Making a bid to attract the Muslim community underserved by both conventional banks and fintech, start-up Niyah has announced the alpha launch of its ethically-focused digital banking platform and Shariah compliant financial product marketplace, the UK’s first.
Niyah’s products are aimed at serving the UK’s 3.4 million-strong Muslim community, offering them access to interest-free financial products, including digital banking, investments and SME financing, in line with their values, through a fintech app.
Customers can use the mobile-only banking app to manage their accounts, investments and budgets.
Niyah is also utilizing open banking to enable existing financial service providers to offer products to customers through the Niyah marketplace, reducing the need for customers to do time-consuming research. The company is currently in talks with financial service providers to get their products on the ethical financial marketplace.
The start-up said that it aims to shift the focus to delivering value by building customer-focused products. “We have spoken to hundreds of customers about their current pain points on banking and finance. We aim to put our customers first when building new products or considering a product for the Niyah marketplace, rather than using a one-size-fits-all approach,” said Safdar Alam, the co-founder and head of Islamic banking at Niyah.
The Islamic fintech ecosystem in the UK and Europe has been picking up in the last few years, with players like Islamic online wealth manager Wahed Invest, Ummah Finance’s Islamic mobile-only bank MoneeMint and Halal crowdinvesting property platform Yielders, among others.