Can Tokenisation Make Islamic Finance More Transparent, Efficient and Shariah Compliant?
Introduction Tokenisation has moved from discussion to practice. On 28 April 2026, Khazanah Nasional Berhad and the Securities Commission Malaysia (SC) priced Malaysia’s first tokenised sukuk. The issue was RM100 million with a one year tenor, under the Sukuk Danum programme, and was based on wakalah bi al istithmar (investment agency). A month earlier, the […]
Reviewed, Not Audited: The Shariah Assurance Gap Most Institutions Don’t Know They Have
Introduction A board audit committee asks a fair question: is our product still Shariah compliant? In response, it receives the Shariah certificate issued at launch, perhaps together with a few subsequent opinions on specific issues. Each document is signed by a respected Shariah adviser. The committee notes them and moves on. The documents are […]
Musharakah for Future Equity
A Shariah-Compliant Alternative to the SAFE for Startup Financing 1. Introduction and Background Since Y Combinator introduced the Simple Agreement for Future Equity (SAFE) in 2013, it has become one of the most popular ways for early-stage startups to raise money. Founders favour it because it lets them secure capital quickly, without fixing a valuation […]
Beyond the Label: Why Self-Declared Shariah Compliance Is Not Enough
Introduction In recent years, the global Islamic finance industry has experienced unprecedented growth. From sovereign sukuk issuances and Islamic banking windows to fintech platforms, halal investment apps, tokenised assets, and a new generation of digital financial products, the market for ethically aligned, faith-conscious finance is expanding rapidly. With this expansion, however, has come an increasingly […]
Islamic Home Financing: Halal Options for Everyday Muslims
Introduction Ahmed and Amina, a young couple with two kids, have finally saved enough for a down payment. Like many families, they dream of owning their own home. But there’s one problem, almost every bank they visit only offers mortgages with interest (riba). For them, and for many Muslims worldwide, that’s not an option. They […]
Avoiding Riba in Daily Life: 3 Practical Steps Every Muslim Should Know
Let’s be honest, these days, it feels almost impossible to avoid riba (interest). It’s everywhere, in loans, credit cards, mortgages, even savings accounts. Sometimes we don’t even realize that we’re caught in it until it’s too late.But here’s the thing: as Muslims, staying away from riba isn’t just a nice idea, it’s something Allah ﷻ […]
Buy Now, Pay Later (BNPL): A Sharia lens
1. Introduction Buy Now, Pay Later (BNPL) has rapidly emerged as a popular alternative financing method globally, particularly in Saudi Arabia and the Arab region. This innovative solution offers consumers short-term financing for retail purchases, typically without direct additional costs or interest for the customer, providing immediate purchasing power. Despite its convenience, BNPL’s Sharia compliance […]
Digital Waqf 2.0
Digital Waqf 2.0: How Islam’s oldest institution can benefit from blockchain technology The institution of Waqf has been a cornerstone of Islamic Welfare for hundreds of years. In modern times, this institution has been revived through Islamic Finance in several ways, like cash waqf, Sukuk linked Waqf and many more. Blockchain has emerged as a […]
Zakat on Digital Assets
Zakat on Digital Assets: Shariah Perspectives for Islamic Finance Introduction The rapid advent of blockchain-based instruments – notably cryptocurrencies, tokenized assets, and non-fungible tokens (NFTs) – has transformed modern finance and captured widespread interest among Muslims. As Shomad & Ghani (2024) observe, “the rapid emergence of digital assets, specifically cryptocurrency, has transformed modern finance, introducing […]
Islamic Finance Unveiled
Islamic Finance Unveiled: What’s Fact and What’s Fiction. Islamic Finance has emerged as an alternative and counterpart to conventional finance in the last few decades. Although it has proven to be a reliable and often profitable system, it isn’t without its critics. Many people, in and outside the Muslim world have criticized Islamic Finance for […]