Zurich Capital Funds Group Announces the launch of the First Fully Islamic Shariah Compliant Digital Bank in the World (RIZQ/BARAKA)
Zurich Capital Funds Group announces 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 is launched from the United Arab Emirates (UAE) with 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.
His Excellency 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 (SUSTAIN EXCHANGE)
The group also launched sports digital currencies (cricket coins and football coins). The coins covered by gold and coins with independent legal structure listed on the stock exchange.
Dr. Fahed Al-Merhebi further stated that this 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.
The launch of an Islamic Digital Bank falls within Zurich Capital Funds Group’s commitment to take the financial banking services sector to the maximum extent by integrating technology to find new solutions with banking services for the next generation employing blockchain technology and digital financial services. 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.
Technology employed by the bank will enable easy and transparent communication with customers and providing an easy, flexible and instant responses.
Our main challenge is to create a digital bank compatible with Islamic law, accommodating fast responses to fit into modern life. Dr. Fahed Al-Merhebi further explained that though our partnerships with Islamic banks and financial institutions, operating in the region, including Fintech Investments and other companies, we are providing advanced digital banking services to our customers with careful consideration to the customers’ lifestyles and preferences to provide easily accessible banking support that is compatible with Islamic shariah meeting the financial needs, mastered by its brand promise and slogan to provide all digital and flexible banking solutions and services.
Executive Vice President, Mr. Sami Al-Muhammad explained about the mechanism of digital bank easy enrolment procedures where customers have to subscribe to the digital bank submitting a personal photo and valid identification. Within minutes only through the customer will be redirected and a virtual debit card is issued to users for membership, which can be used to transact financial services.
Mr. Sami Al-Muhammad stated that the bank offers flexible options that include integrating applications into leading payment gateways and offer 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. These 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.
Strategic Partner and Board Member Mr. Muhammad Aamir Saeed said that the advantages offered by Digital Islamic Bank and explained that the bank provides full control benefits for the card from within the application, including specifying or resetting passwords, preventing lost cards or Including cancelling, stopping. In the event of immediate request being lost or stolen, assistance to digital customers supported by digital DNA, provision of financing in accordance with Islamic law, exchange of digital currencies and blockchain, transfer, sale and purchase in accordance with Sharia. The bank has setup a Sharia supervisory authority dedicated to the Bank’s Customers questions and inquiries around the clock with immediate responses through social media through the website.
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