We are very excited to announce that we have joined Wahed to build a one-stop-shop Islamic finance platform to help customers to easily manage, save, and invest their hard-earned money all from a single app.
Read the press release below!
December 17th, 2020, London UK: Wahed Inc. (‘Wahed’), a US-based Islamic-finance fintech company, today announced it will acquire Niyah Ltd, (‘Niyah’) a UK-based fintech that is creating a banking app and ethical financial platform catered to the Muslim community.
The move signals a leap forward in Wahed’s product expansion plans and its ambition to become the leading, ‘one-stop-shop’ for Shariah-compliant…
As-Salaam Alaykum dear readers,
Today, I would like to introduce the basics of budgeting as a critical skill in improving your personal financial management. It is important to understand what exactly a budget is, and how it helps you understand what you earn and how you are spending that income. A budget is a plan that looks at Income and Expenses and helps you understand how you much you make and spend over a specific period of time. …
As most Muslims are aware, to charge interest is strictly forbidden in Islam - naturally, this presents a problem for those who are looking to buy a home.
Why? Because a standard mortgage will lend customers the money they require to purchase their home, and will also charge interest for the loan. Islamic mortgages are the better alternative as they do not charge interest, but how Shariah compliant can they be if a mortgage is still based upon interest?
A HOME PURCHASE PLAN
Instead of giving out loans and charging interest on them, Islamic banks will buy the property for…
2008 was the year in which Obama became the first black President of the United States, the UK experienced its largest earthquake in 25 years, and the year in which the world faced a global financial crisis — the effects of which are still felt today.
Triggered by the collapse of Lehman Brothers, many banks suffered large losses and asked for government help to avoid bankruptcy. Deregulation in the financial industry allowed banks to take on very risky activities using derivatives. …
For those considering whether to make the switch from conventional banking to Islamic banking, the distinction between the two is pretty important.
Although people are aware that Islamic banking exists and of its basic principles, they need more information to convince them to make the jump.
Read on to learn why Islamic banking is both different and the same as conventional banking, but most of all, better.
THE FUNDAMENTAL DIFFERENCES
While conventional banks are based upon a system of man-made laws and make profit through debt and interest, Islamic banks operate upon a basis of profit and loss sharing. This…
“Allah will deal with Riba in such a way that it would be uprooted, but He will give increase for deeds of charity; for He loves not creatures who are ungrateful and wicked.”
The Quran -Surah 02- Al Baqarah verse 276
For most of the 4.1 million Muslims living in the UK, this is a question that is raised often. Put simply, Islamic banking is the term used to define a system of banking and financial activity that is in accordance with Shari’ah and its principles.
There are over 500 Islamic banks globally, and around 105 countries have Islamic finance…
Islamic Finance with a peace of mind