Latest news with #Shariahcompliant
Zawya
4 hours ago
- Business
- Zawya
$5bln boost for Sharia housing in Oman and GCC
MUSCAT: A major regional investment firm aims to accelerate the development of affordable, Shariah-compliant housing in Oman and the wider GCC, following a new strategic partnership between international finance institutions. BCIB Holding Co, Ltd, a Thailand-based financial service and investment banking firm, has acquired a 20 per cent stake in Amwalus Finance LLC, a US-incorporated financial institution with strategic operations in Oman, aligning both companies to jointly scale ethical housing finance solutions across the region. The investment is supported by a $5 billion Medium Term Note (MTN) issued by Bastion Commonwealth Investment Bank, the banking arm of BCIB Holding. According to BCIB Holding Co, the proceeds from the MTN will be used to finance housing projects that adhere to Islamic finance principles, addressing the growing demand for inclusive and affordable residential solutions in Oman and neighbouring Gulf countries. The agreement was formalised in a signing ceremony between Low Chun Keong, Managing Director of BCIB Holding, and Wassem Mesto, Managing Director of Amwalus Finance LLC, a wholly owned subsidiary of US-based Amwalus Trust. The ceremony was also attended by Dr Chutamas Vongvorakit, Co-founder and Chief Financial Officer of BCIB Holding. 'This strategic investment, backed by institutional financing through Bastion Commonwealth Investment Bank, underscores our commitment to fostering inclusive and sustainable development in Oman and across the region,' said Low. Amwalus Finance focuses on Shariah-compliant financing for affordable housing. With the new capital injection and support from its strategic partner, the company plans to expand its housing solutions across the GCC, targeting underserved communities. Wassem Mesto welcomed the partnership as a milestone for the company's mission. 'We are proud to welcome BCIB Holding as a key strategic partner in our mission to provide dignified, affordable housing guided by Islamic finance principles,' he said. 'With this collaboration, and the support of Bastion Commonwealth Investment Bank, we are well-positioned to scale our impact across the GCC and meet the growing demand for ethical, inclusive housing solutions.' The alliance reflects BCIB Holding's broader goal to promote long-term socioeconomic development through innovative Islamic financial instruments, with a particular focus on infrastructure and housing. Oman, which is advancing national priorities under Vision 2040, is expected to be a central focus of these investments. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
5 days ago
- Business
- Zawya
Oman: Al Madina Takaful secures category ‘A' health insurance license under Oman's new regulatory framework
Muscat – Al Madina Takaful, Oman's pioneering Shariah-compliant insurance provider, proudly announces its attainment of the Category 'A' Health Insurance License under the Sultanate's newly established regulatory framework. This significant milestone, granted by the Financial Services Authority (FSA), empowers Al Madina Takaful to independently underwrite and manage health insurance policies, positioning the company at the forefront of Oman's evolving healthcare insurance landscape. The introduction of the Category 'A' licensing framework by the FSA aims to enhance regulatory oversight, improve service quality, and increase premium retention within the Sultanate. Al Madina Takaful's early adoption of this license underscores its commitment to aligning with national objectives and delivering superior, Shariah-compliant health insurance solutions to its clients. 'Securing the Category 'A' license is a testament to our unwavering dedication to excellence and our proactive approach in embracing regulatory advancements,' said Usama Al Barwani, CEO of Al Madina Takaful. 'This achievement enables us to offer comprehensive health insurance services that cater to the diverse needs of our policyholders, all within the framework of Islamic principles.' As one of the licensed medical insurers in Oman, Al Madina Takaful is poised to play a pivotal role in the Sultanate's health insurance sector. The company's robust infrastructure, experienced team, and customer-centric approach ensure that it is well-equipped to meet the growing demand for quality health insurance services. Al Madina Takaful remains committed to innovation, transparency, and excellence in service delivery, reinforcing its position as a trusted partner in Oman's insurance industry. Established in 2006, Al Madina Takaful is the first Takaful company in Oman, offering a range of Shariah-compliant insurance products and services. With a focus on customer satisfaction and ethical practices, the company continues to lead the way in providing innovative insurance solutions that meet the evolving needs of its clients. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
02-06-2025
- Business
- Zawya
Saudi First Avenue secures $85mln Islamic facility from Alinma Bank
Saudi Arabia's First Avenue for Real Estate Development Co. has renewed and expanded the Shariah-compliant credit facility from Alinma Bank of 320 million riyals ($85.3 million). The 5-year facility will be used to support its acquisition plans and for the execution of its real estate projects. The developer has offered as guarantee promissory notes equal to the facility amount and a mortgage on the project land in favor of the bank. The proceeds from the finance project have also been assigned to Alinma Bank. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
25-05-2025
- Business
- Zawya
D360 Bank welcomes one million customers in four months
D360 Bank, the innovative Saudi Shariah-compliant digital bank, has announced that it has reached more than one million customers within the first four months of its official launch, setting a new global benchmark in digital banking adoption. This milestone underscores the growing demand for seamless and secure digital financial solutions in Saudi Arabia. Since beginning operations, D360 Bank customers have conducted over 51 million transactions across more than 100 countries, with a total transaction volume exceeding SAR 50 billion (USD 13.3 billion). This milestone was made possible through the support of the Public Investment Fund (PIF), Derayah Financial, and a number of prominent investors and financial experts. Further strengthening the bank's position as a leading digital banking institution in Saudi Arabia. Commenting on the achievement, Mr. Taha Abdullah Al-Kuwaiz, Chairman of D360 Bank, expressed his pride, stating: 'D360 Bank is proud to lead the charge in reimagining digital banking. This one million customer milestone reflects the trust placed in us by customers and partners. Our mission is to lead in financial innovation, promote inclusion, and help realize the goals of Vision 2030 by delivering modern, Shariah-compliant services at scale.' D360 Bank offers an intuitive digital banking experience, enabling customers to open an account in two minutes and access personalized financial services designed to meet their individual needs. With a fully integrated digital banking model powered by cutting-edge financial technologies, customers can manage their finances anytime, anywhere. Through the D360 Bank app, users can easily make fast, fee-free international payments, pay bills, and transfer money, while benefiting from the highest levels of transparency and security. The bank has also introduced a range of core services, including Banking-as-a-Service (BaaS) infrastructure, now live with three external clients, and the newly launched Sanabil Savings Account, the Shariah-compliant savings product in Saudi Arabia to calculate and deposit profits daily, offering expected annual returns of up to 2%. 'Our growth trajectory is clear. Saudi consumers are ready for a seamless, digital-first banking experience,' said Eze Szafir, CEO of D360 Bank. 'We've built the infrastructure to scale quickly, securely, and in full alignment with regulatory requirements. This is just the beginning.' Szafir added that customers collectively saved SAR 66 million (USD 17.6 million) in foreign exchange spreads and SAR 81 million (USD 21.6 million) in local and international transfer fees compared to traditional banks. Saudi Arabia is leading the way in financial innovation with an advanced digital banking ecosystem that is expanding the reach of traditional financial services, boosting financial inclusion, and enhancing the competitiveness of the Saudi economy in line with the Financial Sector Development Program. In 2024, digital transactions accounted for 79% of retail transactions in the Kingdom, indicating a move toward a cashless society. Fintech is projected to contribute SAR 13.3 billion (USD 3.5 billion) to the GDP by 2030, supported by a robust technological infrastructure and a regulatory environment that encourages innovation and investment. About D360 Bank D360 Bank is a fully Saudi digital, Shariah-compliant bank backed by PIF, Derayah Financial, and several renowned investors and financial experts. Its mission is to provide inclusive, Shariah-compliant financial services to retail customers by leveraging advanced technology and data, all in full compliance with local regulations. With a team of experienced local and international experts, D360 Bank aims to expand access to credit, enhance financial inclusion, and support Saudi Arabia's economic growth in line with Vision 2030.
