Kazakhstan-based Tayyab has launched digital debit cards, bringing it one step closer to realizing its ambition of becoming an Islamic neobank.
The Shariah compliance of Tayyab’s debit cards have been vetted and approved by Bahrain’s Shariyah Review Bureau (SRB).
“The general global trend is that non-cash payments are on the increase. Coupled with a growing interest in Shariah compliant products in the CIS countries, we continue to see more and more companies approaching us for product review and transaction compliance,” commented Yasser Dahlawi, the CEO at SRB. “Digital payment solutions are one of the most common and convenient ways to make purchases. We are pleased to see Tayyab’s initiative to address this need by providing a digital Islamic alternative.” He further added: “We look forward to working closely with Tayyab to help them drive innovation across the market and launch new Shariah compliant products.”
Established in 2019, Tayyab is positioning itself as a lifestyle banking app. Its current range of features includes payment and remittance facilitation and a Zakat calculator as well as prayer timings, Adhan notifications, a Qiblah compass and local map assistance to Halal eateries, ATMs and mosques. “We have a tradition of proactively listening to our customers, and the Islamic consumer is demanding efficient ways to bank. The government’s initiative to promote Islamic finance has been steadily creating awareness, and our surveys indicate that there is a growing demand for Shariah-conscious consumers. This is why today we are announcing the launch of Tayyab debit cards. We believe this will provide a combination of benefits, convenience and services that many of our customers have always wanted but with a Shariah compliant assurance,” Daniyar Uspanov, Tayyab’s product manager, said.