MIS Forward has gained a Fatwa certifying the Shariah integrity of its buy-now-pay-later (BNPL) solution.
MIS Forward is a subsidiary of Al Moammar Information Systems, which had secured regulatory approval to launch Islamic investment funds including one with Al Rajhi Financial Company and another with Saudi Fransi Capital. It also had intention to found an Islamic challenger bank. MIS Forward received a Saudi Central Bank license last month.
“We wanted to ensure our offering is Shariah compliant and to add value to our payment solution we secured the advisory of Shariah Review Bureau who are a reputable name in the region when it comes to Sharia compliance and audit,” Meshari Baselem, the compliance of manager of MIS Forward, commented.
BNPL is one of the few solutions offered by MIS Forward. The technology company also offers open banking and a marketplace solution. Last year, the firm launched its venture studio.