A summary of the latest Islamic lifestyle news from around the world.

Muslim startup companies growing in the US

The Center for Global Muslim Life has released a list that highlights Muslim-founded or Muslim-focused startups, showing a plurality are based in the US, Religious News Network reported. “There were 50 companies on the list in years past. We had 100 companies this year to show the growth in the space since the last time we published in 2017,” Dustin Craun, CEO of the Center for Global Muslim Life, a think tank based in San Diego, California, was quoted by RNS as saying. It noted that the list includes ventures from actor Riz Ahmed, chef CZN Burak, activist Malala Yousafzai Malik, comedian Hasan Minhaj and other Muslim celebrities. Businesses ranged from Islamic seminaries and Muslim-focused smartphone applications to fintech, media and fashion, according to RNS. 

MRHB, Halal DeFi, raises $5.5 million 

MRHB DeFi, which claims to be “the world’s first decentralized finance ecosystem platform focused on ethical, sustainable and halal crypto opportunities” has raised $5.5 million, according to a press release. MRHB is short for “Marhaba” or “welcome” in Arabic. The platform’s $MRHB token is now available for trades on PancakeSwap on the Binance Smart Chain (BSC) network, according to the press release. It added that MRHB DeFi recently launched its Souq NFT Marketplace, the first NFT marketplace guaranteed to contain halal-only content.

Dubai Islamic Bank joins blockchain platform 

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, will become an official member bank of UAE Trade Connect (UTC), Zawya reported. Launched in April 2021, the platform was co-created by Etisalat Digital, seven leading UAE banks and Avanza Innovations, according to Zawya. It added that UTC is a ‘cloud native’ solution running on Etisalat’s E1 Cloud and that “the platform prevents fraud and duplication, detects dubious transactions and supports multiple types of trade-related documents that must be inspected and validated for authenticity.” Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, was quoted as saying: “Joining UAE Trade Connect as a member bank is an important milestone for Dubai Islamic Bank as we set out to mitigate the risk of fraud and safely move towards a fully digitised trade finance ecosystem.”

Al Nahdi Medical to launch e-doctor service and IPO

Al Nahdi Medical Co., Saudi Arabia’s largest pharmacy group, plans to give access to doctors online as the company prepares to list on the Saudi stock exchange, Zawya reported. It added that Al Nahdi, which has around 1,150 stores throughout the Kingdom, recently launched an e-pharmacist service. According to Zawya, Jeddah-based Al Nahdi will offer as many as 39 million shares – a 30% stake – in an initial public offering. It added that the company’s value is more than 10 billion riyals ($2.67 billion) in equity and Its pharmacy network stretches across 145 cities and villages across the Kingdom, and it recently expanded into the UAE.

Saudi Arabia launches digital tourism strategy 

Saudi Arabia has launched a digital tourism strategy, in line with its Vision 2030, which aims to place the Kingdom among the most important tourist destinations in the world, Arab News reported. The digital plan includes nine programs and will be completed by 2025, according to Arab News. The Saudi Ministry of Tourism has already attracted 100,000 Saudis to work in the tourism sector and is currently working with the World Tourism Organization to establish an international tourism academy based in Riyadh, Arab News reported.