The app screens US-listed stocks based on criteria issued by the Accounting and Auditing Organization for Islamic Financial Institutions, one of several bodies that set Islamic finance standards. Not just for MuslimsAccording to the ratings agency Standard & Poor's, the Islamic finance industry has in its relatively short existence grown to be worth US$2.1tril (RM9.1tril). Yet Islamic finance – based on the concept of shared profit and loss, thus minimising risk for banks – has fans well beyond the Muslim world. The company's executive vice president Raja al-Mazrouei says it connects start-ups with the Dubai Islamic Economic Development Centre, Sharia scholars, Islamic banks and financial regulators. However, Islamic fintech firms face a string of obstacles that don't bother their traditional counterparts.

Source: The Star April 12, 2020 03:45 UTC