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The product has Shariyah Review Bureau certification
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Customers can opt for a fee-free Islamic account or a conventional one
Jingle Pay, a UAE homegrown money service business, will offer its customers an option to open an Islamic account or opt for a conventional alternative
In a statement, the company said it is the first in the world to offer this hybrid model. Both accounts require no minimum balances, are fee-free and can be opened via the Jingle Pay mobile application.
To ensure its products are fully aligned with Sharia principles, Jingle Pay had assigned Shariyah Review Bureau (SRB) to comprehensively review its Islamic products and services.
The successful completion of this review signifies Jingle Pay’s intent and commitment to offer Sharia-certified products to the market, the statement said.
“This certification provides the highest assurance of the compliance of our products and services with Islamic principles to our end-users,” said Amir Fardghassemi, the Co-Founder and CEO of Jingle Pay.
The company said its Jingle Pay service comes at a time when the demand for Islamic financial services has been growing in the UAE and the Middle East.
Since 2015, the market share of Islamic banking products has grown from 47 to 58 percent, taking share from conventional products, which have had their share reduced from 70 to 74 percent, it said.
Islamic finance is forecast to hit $3.69 trillion by 2024 globally in terms of total assets.
