Egypt's First Islamic Fintech

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• 📈 Do you want prices of Gold, Oil, Crypto and Stock Markets?

• 👨🏻‍💻 Egypt’s first Islamic Fintech

• 💼 Why are millionaire’s are trying to pay more tax? 😕 

• 🚨 Israeli officials are claiming success 😡

• ⛓️ Make money from your WhatsApp status

• ☪️ How did Salahuddin rise to power? ⚔️

• 🟩 Quranle 247

MARKET

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TECH

Egypt’s first Islamic Fintech

The Islamic finance industry has experienced significant growth, with total assets reaching nearly $4 trillion in 2021 and projected to reach $6 trillion by 2026. Islamic banking dominates the sector, accounting for 70% of global Islamic finance assets, while fintech and other players make up a smaller portion.

In Egypt, Agel, a fintech startup, has secured pre-seed funding to become the country's first Islamic fintech company. Agel aims to provide culturally relevant finance to the MSME sector by offering alternative financing options that align with Islamic principles. Their approach includes providing capital to merchants for purchasing goods on credit and enabling suppliers to sell on credit while managing their operations through a user-friendly app. The funding will support Agel in becoming a registered non-banking financial institution, developing innovative products, and expanding its presence in major Egyptian cities.

Agel's goal is to modernize traditional financial services and offer specialized, digital, cashless, and Sharia-compliant finance products. They will introduce services like Murabaha, an Islamic cost-plus financing, and collaborate with Abu Dhabi Islamic Bank (ADIB) to offer a merchant co-branded banking card. The startup aims to cater to the specific needs of the MSME sector in Egypt, promoting ethical financial practices while providing accessible financing options. With the funding, Agel is well-positioned to grow its customer base and establish itself as a leading Islamic fintech player in the country.

Islamic Fintechs are on the rise globally. If you work in finance this could be your opportunity to help the Islamic Economy and secure your mansion in Jannah. Keep an eye out for Islamic Fintech Jobs.

Source: Techloy

BUSINESS

Why are millionaire’s are trying to pay more tax? 😕

Gemma McGough, a multimillionaire in the UK, experienced a significant shift in her thinking after reading Naomi Klein's book on capitalism's impact on the climate. Inspired by the principles of transparency and social and environmental accountability, she founded a new company, Eleos Compliance, in 2019. Realizing the unfairness in the country's tax policy and feeling a sense of responsibility, she joined Patriotic Millionaires—a group advocating for higher taxes on the wealthy.

Alongside other wealthy individuals, McGough attends monthly meetings, coordinates media activities, and advocates for taxes on net wealth at parliamentary events. Their goal is to bring about system-level changes and ensure a fairer society. They propose an annual wealth tax of 1-2 percent on wealth above £10 million, which could generate significant revenue for public services. While wealth taxes have been removed in many countries, this group believes it is crucial to address widening inequality and protect public services.

Despite concerns about administrative costs and potential capital flight, studies suggest that most wealthy individuals would remain in their home countries even with tax increases. The Patriotic Millionaires aim to leverage their access and advocate directly for new wealth taxes, partnering with organizations like Tax Justice UK. Their plea to tax the rich resonates because it comes from wealthy individuals themselves, demonstrating a broader understanding of the need for change. Timing and a sense of responsibility play important roles in their efforts to shape a fairer economic landscape.

Hmm. Still sounds a bit fishy 😀

Source: Wired

TRENDING

Israeli officials are claiming success 😡

Israeli officials are claiming success in their two-day military raid on Jenin, touting it as an overwhelming achievement. The operation aimed to thwart "terrorist activity," seize weapons, and arrest individuals. Although Israeli forces have withdrawn from the site, they are expected to return in the future, maintaining pressure on the Jenin refugee camp. The camp's residents are now faced with the daunting task of rebuilding their heavily damaged homes and infrastructure, as well as restoring basic necessities such as electricity and water supplies.

The destruction caused by the Israeli attack is described as overwhelming, with buildings in ruins, cars destroyed, and streets impassable due to rubble. Despite the challenges, the residents are determined to rebuild their lives. Aid stations have been set up to provide assistance, including water, snacks, and medical aid. However, the intensity of the Israeli assault, including airstrikes and a ground invasion, raised concerns about civilian casualties.

The raid on Jenin symbolizes the escalating intensity of Israeli assaults on Palestinian resistance. The use of helicopter gunships and aerial weapons in a densely populated area has drawn criticism for the potential harm it poses to innocent civilians. Palestinians who were forced to evacuate during the fighting are now returning to witness the widespread destruction of their homes, businesses, and belongings. Power and water supplies remain cut off, further exacerbating the challenges faced by the residents.

Source: Al Jazeera

BREAKING FREE

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ISLAM

How did Salahuddin rise to power?

Saladin, also known as Salah ad-Din Yusuf ibn Ayyub, rose to power through a combination of military prowess, political maneuvering, and strategic alliances. Here are the key factors that contributed to his rise:

1. Military Leadership: Saladin demonstrated exceptional military skills and leadership. He served under his uncle, Shirkuh, who was a prominent military commander, and gained valuable experience in military campaigns. Saladin's military achievements, including his defense of Egypt against the Crusaders, earned him a reputation as a capable and respected commander.

2. Uniting Muslim Forces: Saladin recognized the importance of uniting the various Muslim factions and rulers in the region to counter the threat posed by the Crusaders. Through diplomacy and military campaigns, he successfully rallied support and gained the allegiance of different Muslim rulers, consolidating his power base.

3. Seizing the Opportunity: Saladin capitalized on political instability and power struggles among the Fatimid rulers of Egypt. In 1169, he orchestrated a coup and assumed control over Egypt, effectively establishing his own power base in the region.

4. Defeating the Crusaders: Saladin's most significant military achievements came in his battles against the Crusaders. His decisive victory at the Battle of Hattin in 1187 led to the recapture of Jerusalem from the Crusaders. This victory boosted his reputation, solidified his leadership among Muslims, and garnered widespread support.

5. Establishing a Dynasty: After consolidating his power, Saladin founded the Ayyubid dynasty, which ruled over a vast territory stretching from Egypt to Syria. This dynasty lasted for several decades after Saladin's death and played a significant role in shaping the political landscape of the region.

Saladin's rise to power was a result of his military prowess, strategic alliances, and his ability to capitalize on opportunities presented by the political and military circumstances of the time. His leadership and accomplishments made him one of the most renowned figures in Islamic history.

QURANLE 247

Surah At-Tariq 86:7

يَخْرُجُ مِنۢ بَيْنِ ٱلصُّلْبِ وَٱلتَّرَآئِبِ

stemming from between the backbone and the ribcage.
— Dr. Mustafa Khattab, the Clear Quran

RESOURCES

• Amazon Affiliate Sign Up Link

• Agel - Egypt’s first Islamic Fintech

• Midjourney Beginner’s Guide for Muslims (reply to the email)