Digital-first Alif Bank is one of the select few to be awarded with the inaugural Global Finnovation Award by the Islamic Corporation for the Development of the Private Sector (ICD), for its ingenuity and impact toward sustainability, growth and community-building.
A global call for submissions was made to the ICD’s private network, prioritizing financial innovation and financing solutions aligned with the UN Sustainable Development Goals.
“The Finnovation Award values the ideas, inspiration and leadership of financial institutions who drive the improvement of the financial industry,” shared ICD CEO Ayman Sejiny. “Exposing innovative solutions that were successfully implemented in a member country and exchange the same with other member countries is critical to meet the rapidly changing demands of end users and hence to keep them financially inclusive.”
Alif Bank is one of five 2020 winners, but the only fintech-based entity. It was the challenger bank’s Salom retail financing card which won the ICD’s innovation team over. Offered via its digital wallet, alif.mobi, Salom is an interest-free installment payment card, and since its launch in 2018, the card has attracted over 100,000 users, becoming one of the most popular payment cards in Tajikistan.
This win comes amid the recent expansion of the Central Asian bank into the UK. As part of its European expansion strategy, Alif Bank is also seeking to raise debt financing to bolster its buy-now-pay-later portfolio.
As an award recipient, Alif Bank will have access to the ICD’s platform to share its innovation as well as access to the ICD’s Bridge Platform, giving it exposure to the ICD’s global network. “We hope these two global exchange platforms foster a sense of collaboration for development,” the ICD noted. The second edition of the Finnovation Award will be launched in the final quarter of 2021.