Tag: Islamic

Fasset Becomes First Stablecoin Islamic Bank in Malaysia

Key Notes Malaysia grants Fasset approval to offer full-service digital banking within a regulated Islamic fintech sandbox. Fasset is now the world’s first stablecoin-powered Islamic digital bank. The platform plans to expand its products and services in the coming months. . Global crypto investment platform, Fasset, has received approval from Malaysia to launch full-service digital banking services within a regulated Islamic fintech sandbox. The approval makes Fasset the world’s first stablecoin-powered Islamic digital bank. Fasset currently serves over 500,000 users across 125 countries, aiming to close the long-standing gap in…

Fasset Approved to Launch Stablecoin-Powered Islamic Digital Bank

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Fasset received a provisional license from Malaysia’s Labuan Financial Services Authority (FSA) to launch what the company said is the first stablecoin-powered “Islamic digital bank.” The license allows Fasset, an all-in-one financial super app, to operate within a regulated sandbox focused on Shariah-compliant financial products, the company said in a Tuesday news release. “We can now combine the credibility of a global banking institution with the innovation of a fintech insurgent that’s fully halal,” Fasset CEO Mohammad Raafi Hossain said. Islamic finance refers to the financial system based on Islamic…

Is CRYPTO Investing HALAL? | IFG #shorts

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Learn more about halal crypto investing on our website. YouTube #shorts Invest with us at Cur8 Capital: Remember, with investing, your capital is at risk. This is not financial advice. If in doubt, always talk to a financial advisor. ——– 💌 Sign up to our email newsletter – 🌍 Our website – ——– Who are we: We are two Oxford grads who have studied Islamic finance both at uni and classically for over 6 years. We quit our corporate law jobs to…

Qatar Tech Firm Launches Platform for Tokenized Islamic Finance Contracts

Blade Labs, a Qatari tech company, has launched a platform for tokenizing Murabaha contracts, a type of Islamic finance. This innovation allows for broader access to Sharia-compliant financing, both for financial and non-financial institutions. Tokenized Sharia-Compliant Contracts Blade Labs, the Qatar-based tech company focused on blockchain and Web3, recently unveiled a platform for tokenized Islamic […] Source CryptoX Portal

Uzbekistan’s Islamic Authority Retracts Fatwa Against Cryptocurrency, Issues Apology

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Uzbekistan’s highest Islamic authority has retracted a fatwa it issued on June 3 that deemed trading with cryptocurrencies impermissible. This declaration, which stated that cryptocurrency trading violated Sharia law, was mistakenly released on social media due to an oversight. In response, the Fatwa Center issued a statement titled “Correction and Apologies.” The statement disclosed that […] Source

Islamic finance and Web3 take stage at Istanbul Blockchain Week

Being one flight away from both Dubai and London, Istanbul is the “financial capital” of Turkey and a popular destination for events and organizations. Its convenient location also helps organizers customize their events to align with the specific needs of Eastern or Western cultures — which felt like the case at Istanbul Blockchain Week 2023. IBW 2023 saw thousands of local and international enthusiasts join the conversation on crypto, blockchain and Web3 on Aug. 22 and 23 at the Hilton Istanbul Bomonti. Tailored to reflect the various discussions across the…

How digital assets can comply with Islamic financial law

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Islamic banking and finance is a system based on the principles of Shariah, or Islamic law, which, among many other things, prohibits the charging or paying of interest on loans and emphasizes ethical and equitable financial transactions.  One of the more notable traits of Islamic banking is its prohibition on charging or paying interest on loans, which is the basis of conventional banking. Instead, Islamic finance is based on profit and loss-sharing agreements between the lender and the borrower. The lender shares the investment risk with the borrower, and both…

IMF Studies How CBDCs Imply Islamic Banking System

The IMF explained that CBDCs design is complicated by Islamic law prohibiting usury and speculation. The International Monetary Fund (IMF) has examined the central bank digital currencies (CBDCs) design and found some risks in the context of Islamic banking. Following the IMF study, results showed that the liquidity of CBDCs and foreign exchange would work differently from Islamic law, against expectations. Notably, Iran and Sudan are the only two countries that fully operate Islamic banking systems. However, the financial system is present in 34 countries and systematically plays a crucial…

IMF examines CBDC design in context of Islamic banking, finds some risks magnified

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A central bank digital currency (CBDC) can impact monetary policy by increasing money velocity, disintermediation, volatility of bank reserves, currency substitution and altered capital flows, even when it is not designed to do so, according to a study published by the International Monetary Fund. The unintended impact of a CBDC may be felt particularly acute in the Islamic banking system. The Islamic financial system accounts for less than 2% of global finance, but it is present in 34 countries and systemically important in 15 jurisdictions. Only two countries, Iran and…