The investment and fintech ventures arm of the global bank Standard Chartered announced on Monday it was making an investment in Algbra, an ethical finance-focused and sharia-compliant fintech company based in the UK.
Although most of the deal's details have not been disclosed, SC Ventures said its sustainable finance platform, Shoal, will partner with Algbra.
The deal comes at the start of UK Fintech Week, during which London hosts founders of fintech companies, government officials and policymakers, entrepreneurs, investors and academics over five days.
“We build ventures with our clients in mind, which resulted in Shoal,” said Gurdeep Singh Kohli, SC Ventures lead for Europe and Americas. “Combining the proposition with Algbra will enhance the customer proposition in the UK and our investment will accelerate the delivery of Algbra’s Fintech as a Service (FaaS) solution globally.”
Founded by Zeiad Idris and Fizel Nejabat, Algbra is the first sharia-compliant fintech company to be authorised by the UK's Financial Conduct Authority (FCA) as an electronic money institution.
“I am thrilled for Algbra to be partnering with SC Ventures and Shoal,” Mr Idris said.
“What is most exciting about this is the deep purpose-alignment of our companies to do good, and our commitment to go beyond the UK to serve communities in Asia, Africa and the Middle East.”
Stamp out stamp duty
Meanwhile, a group of the leading UK fintech companies called on the government to scrap the tax payable on share purchases, better known as stamp duty.
The Unicorn Council for UK Fintech (UCFT), which launched last month and includes some of the biggest names in fintech including Monzo, Revolut, Gohenry and Clearscore, drew up a list of six core recommendations for policymakers.
Along with the abolition of stamp duty, UCFT also called for a “rethink of the regulatory approach” to the fintech sector, certain tax reliefs, tax breaks for research and development of fintech, easier access to seed capital and the introduction of a VAT rebate scheme for early-stage fintech companies.
Philip Belamant, the co-founder and chief executive of Zilch, said the UCFT is “crafting the go-to policy playbook that outlines precisely what the government, regulators and the broader ecosystem need to address if our generation of fintech businesses are to continue thriving on a global stage”.
Fintech Week's flagship event, the Innovative Finance Global Summit, returns to London's Guildhall for its 10th year and will concentrate on how Britain can maintain its leading position in the fintech industry.
Speakers at this year's event include Louise Hill, the co-founder and chief executive of GoHenry, Anne Boden, the founder of Starling Bank, and Francesca Carlesi, the chief executive of Revolut UK, as well as Sarah Breedon, the deputy governor for financial stability at the Bank of England.
Writing in the City AM newspaper ahead of UK Fintech Week, the Lord Mayor of the City of London said the British fintech industry, while a world leader, could be further strengthened through the use of artificial intelligence (AI).
Michael Mainelli pointed to the four unicorn companies created in the UK fintech industry last year, with two of them, Quantexa and Synthesia, being AI firms.
“This demonstrates how the rise of the AI will drive further and faster change in fintech,” Mr Mainelli wrote.
“As we reflect on the successes of the past decade, we need to learn from our experiences so that in future we can be just as bold in embracing innovation, ensuring we are out in front rather than being left behind by our competitors.”
The UK has long been at the forefront of fintech and innovation in the financial sector. For example, eight in 10 adults in the UK use at least one fintech tool (such as a banking app) on a regular basis and the UK commands around 10 per cent of the global fintech market.
The UK receives more investment in its fintech sector than any other country except the US, and the main theme of this year's Innovative Finance Global Summit concentrates on how that position can be protected.
'Strong arsenal of fintechs'
Even though fintech investment in the UK took a battering last year, Britain still took the lion's share of investment in the Europe, the Middle East and Africa region, as globally the entire sector suffered at the hands of rising inflation and higher interest rates.
According to figures from KPMG, total UK fintech investment dropped to $5.9 billion (£4.6 billion) in the first half of last year, a fall from $13.8 billion in the same period in 2022.
Nonetheless, Janine Hirt, the chief executive of Innovate Finance, recently wrote in the Financial Times that the UK “boasts a strong arsenal of fintechs with plenty of potential”.
“It’s this spirit of optimism that we must retain in our fintech sector – and our international leadership must not be taken for granted,” she said.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The%C2%A0specs%20
%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6-cylinder%2C%204.8-litre%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E5-speed%20automatic%20and%20manual%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E280%20brake%20horsepower%20%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E451Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh153%2C00%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
First Person
Richard Flanagan
Chatto & Windus
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Results
2.30pm: Expo 2020 Dubai – Conditions (PA) Dh80,000 (Dirt) 1,600m; Winner: Barakka, Ray Dawson (jockey), Ahmad bin Harmash (trainer)
3.05pm: Now Or Never – Maiden (TB) Dh82,500 (Turf) 1,600m; Winner: One Idea, Andrea Atzeni, Doug Watson
3.40pm: This Is Our Time – Handicap (TB) Dh82,500 (D) 1,600m; Winner: Perfect Balance, Tadhg O’Shea, Bhupat Seemar
4.15pm: Visit Expo 2020 – Handicap (TB) Dh87,500 (T) 1,600m; Winner: Kaheall, Richard Mullen, Salem bin Ghadayer
4.50pm: The World In One Place – Handicap (TB) Dh95,000 (T) 1.900m; Winner: Castlebar, Adrie de Vries, Helal Al Alawi
5.25pm: Vision – Handicap (TB) Dh95,000 (D) 1,200m; Winner: Shanty Star, Richard Mullen, Rashed Bouresly
6pm: Al Wasl Plaza – Handicap (TB) Dh95,000 (T) 1,200m; Winner: Jadwal, Dane O’Neill, Doug Watson
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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