Islamic Crowdfunding And Fintech

Preston Muslim Girls High School fundraising event

Picture credit: Preston Muslim Girls High School

British Muslims own many of our SMEs. They also run charitable and educational projects. Halal crowdfunding is an important and necessary development for Muslims around the world. We look at a new report on the issues raised.

The Islamic Financial Services Board (IFSB) is an international standards organisation, based in Kuala Lumpur, that promotes the soundness and stability of the Islamic financial services industry in all countries. It issues global prudential standards and guiding principles. They care about the quality and ethical probity of the financial organisations they deal with.    

On Saturday. the IFSB published its views on Fintech and Islamic Crowdfunding. Their emphasis is on the Organisation of Islamic Cooperation (OIC) which has57 member states. We will be interested to see how, and how much its influence filters through to the UK.

The report can be downloaded from islamicfinance.com