite. Summit Bank also opted for several critical banking modules include ICS BANKS® Credit Facilities and Risk Groups, ICS BANKS® MIS, Remittances, Trade Finance, Islamic Treasury Module, IFRS9 ECL Module, e-KYC with 360° customer exposure, as well as the Risk Rating and Credit Scoring Modules. Mr. Umar Ahmed, Chairman of Summit Bank: "We are happy and excited moving forward with ICSFS as our technology partner. Such a decision is seldom an overnight one, especially since our success relies to a great extent upon the quality of our technology infrastructure and front end. It is also the window through which our customers will access our products and services, thus playing a crucial role in shaping the road ahead of us. Having examined the ICS BANKS® banking solution closely, I'm confident that our journey will be a smooth one. We have a strong faith in ICSFS to be our partners as we navigate the intricacies of sharia compliance in the modern banking world. We expect ICSFS to provide us with all the support we need to make our contribution to the Nigerian economy and promote financial inclusion." Dr. Mukhtar Adam, COO of Summit Bank: "We would like to thank ICSFS for their commitment towards being a strong partner and ally to Summit Bank. Their transparency with us from the first day has given us a sense of ease in knowing that we are able to rely on them completely. Technology is at the heart of banking and financial services, and it shapes the way our customers experience our services and interact with us. Therefore, having a dependable technology partner like ICSFS is a key success factor for us. Thus far, our engagement with ICSFS has shown us just how committed they are to our success, they have demonstrated excellent knowledge of our market, regulations and due processes, not to mention their ability to build the software in full compliance of our needs and requirements, deploy it, and maintain it. We have complete confidence in our choice of ICSFS as our technology partner, and we look forward to experiencing the immense power of their flagship banking solution: ICS BANKS®." Robert Hazboun, Managing Director of ICSFS: "Welcoming a new member to the ICS BANKS® family is always a joyous occasion for myself and everyone at ICSFS, and it is with tremendous pride that we can consider Summit Bank, Nigeria's newest non-interest bank, to be a cherished member of our growing family. We have a solid presence and an immense experience in the Nigerian market, which gives us a lot of confidence in our ability to impress our new client and be a true partner to them every step of the way. "Our top priority has been and will always be Customer Support, something that we take a lot of pride in doing excellently, not to mention the strong emphasis we place on conducting efficient, quick, and smooth implementation and go-live processes. We wish Summit Bank all the luck, success, and prosperity, and we look forward to an exciting journey further shaping the financial services market in Nigeria and the region." A signing ceremony to commemorate this significant partnership was held at the ICSFS Centre of Excellence in Amman. The event was attended by Summit Bank's Chairman, Mr. Umar Ahmed, and CEO, Dr. Mukhtar Adam, along with their Business and Technical Advisors, Mr. Meshack Ossai and Mr. Taiwo Akinde. Representing ICSFS at the ceremony were Global CEO, Mr. Robert Hazboun, Executive Director, Mr. Wael Malkawi, and a team of ICSFS senior management. ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS® software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS® has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.
Zawya
5 days ago
- Business
- Zawya
Sukna unveils MENA's first open-ended, Sharia compliant direct financing fund
Riyadh, Saudi Arabia – Sukna Capital has received official approval from the Saudi Capital Market Authority (CMA) to launch Sukna Fund for Direct Financing. SFDF is KSA's first open-ended, sharia compliant direct lending fund—marking a regulatory milestone for non-bank financing in MENA. As a CMA-licensed alternative asset investment platform, Sukna is now authorized to offer institutional investors access to a vehicle providing non-dilutive, scalable financing for small and medium-sized enterprises (SMEs) seeking accelerated growth without equity dilution. Unlike traditional private credit vehicles, the open-ended fund structure enables investors to enter and exit at regular intervals, offering periodic liquidity with no long lock-up periods. For SMEs, this unlocks access to asset-backed capital while enabling founders to retain complete ownership and avoid the limitations of equity financing. Fares Bardeesi, CEO of Sukna, described the launch as a pivotal step in expanding institutional credit access for underserved sectors across the region. With over two decades of experience in corporate finance and private investments, Fares has led more than USD 6.5 billion in transactions across real estate, technology, and healthcare. As a co-founder of Sukna Ventures and the architect behind Sukna's evolution into structured private debt, he emphasized the urgent need to close funding gaps for both traditional and innovation-led SMEs. 'As of Q3 2024, SME lending in Saudi Arabia is estimated to be SAR 329.23 billion—just 9.1% of total bank credit—well below the Vision 2030 target of 15 to 20 percent,' he noted. 'SFDF is designed to address that gap through institutional, regulator-aligned capital solutions tailored to the needs of high-potential businesses across sectors.' This announcement comes at a pivotal moment, as the Middle East's tech and startup landscape undergoes rapid transformation, while traditional funding structures have not kept pace with founders' evolving needs. Waleed Alballaa, Managing Partner of Sukna Ventures and member of the Fund's Investment Committee, underscored the importance of timing: 'The tech and startup ecosystem has matured significantly, but financing structures simply haven't caught up. We designed SFDF to meet founders where they are—with the right capital, at the right time, and without the red tape.' Waleed brings his unique, founder-centric perspective to the fund, shaped by over two decades at the intersection of technology, operations, and venture capital across Silicon Valley and Saudi Arabia. His deep technical foundation is complemented by a decade dedicated to venture capital, during which he was instrumental in launching multiple investment vehicles and serving on the boards of several prominent technology companies. His holistic experience gives him a firsthand understanding of the capital gaps that can hinder high-growth companies. The launch of SFDF builds on the success of Sukna Ventures, the firm's technology-focused investment arm, known for backing bold, high-growth startups in mobility, logistics, and digital marketplaces. Sukna also leverages proprietary technology to streamline loan origination, risk assessment, portfolio monitoring, and investor reporting, ensuring a transparent and scalable experience for both borrowers and institutional capital partners. About Sukna Capital Sukna Capital is a CMA licenced Saudi investment platform that provides investors curated access to alternative asset classes including Venture Capital, Direct Financing, Real Estate and Private Equity. For more information, please visit
Times of Oman
7 days ago
- Business
- Times of Oman
Meethaq Islamic Banking awarded the Pioneer in Digital Islamic Banking title
Muscat: Reaffirming its leadership in delivering Sharia-compliant banking and financial solutions, Meethaq Islamic Banking from Bank Muscat has been awarded the Pioneer in Digital Islamic Banking for 2025 title at the OER DX Live Conference and Awards event, organised by Oman Economic Review (OER). The event was held under the patronage of H.E. Suba' Hamdan Al Saadi, with the attendance of H.E Sheikh Salim Mustahail Al Mashani. Ali Ahmed Al Lawati, Assistant General Manager, Meethaq Corporate Banking, received the award on behalf of Meethaq Islamic Banking, alongside officials from various institutions and practitioners from the digital banking industry. On this occasion, Ali Ahmed Al Lawati expressed his pride in the recognition Meethaq has gained with this prestigious award. He stated: 'This accolade reaffirms Meethaq's pioneering role in the country's Islamic banking sector by offering comprehensive solutions that meet the varied requirements of customers. Meethaq has significantly contributed to reshaping the Islamic banking landscape in the Sultanate, evident in the trust and strong uptake from customers for Meethaq's Sharia-compliant financial solutions. Meethaq continues to uphold its excellence and innovation by delivering distinguished and forward-thinking Islamic banking solutions aligned with aspirations and financial goals of Meethaq's institutional and individual customers.' Meethaq provides a full suite of Sharia-compliant banking products and financing solutions designed to serve the needs of individuals, SMEs, and corporate entities. All offerings are subject to the regulatory framework of the Central Bank of Oman and undergo thorough Sharia audit and supervision by Meethaq's Sharia Supervisory Board to ensure full compliance with Islamic jurisprudence. The Sharia-compliant offerings for retail customers include deposit products such as savings accounts, current accounts, children's savings accounts, fixed deposits and Meethaq's structured savings plans. On the financing front, Meethaq offers a range of Islamic finance facilities, including personal finance, auto finance, home finance, and funding for travel, education, marriage, and personal purchases. For its SME and corporate customers, Meethaq offers a variety of commercial banking solutions, including current accounts, project finance, short-term and long-term financing facilities, trade finance based on 'Ijarah', and large-scale project financing. All these offerings are structured in accordance with Islamic financial principles. In addition, Meethaq has upgraded its digital platforms thereby individual and corporate customers may avail a suite of Sharia-compliant solutions and services, aiming to offer them an exceptional banking experience. Meethaq operates the largest branch network in the Islamic banking sector in Oman, with 32 dedicated branches across the Sultanate. It also maintains over 50 self-service machines for cash deposit and withdrawal. In addition, Meethaq's customers benefit from access to over 900 ATMs and CDMs across Bank Muscat's network, offering seamless access to its banking services. Meethaq's commitment to excellence in Islamic finance has been recognised over the years through numerous regional and global accolades. These include the Best Islamic Investment Bank Award from Islamic Finance News, Best Digital Islamic Bank and the Market Leadership Awards from Global Finance, and Best Islamic Banking Window Award at the Thimar Excellence Awards by The Arabian Stories. These honours underscore Meethaq's position as a leading Islamic financial institution, firmly dedicated to offering Sharia-compliant banking and investment solutions that align with the evolving needs of both individual and institutional customers.
Yahoo
12-07-2025
- Business
- Yahoo
Binance taps $4T market with first-ever Sharia-compliant staking service
Binance taps $4T market with first-ever Sharia-compliant staking service originally appeared on TheStreet. In a major expansion move, Binance has introduced Sharia Earn, the world's first Sharia-compliant crypto staking service. The platform, certified by Amanie Advisors, is hoping to soothe the years-long Islamic quandary regarding the compatibility of interest-free finance and the realm of decentralized assets. The multi-token crypto staking service taps into the growing interest in halal financial products among the world's 1.9 billion Muslims. Although the Islamic finance sector is worth over $4 trillion, most of the community has been sitting on the sidelines of crypto due to the potential for riba (interest), gharar (uncertainty), and asset authenticity. Binance's Sharia Earn is a direct response to this trend. The offering enables individuals in over 30 countries, including Indonesia, Saudi Arabia, Pakistan, and Egypt, to earn returns on BNB, ETH, and SOL through staking products designed to adhere to Islamic halal rules and ethics. It operates based on the Wakala contract, a Sharia-approved contractual structure that ensures revenue generation remains halal. Richard Teng, CEO of Binance, said the launch "empowers the Muslim community and Sharia-focused investors to participate in one of the most exciting financial revolutions of our time." What makes Sharia Earn notable isn't only religious compliance — it's the institutional-grade design and tech stack behind it. Based on Binance Earn's underlying staking infrastructure, the solution utilizes an established mechanism while utilizing a clear filter for halal eligibility. It's also a test of how DeFi platforms can localize offerings without sacrificing decentralization or yield potential. As crypto adoption accelerates in the developing world, products such as Sharia Earn may be essential tools in increasing financial inclusivity, not just through technology but by respecting cultural and even spiritual frameworks that mainstream finance sometimes ignores. Binance taps $4T market with first-ever Sharia-compliant staking service first appeared on TheStreet on Jul 11, 2025 This story was originally reported by TheStreet on Jul 11, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
11-07-2025
- Business
- Finextra
Binance launches Sharia Earn, an Islamic banking-aligned token
Global blockchain platform Binance has launched a Sharia-compliant multi-token in alignment with Islamic principles to promote inclusivity in crypto-trading. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The token is launching with Binance Coin, ethereum, and Solana, and has been Sharia-certified by Sharia advisory firm Amanie Advisors. Targeting the untapped $4 trillion Islamic finance market, Sharia Earn will allow Muslims to participate in the decentralised finance movement without concern for how it conflicts with Islamic banking principles. Richard Teng, CEO of Binance, stated, 'Our mission has always been to create an inclusive and transparent trading environment. With this product we're empowering the Muslim community and Sharia focused investors to participate in one of the most exciting financial revolutions of our time. This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' Sharia Earn will be available for users in the following countries: Afghanistan Algeria Bangladesh Bhutan Egypt Indonesia Iraq Jordan Kuwait Lebanon Libya Maldives Morocco Nepal Oman India Pakistan Palestinian territories Qatar, Saudi Arabia Sri Lanka Sudan Tunisia Turkey UAE Yemen Uzbekistan Kyrgyzstan Turkmenistan Azerbaijan Tajikistan In June this year, Binance announced an AI-powered app interface titled Binance UI Refined.
