Islamic fintech company Tayyab is looking to launch a Halal automotive financing product in January, bringing the Kazakhstani start-up one step closer to its Islamic digital banking ambition.
The upcoming product allows consumers in Almaty and Shymkent to borrow up to KZT15 million (US$31,644.9) for up to seven years without interest to purchase used cars.
Tayyab has opened the auto finance solution for pre-order, with a view of fully launching it in January 2023, Co-Founder Ivan Kamenski told IFN Fintech.
This would be Tayyab’s first financing product; it currently offers digital and physical Islamic payment cards and its mobile app features 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.
Established in 2019, Tayyab, which is positioning itself as a lifestyle banking app, secured a Fatwa for its digital cards last year, lending the firm credibility to tap the deep latent demand for Shariah compliant financial services in the nation of about 19 million strong.
Despite some 72% of its population identifying as Muslims, the development of Islamic finance in Kazakhstan, and the wider CIS region, has been fragmented and slow. Kazakhstan is nonetheless viewed as the most progressive CIS nation as far as Islamic finance is concerned with dedicated legislation in place and two fully-fledged Shariah banks.