Smobler takes vertical AI food compliance push to the Gulf

Singapore-founded technology company Smobler is exploring the expansion of its Robin AI platform toward halal compliance workflows across ASEAN and MENA.

The move reflects Smobler's broader bet on vertical AI: as access to increasingly capable AI models becomes ubiquitous, competitive advantage will shift toward specialised applications solving expensive, persistent and industry-specific problems, the company said.

Smobler launched Robin AI in Hawaiʻi in June 2026 to help early-stage food and beverage entrepreneurs generate draft nutrition labels and Hazard Analysis and Critical Control Point (HACCP) food-safety plans. The platform is designed to support food safety specialists and regulatory authorities. A future system would similarly support recognised halal certification authorities, qualified auditors and human decision-makers.

"We want to help small producers navigate compliance more efficiently and reduce friction between creating a product and reaching a market," Chen said.

"The most interesting technologies scale globally because the underlying problem is widespread and travels."

Smobler also sees broader opportunity connecting Southeast Asia and the Gulf: adapting technologies and operating knowledge between markets rather than simply exporting software from one region to another.

"The Middle East opportunity isn't interesting simply because AI investment is booming," Smobler CEO Dr Loretta Chen said.

"There are real problems at the intersection of food, trade, logistics and technology where our Asia-Pacific experience may be useful and we have to learn from regional partners."

"Everyone can build an AI demo now," Smobler CTO Mridhul Pax added.

"The difficult part starts afterwards. Can the system be trusted? Is it economical to operate? Does it integrate into the industry? That last mile between an impressive prototype and reliable infrastructure is where we spend much of our time."

Smobler is seeking pilot, technology and commercial partners across food technology and trade, AI infrastructure and enterprise automation, logistics and maritime technology, as well as investment and innovation ecosystems. Organisations interested in discussing a potential pilot can contact mridhul@smobler.io.

Wealthcare and savings app certified shari'ah-compliant

Singapore-based wealthcare and savings app Hugosave has been certified shari'ah-compliant by a consortium comprising Islamic Finance Singapore (IFSG), Ustaz Kamal Mokhtar, S Tradition, and Masryef.

David Fergusson, CEO, Hugosave said, “Our vision has always been to build financially healthy and thriving communities, and this certification from the consortium of established shari'ah advisory companies reinforces our commitment to the Muslim community in Singapore.

According to a 2022 report by the Islamic Corporation for the Development of Private Sector (ICD) and Refinitiv, Islamic financial assets grew to about S$4 trillion from S$2.17 T between 2015 and 2021, and are projected to rise to roughly S$5.9 T by 2026*.

Ustaz Kamal Mokhtar, Chairman of the Shariah Consortium said: “Hugosave provides another avenue for Muslim investors to diversify their investment portfolio, especially in terms of gold investment. Gold is an important component of any investor's portfolio due to its hedging mechanism against the volatility of the market. Global political uncertainties and the status and strength of the American dollar should make every investor consider increasing their gold portfolio.

"Historically since 1990 till 2020, gold prices have appreciated 360% which is about 18% annually. And the increasing demand for gold in the technology sector gives good potential for investing in gold. Hugosave provides a convenient platform for any investor to access the purchases of gold via an app. They could monitor the price of gold and make purchases from the convenience of their homes or offices.”

Hugosave is a personal finance and savings app that helps users to make smarter spending choices, save for their goals and invest. Shari'ah-compliant products offered include:

● Hugosave Accounts: Savings in these accounts are safeguarded by a local bank. ● Hugosave Visa Platinum debit card: When a client spends with their Hugosave debit card, the transaction is rounded up to the nearest dollar and the excess is saved on their behalf, which is subsequently invested in a precious metal of their choice. This card has no annual fees and no minimum income requirement. When used overseas at millions of merchants worldwide, only Visa's currency conversion applies.

● Hugosave Money Pots: Clients can set short-, medium-, or long-term savings goals and create automated saving and investing schedules to help achieve them.

● Hugosave Precious Metals: Clients can buy and sell physical gold, platinum, and silver, with a minimum investment as low as S$0.01. This feature provides clients with a live view of the value and gains of their investments, allowing them to make informed financial decisions by tracking market trends and investment performance in real time.

● Hugosave Trust: Hugosave has democratised access to a free trust service. With no fees and minimum income, clients can protect their legacy through Trustbox via a licensed trust service provider. This empowers customers to exercise greater control and flexibility over their assets, with the assurance that their wealth and assets are well-protected.

● Hugosave Rewards Centre: Clients are rewarded with sure-win spins when they reach specific milestones.

“Hugosave is leading the charge in its field by adhering to shari'ah standards, marking a significant and pioneering move that pushes the boundaries of Islamic finance in Singapore. Their bold and commendable decision to ensure their products comply with shari'ah principles sets a new standard for innovation and inclusivity in the financial industry.

"This move highlights their commitment to alternative-ethical finance and opens up new avenues for growth and development within our community. IFSG is hopeful that Hugosave's initiative will inspire other companies to embrace the principles of shari'ah compliance, thereby enriching Singapore's financial landscape with a variety of ethical and inclusive financial solutions.” said Ustaz Zul Hakim, Co-Chair of the Shariah Consortium.

“There is much confusion in navigating the current financial offerings and investments for Muslims in Singapore. Hugosave helps to simplify them and offer solutions in a shari'ah-compliant manner. Acquiring, preserving and growing wealth is part of the objectives of shari'ah. Although wealth is not an end in itself, it is a means for Muslims to live their lives, fulfil their responsibilities and prosper in this world with the blessings from the Allah SWT the All Mighty. Hugosave helps app users manage their finances, provide a payment solution, facilitate savings via gold and other precious metals, and perform investments in ETFs. All in a worry-free app (under its shari'ah-compliant tab) suitable for Muslims,” added Ustaz Aminuddin Abu Bakar, representing S Tradition.

Ustaz Hamrey Mohamad, who spoke on behalf of Masryef emphasised: “Hugosave offers innovative financial solutions designed to empower you in achieving your financial goals while adhering to the core of Islamic principles and values. With their commitment to shari'ah-compliant practices, you can invest with confidence and peace of mind to ensure halal income, insha'allah!”

Syahmi Aziz, Senior Sales Executive said: “As a Hugosave client since 2021, navigating rising costs has made me conscious of finding ways to improve and strengthen my financial wellbeing...This endorsement assures me that Hugosave is not just a reliable personal finance and savings tool but also one that aligns with my faith.”

Hugosave currently serves more than 70,000 clients.

*Islamic Corporation for the Development of the Private Sector (ICD) - Refinitiv, Islamic Finance Development Report 2022: Embracing Change.

SWT stands for subhanahu wa ta'ala (سُبْحَانَهُ وَتَعَالَى⁩), 'glorious and exalted is He'.

ETF is an exchange-traded fund.

Gilded announces shari'ah compliance for gold product

Gilded, a fintech company that focuses on making physical gold functional, announced today that its gold product has achieved shari'ah compliance certification from Amanie Advisors Shariah Board, an advisory firm specialising in shari'ah investments and Islamic finance solutions. This certification further strengthens Gilded's position as a trusted provider of safe, secure, and shari'ah-compliant gold investment opportunities and enables it to serve an even wider audience of investors in the MENA region and beyond.

The company's gold investment offering is confirmed as aligned with shari'ah principles and adheres to the standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on gold. For Gilded, receiving this certification is crucial in expanding its product's reach and demonstrating its commitment to transparency, accountability, and integrity in its end-to-end process of payment, settlement, custody, and delivery of physical gold.

Firas Mallah, CEO of MENA, Gilded said: "This endorsement serves as a testament to our unwavering commitment to providing our customers with a product that adheres to the highest ethical and religious standards. The MENA region is a key strategic market for us, and this certification will enable us to offer our shari'ah-compliant gold investment opportunities to a broader range of investors seeking a safe, secure, and convenient platform. This certification further strengthens our position as a trusted provider of shari'ah-compliant investment solutions and opens new growth opportunities for our company."

Clients seeking Swiss-refined physical gold bars can now purchase them through Gilded's bank partners in the Middle East, or directly through Gilded's proprietary platform.

Azentio's iMAL receives AAOIFI certification for 2023

Azentio Software, a Singapore-headquartered technology firm, has obtained complliance certification for the year 2023 for iMAL R14.6, the latest version of its Islamic core banking platform from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). 

This certification reflects compliance with AAOIFI's Shariah and Financial Accounting Standards which include Financial Accounting Standard (FAS) 1 - General Presentation and Disclosures in the Financial Statements and FAS 39 - Financial Reporting for Zakat. Both new standards relate to financial reporting with the objective to make the financial statements of institutions transparent, fair, understandable and comparable. 

iMAL R14.6 focuses on taxation, reporting, dashboards, access privileges and automating manual processes. It includes enhancements to improve operational turnaround times by optimising technical processes, making them more efficient and secure.

Omar Mustafa Ansari, Secretary General, AAOIFI said: "By following and implementing AAOIFI standards in the right manner, we believe iMAL is mitigating shari'ah non-compliance risks. AAOIFI standards are now followed in no less than 50 jurisdictions around the world and iMAL's compliance with AAOIFI standards places it above others in these jurisdictions. Our continued collaboration is a testament to Azentio's ongoing commitment to follow best practices not only for itself but also for its clients which are the world's leading Islamic financial institutions."

Tony Kinnear, CEO, Azentio added: "Achieving AAOIFI certification for the latest version of iMAL signifies our commitment to provide our clients with the most advantageous blend of advanced technologies and shari'ah-compliant processes. We ensure that any financial institution running on iMAL has confidence that its products and transactions adhere to AAOIFI's evolving shari'ah and accounting standards. The certification should automatically provide confidence to all stakeholders that relevant shari'ah compliance controls and checks are adhered to by our clients."

Walton's exit-focused land investment endorsed as shari'ah-compliant

The Walton Group of companies, an international real estate investment company specialising in providing innovative land-based real estate products concentrated on major North American growth corridors, announced that its exit-focused land investment has been endorsed by the Amanie Shariah Supervisory Board as shari'ah-compliant.

Source: Walton. The Lake Ridge Parkway land parcel in Texas, US.

Under Walton’s exit-focused pre-development land investment model, Walton acquires a parcel of land that a public home builder desires to develop in the near term and offers that land to investors around the world, including in Asia. At the same time, Walton enters into an exit-focused letter of intent with the home builder.

This win-win solution allows the builder time to work on their development plans and to negotiate the terms of a phase-by-phase purchase of the property. When there are ready buyers of homes, the home builder will then purchase Walton's land and develop properties on it. In this way the home builder is able to improve their returns on capital by aligning land payments with actual home sales activity. In turn, investors benefit from a stream of income for the duration of the development.

By working with the largest public home builders and focusing on the fastest growing regions in the US, Walton offers a unique way for investors to diversify their portfolios. The assets aim to generate short to medium term US-dollar income for investors.

Bill Doherty, CEO, Walton International Group, said: “We are extremely pleased that our exit-focused land investment has received the endorsement of Amanie. This is important as our expanding Muslim client base can now be reassured that our investment products are shari'ah-compliant. This endorsement provides an opportunity for Walton to offer our land-based investment products in Islamic finance centres throughout our regions.”

Amanie Advisors is a shari'ah advisory firm specialising in Islamic finance solutions covering services such as shari'ah advisory and consultancy, training and research and development for institutional and corporate clients. It has a presence in Malaysia and UAE among other locations.
 
Maya Marissa Malek, CEO of Amanie Advisors said: “We are excited to see this commitment from Walton to tailoring its investment structures to comply with shari'ah guidelines. As the Islamic investment industry grows, investors increasingly demand a broader pool of offerings to diversify their portfolios. Amanie is very pleased to be able to provide clarity on structures that satisfy shari'ah requirements.”

Walton is a privately-owned. It manages and administers US$3.39 billion of real estate assets in North America on behalf of its investors and business partners. Walton has more than 104,000 acres of land under ownership, management and administration in the US and Canada.

AAOIFI to discuss standards at AAOIFI-World Bank Annual Conference

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has announced the AAOIFI-World Bank Annual Conference, 12th edition, under the theme Towards Quantitative Growth and Standardization of Islamic Finance. The event will be held on 5 and 6 November 2017 in Bahrain, in partnership with the World Bank, and under auspices of the Central Bank of Bahrain.

The guest of honour and keynote speaker, will be HE Dr Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Authority, the central bank of KSA. Other speakers including governors of central banks and regulatory and supervisory authorities, as well as senior management officials, thought leaders, scholars, and experts from across the global Islamic finance industry.

Seven sessions are scheduled, ranging from open dialogue sessions featuring the industry’s leaders and pioneers, to paper presentations and discussion sessions. The main topics include pros and cons of standardising Islamic finance practices and regulations at an international level, evaluating the real-world adoption and application of technical standards by the Islamic finance industry, and charting the way forward.

One session will identify leading bankers’ views on standardisation of the industry and its impact on qualitative growth. Another session discusses the establishment of a unified shari’ah authority for the Islamic finance industry, globally, as well as an evaluation of reality and the proposed roadmap, through two empirical studies involving methodological research and a survey aiming to probe the views of key shari’ah scholars and fuqaha (jurists) across the globe. In addition, a third session will portray four experiences of countries that have recently admitted and recognised Islamic finance in their jurisdictions, shedding light on the efforts exerted by each country to develop its own regulatory and supervisory framework, and the main challenges for the Islamic finance industry in these newcomer markets. The conference will conclude by a session on fiduciary rating and shari’ah compliance.

HE Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman, AAOIFI’s Board of Trustees, stated that the industry currently needs more compliance of products with shari’ah and its supreme objectives and noble cause, as well as improved levels of governance and transparency. "This would also require efforts to catapult the industry to higher levels of professionalism and institutionalisation at the international level, through the development of more professional standards to govern and regulate all its activities and areas of interest and attain higher levels of global adoption and recognition. This will come under the spotlight of this year’s conference,” he said.

Details:

Register

IIRA maintains AA Shari'a Quality Rating on Jordan Islamic Bank

The Islamic International Rating Agency (IIRA) has reaffirmed its Shari'a Quality Rating of AA assigned to Jordan Islamic Bank (JIB). This rating indicates JIB's conformance to very high standards of shari'ah compliance in all aspects of shari'ah quality analysis.

Since its inception in 1978, JIB has garnered strong franchise as a shari'ah compliant financial institution in Jordan. It is the country's largest Islamic bank and is in majority owned by Albaraka Banking Group, a prominent Islamic banking franchise. The group has been the pioneer of Islamic finance in many countries including Jordan, IIRA notes.

The rating is also supported by Jordan's effective regulatory shari'ah governance standards, which with recent revisions are closely aligned with best practices. The bank has been proactive in adopting the revisions in central bank guidelines, and their full implementation is targeted to be achieved within the ongoing year. The revised regulatory standards, among other things, envisage greater authority, independence and involvement of the Shari'a Supervisory Board, being the eminent authority for ensuring shari'ah compliance.

Establishment of an independent shari'ah function, separate from the internal audit department in the wake of regulatory revisions, has also further strengthened the bank's shari'ah governance structure. Other recommended areas of improvement include diversifying across Islamic modes of finance, as murabahah presently remains the dominant transaction mode. Transparency of financial reporting vis-a-vis investment accounts and corporate governance disclosures are mainly in line with the Islamic Financial Services Board's recommended best practices.

Contemporary challenges for Islamic finance discussed in Singapore on 22 October

Source: Event website.

Islamic Finance: Contemporary Challenges Conference 2015, to be held on 22 October at the Suntec Singapore Convention & Exhibition Centre, will debate the transition of Islamic finance into the mainstream, its value proposition for contemporary businesses, and its role in ethical finance.

Organised by RHT Academy, RHT Compliance Solutions, and RHTLaw Taylor Wessing, the full-day event will cover:

• Opportunities in Asia 
• Value proposition for businesses 
• Cross-border financial transactions 
• Governance and compliance 
• Financial innovations 
• Fintech in the Islamic financial landscape 
• Whether Islamic finance is more relevant in the era of ethical finance

Interested?

Register. Registration closes on 12 October 2015
View the agenda

Scholar calls for global shari'ah compliant dispute resolution mechanism

Islamic finance scholar Professor Dr Akram Laldin from Malaysia has said there is a need for a global shari'ah compliant dispute resolution mechanism at the eighth Shari'a Scholar session hosted by The Waqf Fund, a Bahrain-based special fund to support Islamic finance training, education and research.

Dr Laldin is a board member on Bank Negara Malaysia's Shari'a Advisory Council, AAOIFI and a number of Islamic financial institutions in Malaysia and globally.

Dr Laldin also stressed that shari'ah scholars hold heavy responsibility and should be proactive in developing themselves through continuous training, not just in shari'ah but also in relevant areas such as economics, finance, banking, accounting, and law in order to be able to give a religious verdict after full knowledge and understanding of the matter.

According to Dr Laldin, several key challenges are seen in shari'ah compliance, suggesting the need for a global dispute resolution body, which does not exist at this time:

• Conventional mindset of key decision-makers and a lack of conviction and belief in what they are doing
• Not following the right process
• Copying conventional products without due consideration to shari'ah
• Implementation challenges in the absence of understanding of shari'ah
• Lack of understanding of shari'ah by the auditors
• Advertising and promotion not in line with shari'ah
• Restructuring products or transactions without ensuring shari'ah compliance

RHT Academy organises seminar on Islamic Finance Compliance

RHT Academy is organising a seminar on Islamic finance compliance this June. 

The 'Islamic Finance Compliance Network - Creating a robust, practical and risk-focused Shari'ah-compliance programme' seminar will be held on 26 June from 10am to 12pm in Singapore, covering how financial institutions and companies can put in place a compliance framework that is consistent with Shari'ah principles – the foundations of an Islamic Finance framework – in a manner that is both  practical and risk-focused.  

Governance, risk management and other functions that can reside alongside the other conventional functions of a financial institution or company will also be discussed.

There is a registration fee of S$288. Click here to register.