Zurich Capital Funds Group has announced the launch of the first fully Islamic Shariah compliant digital bank in the world, branded as Rizq/Baraka bank.
The bank will provide all banking services according to Islamic law, which will be in the field of digital banking services available only through mobile phones and computers. The application is available on Apple Store, Google Play (Android stores) and from many communication sites and social media networks. It is the first digital bank to be fully in compliance to Islamic Shariah Law in the world. The Rizq/Baraka bank was launched from the UAE with a virtual presence in all parts of the Middle East and North Africa. Asia, Europe and other parts of the world will be established as part of a world-wide scaling up strategy through strategic partnerships with banks and financial institutions in India, Azerbaijan, Uzbekistan, Indonesia, Malaysia, UK, Australia, Brazil, and Mauritania and Africa.
Dr. Fahed Al-Merhebi, chairman of Zurich Capital Funds Group, stated that the digital bank is the third of the group's achievements in the Middle East, North Africa and Europe while its first initiative was the launching of the Sharia-compliant digital crypto exchange platform. The group also launched sports digital currencies.
Al-Merhebi further stated that the initiative is part of a series of digital initiatives that aim to utilise technology to reach clients in the world with the aim of strengthening the group's position as a leader in the fields of digital technology, blockchain, and more. “Our aim is to move users from the traditional world to the world of digital financial banking, in terms of the services they want to achieve and achieve their goals achieving banking aspirations for the short, medium and long-term through an approach that has combined personal services, financial services and banking management supported by modern technologies and to be the province to serve customers by analysing advanced data other than traditional banks, providing for their needs.”
Al-Merhebi further explained that though partnerships with Islamic banks and financial institutions, operating in the region, including Fintech Investments and other companies, the bank is providing advanced digital banking services to customers with careful consideration to the customers’ lifestyles and preferences.
Executive Vice President Sami Al-Muhammad stated that the bank offers flexible options that include integrating applications into leading payment gateways and offers multiple accounts in foreign currencies that can be linked to a single card. Customers can transfer money between these accounts without any concerns about paying transfer fees. The accounts are setup in accordance with the Islamic law, and all current accounts without interest, but they provide services and sukuk without minimum daily restrictions. All earned profits are calculated daily and paid monthly.