🌙 Muslim fintech to challenge Stripe?

In a week when…well, where do you even start? Musletter bounced between a million different news reports just like you did – and ended up sitting head-in-hands. Then went back to googling ‘When is Eid?’ May Allah SWT restore peace, prosperity, happiness, and well-being in all Muslim lands. 

Here’s what we have for you in this edition:

Plus: Our weekly recommendations on what to read, watch, and buy!

Let’s jump right in!

💳 Ummah takes on Stripe: Pretty much every startup relies on non-Muslim infrastructure - whether that’s Stripe, Mercury, Bolt, whoever. Then you raise money for Palestine, and you’re kicked off for 'high-risk transactions’. Even major players get debanked. So here comes a revolution in the shape of Minted Edge founder Shahid Munir and Boycat founder Adil Abutalha with their new finance platform, Ummah.com. (How expensive was that domain?!) It’s built on infrastructure that's already processed a cool $1bn in transactions and combines a whole lotta stuff (payment acceptance, multi-currency business accounts, instant internal settlement, treasury) into a single system. It’s a strong indicator that Muslims are now taking on major projects like building financial infrastructure to create a fairer system to power modern commerce, and avoiding unethical partners. Waitlist now open for all.

🚚 🇹🇷 Uber acquires Turkish startup: Uber is set to acquire Getir's food delivery operations for $335 million. It’s subject to regulatory approval, but if it goes through, then Uber will integrate Getir’s delivery business with the existing Trendyol Go (where Uber already holds a majority stake). It doesn’t stop there – Uber’s spending spree also includes ponying up $100 million for a 15% stake in Getir’s other delivery business (grocery, retail, and water). For users, it’s a win-win – the Getir app will provide access to Trendyol Go’s restaurant network. Everything, all in one place.

🇦🇪 Dubai tested: Things are moving so quickly in the Gulf that in the millisecond it took for this newsletter to load, a hundred things have changed. In the short term, no one truly knows what this war means for Dubai, a place that sells itself on safety and stability. The Western media seems convinced that the shine has gone, with investors and businesspeople leaving the country, and banks ordering evacuations. Others say that day-to-day life is relatively normal and it’s pretty much business as usual. The emirate has been through its economic ups and downs over the years, but hasn’t seen anything like this. Still, it’s far too hasty to write Dubai’s obituary. The likelihood of it roaring back seems high.

🇲🇾 Malaysia funding: The Malaysian Securities Commission plans to increase capital flows to innovative startups in key sectors, including electronics, data infrastructure, and medical devices. Yes, they want a slice of the startup pie. The Commission will also collaborate on national projects, such as the KL20 summit in June, which aims to position Malaysia among the top 20 global startup hubs, and the MyStartUp ecosystem platform. Part of this new initiative is to review regulations, taxes, and legal structures to create more clarity and attract local and global venture partners. In addition, the Commission wants to build stronger links between venture capital and private equity investors and the Islamic capital market.

🇴🇲 Oman financial center: Oman is doubling down on its plans to diversify its economy and attract global investment by establishing a new international financial center. Based in Madinat Al Irfan (not far from Muscat Int’l Airport), it will run independently, retaining control over its administration, regulations, and laws. The center will use a legal system based on English Common Law (like normal law, but with more tea and complaining about the weather), and offer tax exemptions of up to 50 years. Financial firms – are you hearing this loud and clear? The regulatory framework is now being prepared for a launch later in 2026 under the Oman Vision 2040 banner.

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