The launch of several Shariah compliant commodity futures outshone last week’s other investment fund announcements as several fintechs also gained some prominence.
Brokerage firm UOB Kay Hian Securities officially launched 16 Shariah compliant global commodity futures including crude palm oil and rubber.
GIB Capital and Tata Asset Management announced the launch of Shariah compliant GIB Opportunistic Indian Equity Fund, which received regulatory approval to be listed on the Saudi Stock Exchange.
The Saudi Capital Market Authority (CMA) approved the public offering of Jadwa Saudi Equity Fund II by Jadwa Investment.
Oman’s integrated energy group OQ announced plans to conduct an IPO for its OQ Exploration and Production unit.
Al Baraka Capital launched a Shariah compliant investment fund, in cooperation with crowdfunding fintech Invia, to channel financing to SMEs.
In the alternate assets arena, UAE-based fintech platform Fasset plans to launch the government-backed Ethereum Layer 2 blockchain IOWN. Built for the creation, management and distribution of real-world assets, this blockchain aims to advance the adoption of digital assets in the Islamic finance industry.
Separately, Ajdar Fintech received a financial technology experimental permit from the Saudi CMA to test the offering and investment in debt instruments.
Meanwhile, Saudi Arabian firm Sidra Capital bought two houses on Belgrave Square in London, UK as part of its ongoing strategy of acquiring strategic assets with long-term potential gains.
In other developments, the Kuwaiti CMA imposed a financial penalty on Boubyan Capital Investment Company for violating work ethics by failing to properly maintain customer orders.
There are 639 Shariah compliant stocks listed on the Indonesia Stock Exchange (IDX) as of the 9the September 2024, making up 68% of the bourse’s total listings. Other Shariah compliant securities on IDX include 251 mutual funds, two exchange-traded funds plus Sukuk issued by 240 corporates and 93 by the government.
