Several developments in Islamic digital investments hogged the limelight over the past week – amid the backdrop the Omani oil firm’s Shariah compliant IPO, which is among the year’s largest.
Firoza Finance, a joint venture between Dubai-based Liberty Finance and HAQQ Network, is creating an investment platform that takes crypto assets and offering these as capital financing to small businesses and entrepreneurs globally via what is described as a real-world Mudarabah smart contract in decentralized finance.
Haqq also forged a partnership with National Committee for Sharia Economy and Finance and PT BUMR Industri Terhubung Indonesia to harness blockchain technology and Shariah compliant financial services for businesses, investors and communities – specifically to support the agriculture and fisheries sectors.
UAE cryptocurrency exchange Bybit obtained a full license from the Astana Financial Services Authority to operate as a fully authorized market institution in Kazakhstan.
Digital asset infrastructure provider Ripple, which offers Islamic solutions, secured an in-principle approval from the Dubai Financial Services Authority to expand its services.
The ongoing IPO subscription period for Shariah compliant OQ Exploration & Production shares ends on the 9th October 2024 for retail investors and a day later for institutions.
The Saudi Capital Market Authority (CMA) approved public offerings of ANB Capital Multi-Asset Growth Fund (Shariah) and anb capital Multi-Asset Conservative Fund (Shariah). The CMA also licensed Apex FundRock Investment to operate funds activity and investments management.
In deals, Ahli United Bank partnered with deposit investment technology company Save Technologies to launch a Shariah compliant structured investment product.
The Malaysian assets of Kuwait Finance House are being considered by two foreign banks and three locals outfits.
Saudi Arabia’s Public Investment Fund invested an initial US$120 million in Nasdaq-listed Canadian Chinese education group Visionary Holdings and inked a memorandum of understanding to commit further funds for various collaborations including international education, biomedical sciences, advanced technology, life sciences and AI education.
Emirates REIT is selling Office Park, a Grade A commercial asset in Dubai Internet City, for AED720 million (US$196 million) – at a 31% net premium above the property’s last valuation.