Islamic Fintech

AEON Bank and Zurich Malaysia Join Forces for Inclusive Takaful Solutions

Zurich Malaysia, through its family and general takaful businesses, has formed a tripartite partnership with AEON Bank, Malaysia’s first Islamic digital bank. This collaboration aims to promote inclusive takaful solutions based on Syariah principles, to enhance the personal and financial

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SC Malaysia and Islamic Development Bank Partner on Islamic Finance Initiatives

The Securities Commission Malaysia (SC) has signed a Memorandum of Understanding (MOU) with the Islamic Development Bank (IsDB) Group to bolster the Islamic capital market and social finance. The agreement was signed at the IsDB Annual General Meeting in Riyadh,

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Airo Debuts Shariah-Compliant Investment Portfolios for Malaysian Investors

Malaysian digital investment platform Airo has introduced a range of new Shariah-compliant investment opportunities to local investors. The portfolios introduced by Airo are managed using a proprietary strategy similar to the one employed in its conventional investment options, focusing on

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PolicyStreet Offers Accident Coverage, Loan Protection for Auto Repairs

Regional insurtech company PolicyStreet has joined forces with Direct Lending to launch DirectCare+, an embedded microtakaful plan providing personal accident coverage and loan protection. This marks PolicyStreet’s first-ever microtakaful product. The launch of DirectCare+ comes at a critical time, given

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SC and USM Launch Varsity Hackathon for Students to Nurture Islamic Fintech Talent

The Securities Commission Malaysia (SC), in partnership with the Computer Science Student Society of Universiti Sains Malaysia (USM), announced the launch of the Varsity Hackathon (VHACK) set to take place from 27 February to 20 April 2024. This initiative aims

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Is BNPL Shariah Compliant in Malaysia?

The Shariah Advisory Council (SAC) of Bank Negara Malaysia has taken significant strides in marrying the convenience of modern financial mechanisms like Buy Now Pay Later (BNPL) facilities with the rigorous principles of Shariah law. Through its comprehensive deliberations during

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Boost PayFlex Expands Shariah-Compliant BNPL Across App and DuitNow QR

Malaysian e-wallet Boost has expanded its Shariah-compliant PayLater feature, called Boost PayFlex, to cover all transactions within its app as well as QR code payments. The credit line can be used for payments up to 3-month instalments at over 1.8

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Standard Chartered Saadiq CEO Says Islamic Banks Must “Catch Up Fast” on Digitisation

A swift digital transformation is unfolding across the world’s financial sectors, and Malaysia’s Islamic banking sphere is very much part of this change. Offering insight into this evolution is Mohd Suhaimi Abdul Hamid, CEO of Standard Chartered Saadiq Malaysia, who

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Bank Islam to Offer Digital Takaful Solutions on Be U App with Zurich and Senang

Zurich Malaysia, local insurtech firm Senang.io, and Bank Islam have joined forces to introduce digital takaful solutions via the Be U by Bank Islam app. Be U by Bank Islam is a fully cloud-native digital banking proposition and the app

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PolicyStreet Gets Approval From Labuan Regulator for Takaful Operations

Malaysian insurtech company PolicyStreet has received the regulatory nod from the Labuan Financial Services Authority (LFSA) to begin its Takaful and Retakaful operations in the region. By securing the necessary approvals, PolicyStreet is now equipped to reinsure and underwrite Takaful

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