The UAE Islamic fintech community has grown with the entry of a digital money service provider which recently secured a Fatwa for its new line of Shariah compliant services.
Jingle Pay confirmed that it is now offering customers the choice to open an Islamic account and/or opt for a conventional alternative. The accounts require no minimum balances, are fee-free and can be opened via the Jingle Pay mobile application through a digital onboarding journey. Its Islamic product suite is being monitored, reviewed and advised by Bahrain-based Shariyah Review Bureau (SRB).
The e-money provider’s decision to offer Shariah compliant services is in response to the immense demand for Islamic financial products in the UAE and the Middle East, and it is in line with its expansion strategy and financial inclusion focus.
“We are very proud to receive this Shariah certificate, and to be able to use the opportunity we have to simultaneously address financial exclusion and offer Shariah compliant products to the communities we serve. This certification provides the highest assurance of the compliance of our products and services with Islamic principles to our end users. We will continue to work together with SRB as we build, develop and rapidly expand in the region,” Amir Fardghassemi, the co-founder and CEO of Jingle Pay, said.
Targeting expats in the region, Jingle Pay’s digital wallet and payments solution allows its customers to split bills, aggregate their bank accounts, send money for free in 130-plus global currencies and benefit from budgeting tools and loyalty rewards. At 24 (before the inclusion of Jingle Pay), the UAE is the fourth-largest Islamic fintech market by number of Shariah compliant fintech service providers, according to the IFN Islamic Fintech Landscape as at the 24th June 2021.