Kazakhstan-based Islamic fintech start-up Tayyab has received over US$120 million in applications for its planned vehicle financing product, Co-Founder Ivan Kamenski told IFN Fintech.
Initially planned to be launched in January, the timeline was stretched due to the overwhelming response, according to Kamenski. The product is now slated to launch in March.
“I believe that close to the middle of March, we will start to provide the first car installments,” he said.
The interest-free auto finance solution will be available to individuals in Almaty and Shymkent to borrow up to KZT15 million (US$31,644.9) for up to seven years to purchase used cars.
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.
As at the 1st February 2023, the start-up has issued 100,000 Islamic debit cards.
Established in 2019, Tayyab, which is positioning itself as a lifestyle banking app, secured a Fatwa for its digital cards in 2021, lending the firm credibility to tap the deep latent demand for Shariah compliant financial services in the nation of about 19 million strong.
Kamenski also revealed that the company is aiming to launch a few new services to improve its transactional service.