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IFIN platform eliminates the need for customers to visit their bank branch to secure finance
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It also provides retailers with an opportunity to boost their sales and increase customer loyalty
Bahrain-based Islamic FinTech provider, IFIN (Islamic Finance Initiation Network), has launched a first-of-its-kind, real economy, automated Islamic financing platform.
The secure, innovative technology connects retailers and Islamic finance providers, enabling them to offer consumers instant access to Islamic financing for purchases, at the point of sale.
IFIN’s cloud-based platform reduces the traditional Islamic financing process from several days to just a few minutes and is set to revolutionize the in-store shopping experience, a statement issued by IFIN said.
IFIN’s platform eliminates the need for customers to visit their bank branch in order to secure finance, allowing them to do so as soon as they have made their purchasing decision in the store.
The platform provides retailers with the opportunity to boost their sales and increase customer loyalty by enhancing the payment options for their customers. The platform serves a wide range of goods and service providers, including car dealerships, furniture showrooms, electronics stores, travel agents, healthcare providers, private schools and academic institutions.
Islamic financial institutions can also substantially expand their distribution network to hundreds or even thousands of retailers and extend their operations beyond the traditional branch model and usual banking working hours and days, thus allowing them to continue booking new financing even on weekends and banking holidays, with utmost simplicity and without any major investment.
Research conducted in Oman and Saudi Arabia by Nielsen on behalf of IFIN reveals that nearly 90% of consumers in both countries are either ‘interested’ or ‘very interested in the IFIN offering.
IFIN is a joint venture between two Islamic finance pioneers— Path Solutions, the world’s leading provider of Islamic finance technology, and IFAAS (Islamic Finance Advisory & Assurance Services), a leading international advisory firm dedicated to Islamic finance.
Founder and CEO of IFIN, Dr. Shaher Abbas, said, “IFIN plans to expand in 20 countries over the next 5 years to capture a market potentially worth over $600 billion.”