PANews reported on July 1 that the Islamic DeFi project inshAllah Finance announced the completion of a US$2.1 million seed round of financing. This round of financing was led by Alliance DAO, with participation from Blockchain Builders Fund, Polymorphic Capital, Sancus Ventures and other institutions and several angel investors.

inshAllah Finance aims to combine Islamic finance with decentralized finance (DeFi) through the Solana network to provide Islamic-compliant financial services to the world's 2 billion Muslims. Its latest products include the Islamic-compliant yield-based stablecoin iAUSD and the zero-interest, low-liquidation penalty lending protocol iABorrow.