trending Market Intelligence /marketintelligence/en/news-insights/trending/4bP7mMcZBtnAKuTlA3PIZA2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

UK FCA approves 1st Islamic fintech firm

BLOG

Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level

Blog

Fintech Intelligence Digital Newsletter: May 2021

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing


UK FCA approves 1st Islamic fintech firm

Islamic financial technology firm Yielders gained full authorization from the U.K.'s Financial Conduct Authority in April, the first such firm to do so, Reuters reported.

The firm, which gives retail investors exposure to the property market, has also received Shariah certification from the U.K. Islamic Finance Council.

Britain is attempting to position itself as a center for Islamic finance and financial technology, with the Bank of England launching a consultation on the feasibility of starting a Shariah-compliant deposit facility using a fund-based model, to broaden liquidity provisions.

"They [the U.K. government] believe that outside the Middle East, the U.K. is the capital of fintech for Islamic finance," the firm's founding director Irfan Khan told Reuters.

"There's certainly movement in the U.K. to try to promote Islamic fintech, and for fintech firms in the U.K. to show the route forward for a lot of the Middle Eastern market."