Connect with us

E-Business

IFIN Launches the First of its Kind Instant Islamic Financing Platform

Published

on

Kindly share this post

Islamic FinTech provider, IFIN (Islamic Finance Initiation Network), has launched the first of its kind, real economy, and automated Islamic financing platform. The secure, innovative technology connects retailers and Islamic finance providers, enabling them to offer consumers instant access to Islamic financing for purchases, at the point of sale.

IFIN’s cloud-based platform reduces the traditional Islamic financing process from several days to just a few minutes and is set to revolutionise the in-store shopping experience. IFIN’s platform eliminates the need for customers to visit their bank branch in order to secure a finance, allowing them to do so as soon as they have made their purchasing decision in the store.

IFIN platform provides retailers with the opportunity to boost their sales and increase customer loyalty by enhancing the payment options for their customers. The platform serves a wide range of goods and service providers, including car dealerships, furniture showrooms, electronics stores, travel agents, healthcare providers, private schools and academic institutions.

Similarly, IFIN’s cutting-edge, secure and fully automated platform enables Islamic financial institutions to substantially expand their distribution network to hundreds or even thousands of retailers and extend their operations beyond the traditional branch model and usual banking working hours and days, thus allowing them to continue booking new financing even on weekends and banking holidays, with utmost simplicity and without any major investment.

Research undertaken in the Sultanate of Oman and the Kingdom of Saudi Arabia, by independent research company, Nielsen on behalf of IFIN, reveals a substantial market opportunity for both financial institutions and retailers. According to the research findings, almost 90% of consumers in both countries are either ‘interested’ or ‘very interested’ in the IFIN offering.

IFIN is a joint venture between two Islamic finance pioneers – Path Solutions, the world’s leading provider of Islamic finance technology, and IFAAS (Islamic Finance Advisory & Assurance Services), a leading international advisory firm dedicated to Islamic finance.

The founder and CEO of IFIN, Dr. Shaher Abbas said “We are very proud to bring the first of its kind FinTech solution to the Islamic financial services industry. The end-to-end digitalisation of the financing process allows Islamic financial institutions to significantly reduce their costs, enhance their profitability and expand their outreach to be where their customers are, without laying another brick.

“On the other hand, with the whole financing process taking only 10 minutes to be completed, retailers can boost their sales, expand their product offering and provide their customers with the unique shopping and financing experience that IFIN brings. IFIN plans to expand in 20 countries over the next 5 years to capture a market potentially worth over $600 billion”.

Mohammed Kateeb, Chairman and CEO of Path Solutions added, “We are delighted that, by using our cumulative knowledge in Islamic finance technology and through our collaboration with IFAAS, we have developed an industry-leading solution that will deliver real impact to Islamic financial institutions, retailers and customers.

“We have known and understood the industry challenges very thoroughly and developed a practical solution not only to meet those challenges but also to help take the industry to the next level”.

Farrukh Raza, IFAAS Group CEO, also commented on the launch saying, “Our experience and insight of the industry has enabled us to develop a much-needed FinTech with Path Solutions to lay down the foundation of a digital Islamic finance industry that serves the real economy and supports the development of communities”.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Kaspersky Discovers Vulnerability in Qualcomm Snapdragon Chips that can Lead to Data Loss & Device Compromise

Published

on

Kindly share this post

Kaspersky ICS CERT discovered a hardware-level vulnerability affecting Qualcomm chipsets that are widely used in a range of consumer and industrial devices, including smartphones and tablets, car components, IoT devices and more.

The vulnerability resides in the BootROM – firmware embedded at the hardware level. Attackers could potentially get access to any data stored on the device or device sensors like camera and microphone, implement complicated attack scenarios and in some circumstances get full control of the device. The results of the research were presented at Black Hat Asia 2026.

The vulnerability affects Qualcomm MDM9x07, MDM9x45, MDM9x65, MSM8909, MSM8916, MSM8952 and SDX50 series and was reported to Qualcomm in March 2025. Qualcomm formally acknowledged the vulnerability in April 2025. It has been assigned a CVE-2026-25262. Other Qualcomm-based chips may be affected as well.

Kaspersky researchers explored the Sahara protocol, a low-level communication system used when a Qualcomm chip enters Emergency Download Mode (EDL) – a special recovery mode designed for repairing or restoring smartphones or other devices. Sahara acts as the first step that allows a computer to connect to the device and load software before the operating system on the device starts.

Kaspersky demonstrated that a security flaw in this process could allow an attacker with physical access to the target device to bypass key security protections in the chip, compromise the secure boot chain and, in some cases, deploy malicious applications and backdoors to the chip’s Application Processor, thus fully compromising the entire device.

For example, in cases when the target device is a smartphone or a tablet, the attacker can potentially get access to entered user passwords, and subsequently this opens further access to multiple types of sensitive user data, such as files, contacts, location, access to the devices’ camera and microphone, etc.

A potential attacker only needs a few minutes of physical access to a device to compromise it. Therefore, if a smartphone has been sent for repair or left unattended for a short time, one can no longer be sure it is not infected. Researchers warn that the threat extends beyond end-user scenarios to include potential compromise during the supply chain phase.

“Vulnerabilities like this may allow attackers to deploy malware that is difficult to detect and remove. In practice, this could enable covert data collection or influence device behaviour over extended periods of time.

“While a reboot might seem like an effective way to remove such malware, it cannot always be relied upon: compromised systems may simulate a reboot without actually resetting. In such cases, only a complete loss of power – including battery depletion – guarantees a clean restart,” comments Sergey Anufrienko, security expert at Kaspersky ICS CERT.

Kaspersky advises organisations and individual users to exercise strict physical security control over devices including at the supply, maintenance and decommissioning phases. A reboot of the device by cutting off the power supply to the affected chip (if available) or full battery discharge may help to get rid of the malware if it was installed.


Kindly share this post
Continue Reading

E-Business

Survey Shows Gaps in Cybersecurity Policies and Employee Commitment Leave Organisations Vulnerable

Published

on

Kindly share this post

A recent Kaspersky survey entitled “Cybersecurity in the workplace: Employee knowledge and behaviour”, showed that 39% of professionals in the Middle East, Turkiye and Africa (META) region, consider cybersecurity rules in their company to be excessive or not fully appropriate.

While 7% noted that their organisations do not have cybersecurity rules or that they are not aware of them. These results show a disconnect between corporate cybersecurity policies and employee commitment to these rules, underscoring the risks associated with shadow IT and unmanaged device usage in the workplace.

Shadow IT is defined as the use of unauthorised software, devices, or services without IT oversight, and it has evolved into a critical business risk. While often driven by employee productivity needs, it creates blind spots for IT departments.

The rise of hybrid work environments, increased reliance on cloud-based tools and the spread of AI tools have accelerated this trend. Without robust cybersecurity management and oversight, organisations face heightened exposure to ransomware attacks, data leaks, and regulatory penalties.

19% of survey respondents in the META region said there are no policies regarding the use of non-corporate devices in their company. 35% of employees admitted that they can use their own devices to access business information, provided they have some type of cybersecurity protection, even consumer-grade software.

On the positive side, 21% said they can use their own device, but these must first pass more stringent corporate IT security checks; while 25% of respondents indicated that only devices provided by the IT function can be used for work purposes.

The situation is significantly better with permissions for employees to install software on corporate devices without IT department’s approval. 50% reported that only IT specialists in their company are allowed to install software, while in 31% of organisations only top management or designated users can do so. 11% of employees can install software that is approved by the IT team. However, 8% of respondents said that all users can install any software they need without IT agreement in their organisation.

At the same time 21% of professionals surveyed acknowledged that within the past year they installed software on their work devices without IT supervision. That highlights a persistent shadow IT challenge that continues to expose organisations to security vulnerabilities, compliance risks, and data breaches.

“Shadow IT is now a mainstream operational risk. When one in five employees installs software without IT oversight, it signals a policy gap. Many organisations already have security policies in place, but employee perception must also be considered.

Organisations should move beyond restrictive controls and instead implement intelligent, user-centric cybersecurity strategies that combine strategies that integrate technology with employee awareness and responsible use,” said Toufic Derbass, Managing Director for the META region at Kaspersky.

 


Kindly share this post
Continue Reading

E-Business

Microsoft Faces £1.7Bn Cloud Lawsuit in UK over Alleged Market Abuse

Published

on

Kindly share this post

Microsoft is facing a £1.7 billion ($2.3 billion) class action lawsuit in the United Kingdom over allegations that it abused its dominant market position in cloud computing.

Microsoft Faces £1.7bn Cloud Lawsuit in UK Over Alleged Market Abuse

Microsoft

The case, filed before the Competition Appeal Tribunal, was brought by Maria Luisa Stasi on behalf of about 59,000 British businesses and organisations. It alleges that Microsoft unfairly imposed higher costs on customers running its Windows Server software on rival cloud platforms.

Stasi said the company’s practices have had a significant financial impact on both public and private sector organisations over several years.

In allowing the case to proceed, the tribunal ruled that it has a “reasonable prospect of success.” The judges noted that Microsoft is alleged to have abused its dominance in the paid server operating system market to undermine competition in the cloud services space.

If the claim succeeds, compensation for affected organisations is estimated to range between £1.7 billion and £2.1 billion.

Microsoft has rejected the allegations and confirmed it will appeal the ruling. A company spokesperson said the decision does not represent a final judgment on the claims and that it disputes the substance of the case.

The lawsuit comes as regulators in the UK and the European Union intensify scrutiny of Microsoft’s cloud business practices. UK authorities are currently assessing whether the company should be designated as having “strategic market status,” a move that would subject it to stricter competition rules.


Kindly share this post
Continue Reading

Trending