Latest news with #Shari'ah-compliant
Zawya
3 days ago
- Business
- Zawya
Muzn Islamic Banking launches the Shari'ah-compliant Direct Debit E-Mandate
Muscat: NBO Muzn Islamic Banking has announced the launch of its Shari'ah-compliant Direct Debit E-Mandate service, to streamline recurring payments for both individuals and businesses. Available on Muzn Islamic Banking's Corporate Internet Banking services and the Muzn Islamic Banking app, the new digital solution complements the nationwide digital transformation efforts by providing a reliable and efficient way to manage high volumes of transactions without delays. Commenting on the launch, Salima Obaid Al Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO, said, "At Muzn Islamic Banking, we recognise that customers seek solutions that align with their values, not just digital services. The Direct Debit E-Mandate reflects our commitment to build a future-ready, Shari'ah-compliant banking ecosystem that meets the evolving needs of both individuals and businesses. It also offers operational efficiency, transparency and trust within a secure, user-centric platform." The Direct Debit E-Mandate enables customers to schedule automated payments directly from their bank accounts, reducing manual processing and administrative costs. This fully digital service helps to ensure cash flow stability, avoid payment delays and have greater control over financial commitments. It also allows customers to create, approve, modify or cancel payment mandates while receiving real-time notifications for all mandate activity and payment transactions, ensuring full transparency and oversight. Supporting various payment frequencies (daily, weekly, monthly, and yearly), this solution is ideal for managing a wide range of recurring payments, including utility bills, loan repayments, business subscriptions, and vendor payments. For more information, please visit
Finextra
22-07-2025
- Business
- Finextra
Mastercard and Jordan Islamic Bank collaborate on Shari'ah-compliant digital payment platform
Mastercard and Jordan Islamic Bank (JIB), one of the largest banks operating in the country, are collaborating to drive innovation and expand access to Shari'ah-compliant digital payment solutions. 0 JIB will leverage Mastercard's payment technologies and advisory services to enhance its consumer card portfolio, introducing new features tailored to the unique needs of Shari'ah- compliant customers. The collaboration aims to support the development of new digital channels and customer engagement platforms, enabling JIB to deliver more personalized, accessible, and secure banking experiences. 'This collaboration reflects our shared commitment to advancing financial inclusion and empowering Shari'ah-compliant customers across Jordan through innovative digital solutions. Together with JIB, we are building a more connected and customer-centric financial ecosystem, powering inclusive growth, driving digital transformation, and expanding access to secure digital payments,' said Adam Jones, executive vice president and division president for West Arabia, Mastercard. 'We are excited to collaborate with Mastercard to provide innovative and Sharia'ah-compliant financial solutions. Leveraging Mastercard's global expertise and advanced technologies, we will further enhance our offerings, ensuring our customers experience secure, seamless, and value-driven financial services that adhere to Shari'ah banking principles,' said Dr. Huseein, CEO, Jordan Islamic Bank Since its establishment in 1978, Jordan Islamic Bank (JIB) has focused on sustainable growth by driving digital transformation and expanding its electronic banking services to meet the changing needs of its customers.
Gulf Today
15-07-2025
- Business
- Gulf Today
ITFC signs $513 million financing with Pakistan
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country's critical energy sector needs. The signing ceremony was witnessed by Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan. This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching $513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan's energy needs. This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market. This latest financing reflects ITFC's continued efforts to provide impactful, Shari'ah-compliant trade solutions that address the urgent needs of member countries. WAM
Mid East Info
09-07-2025
- Business
- Mid East Info
ruya leads the Way with New Shari'ah-Compliant Commodity Murabaha in Partnership with DDCAP Group™ - Middle East Business News and Information
ruya (رويا), the UAE's digital-first Islamic bank, is proud to announce a strategic partnership with DDCAP Group™, a global leader in Shari'ah-compliant financial solutions, to launch a next-generation Commodity Murabaha offering for its customers. Through this collaboration, ruya will leverage DDCAP's award-winning, asset-based platform, ETHOS AFP™, to structure and execute Commodity Murabaha transactions, providing customers with access to transparent, Shari'ah-compliant financing solutions. The initiative reflects ruya's mission to build a values-driven digital Islamic community bank delivering ethical and inclusive financial services. From initiation to settlement, all steps of the transaction are conducted digitally, ensuring speed, traceability and a consistent Shari'ah-compliant user experience. This initiative comes at a pivotal time as the UAE accelerates its ambition to become a global capital for Islamic finance and the broader halal economy, in line with the recently approved UAE National Strategy for the Islamic Economy and Halal Industry. The National Strategy emphasizes financial innovation, inclusivity, and the digitalization of Islamic services—principles that are at the heart of this new product offering. Christoph Koster, CEO – ruya 'At ruya, our ambition is to empower our customers through principled, accessible banking. Partnering with DDCAP enables us to bring to market a product that is not only digitally advanced and ethically grounded but also aligned with the UAE's national strategic direction for Islamic Finance.' Stella Cox CBE, FCSI(Hon), Managing Director – DDCAP Group™ 'Our partnership with ruya underlines our joint commitment to advancing Islamic banking through responsibly aligned digital transformation. By integrating ETHOS AFP™, DDCAP's Shari'ah compliant asset-facilitation platform, with ruya's digital banking architecture, our API connectivity brings a new generation of inclusive, Shari'ah compliant financial solutions to serve digital native, faith focused and values conscious customers.' This collaboration supports the UAE's broader strategic goal of becoming a global hub for Islamic finance while advancing financial inclusion and sustainable growth. ———————————————————————————————————— 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. ruya is also proud to be Great Place to Work® Certified, a testament to its inclusive culture and employee-first values. For media inquiries: pr@ Website: Twitter/X: myruyabank Instagram: myruyabank LinkedIn: ruya Facebook: myruyabank TikTok: @myruyabank YouTube: @myruyabank Snapchat: myruyabank About DDCAP Group™ DDCAP Group™ (DDCAP) is the industry-leading market intermediary and digital solutions enabler, connecting the global Islamic financial market responsibly via its proprietary, multi award-winning platform, ETHOS AFP™ (ETHOS). Outside of its London headquarters, DDCAP's international footprint includes representative offices in Bahrain, the Dubai International Financial Centre, Dubai and Kuala Lumpur. ETHOS is the market leading, multiple award-winning real-time trade and post trade services platform which provides continuous coverage and enables DDCAP clients worldwide to purchase from a responsible, diverse asset inventory via a secure, web-based portal for onward sale to their own clients and counterparties, with functionality delivering an array of benefits and efficiencies whilst mitigating trade and operational risks. DDCAP is committed to developing and supporting awareness of the business and ethical adherence for responsible finance. DDCAP's own commitment to Sustainable and Responsible Actions ('SRA') is reinforced within policy that extends across its corporate environment and infrastructure, business offerings and services and engagement with its stakeholders and other third parties internationally. For media inquiries: communications@ Website: LinkedIn: DDCAP Group™
Business Recorder
02-07-2025
- Business
- Business Recorder
VIS upgrades entity ratings of Faysal Bank Ltd
KARACHI: VIS Credit Rating Company Limited (VIS) has upgraded entity ratings of Faysal Bank Limited ('FABL' or the 'Bank') to 'AA+/A1+' (Double APlus/A One Plus) from 'AA/A1+' (Double A/A One Plus). Medium to long-term rating of 'AA+' indicates high credit quality; protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short-term rating of 'A1+'indicates the strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors. The outlook on the assigned ratings is 'Stable.' Previous rating action was announced on June 28, 2024. The assigned ratings to FABL reflect a sound financial profile, underpinned by FABL's strong trajectory in Islamic banking after successful transformation into a full-fledged Islamic bank. Moreover, digital transformation, asset quality, and prudent financial management have supported the upgrade. The Bank, along with its subsidiaries, is recognized as a leader in Shari'ah compliance, holding a Shari'ah Compliance and Fiduciary Rating of 'SCFR(PK) 1' on the national scale from the Islamic International Rating Agency(IIRA)—indicating no material deviations from the national regulatory framework for Shari'ah-compliant finance. Copyright Business Recorder, 2025
