Regulatory matters claimed center stage over the past week, starting with the Indonesian Ulema Council declaring short-selling as Haram – ahead of these securities-related regulations being implemented by the Indonesia Stock Exchange in coming weeks.
Separately, the Financial Services Authority of Indonesia (OJK) launched its Integrated Licensing and Registration Information System (Sistem Informasi Perizinan dan Registrasi Terintegrasi) app for management of licensing processes for rural banks, insurance companies, guarantee companies, pension funds, financing companies, venture capital firms, pawnshops and P2P fintech lending startups.
The Securities and Exchange Commission of Pakistan proposed streamlining procedures for the registration of trust deeds and REIT Schemes, rationalizing timelines for transfer of real estate or shares of a special purpose vehicle in the name of a REIT scheme to expedite the listing of REIT Schemes.
Pakistani Islamic bank Meezan Bank partnered with clearing company EClear Services to jointly develop a Shariah compliant trading window for Roshan Digital Account customers. Abu Dhabi Islamic Bank contracted regtech company Silent Eight to automate the bank’s alert screening investigation process and improve its compliance operations.
Deals-wise, Bahrain’s Investcorp is working with US fintech Securitize to tokenize its investment funds and Abu Dhabi-based HAYAH Insurance, with a focus on retirement and pension products, partnered with European asset management firm Azimut Group to offer pension solutions in the UAE.
British Virgin Islands-headquartered Blade Labs will provide both a Shariah compliant and a conventional digital securities platform to support Swiss digital enablement organization Hashgraph’s investments.
Shariah compliance checkers were launched by Ethica Invest with its app for India and Al Hilal Bank for subscriptions to IPOs heading for listings on the Abu Dhabi Securities Exchange. Pakistan Stock Exchange is reviewing securities for Murabaha Share Financing eligibility.
