Kazakhstan-based Tayyab has signed an agreement with fintech venture builder Insha Ventures, a subsidiary of participation bank Albaraka Turk, to launch its business in Turkiye this year, IFN Fintech has learned.
Tayyab Co-Founder Ivan Kamenski confirmed with IFN Fintech that Tayyab plans to go live in Turkiye in the third quarter.
It is understood that the initial products to be offered in Turkiye would be its Halal digital and physical payment cards. Tayyab also has a mobile app which features payment and remittance facilitation and a Zakat calculator as well as prayer timings, Adhan notifications, and a Qiblah compass.
IFN Fintech earlier reported that the start-up is working on entering the Kazakh financing space with a Shariah compliant automotive financing product this month. This would bring the 2019-founded firm closer to its Islamic digital banking ambition.
Expanding into Turkiye does not come as a surprise as the Republic and Kazakhstan share deep cultural and historical ties which have translated into a positive diplomatic and economic relationship. Turkiye’s Muslim-majority population and strong Islamic finance, or participation finance as it is colloquially known, industry makes it a natural expansion destination.