A Californian start-up is priming itself to offer Shariah compliant checking accounts and Islamic robo-advisory services before the end of this year, joining the growing pool of Islamic challenger banks.
Known as Fardows, the banking start-up has officially launched its waitlist. With the first banking and investment products – checking accounts and digital investment service – planned for end of 2021, Fardows is also targeting to offer Shariah compliant mortgages, financing and Islamic business banking products by 2022.
“Muslims are significantly underbanked and excluded from the financial system in the US. This even holds internationally given that 900 million of the 1.3 billion global unbanked population are Muslims (70%). Studies from the World Bank indicate that increasing access to Islamic banking and financial services would increase financial inclusion,” Fardows noted in a statement. The start-up said it has begun establishing partnerships with financial institutions and community organizations in pursuit of its launch.
Fardows entry follows the launch of another Riba-free challenger bank in the US, Fair which is based in Texas.