UAE's Jingle Pay becomes first Money Service Business with Shariah certification

June 24, 2021 - Jingle Pay, a UAE homegrown money service business, has become the first to offer its customers a world-first hybrid model where customers can choose to open an Islamic account or opt for a conventional alternative. Both accounts require no minimum balances, are fee-free, and can be opened via the Jingle Pay mobile application through a convenient digital onboarding journey.

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.

Amir Fardghassemi, the Co-Founder and CEO of Jingle Pay said “We are very proud to receive this Sharia Certificate, and to be able to use the opportunity we have to simultaneously address financial exclusion and offer Sharia compliant products to the communities we serve. This certification provides the highest assurance of the compliance of our products and services with Islamic principles to our end-users.  We will continue to work together with SRB as we build, develop and rapidly expand in the region.”

The evolution of Jingle Pay’s services comes as demand for Islamic financial services grows in the UAE 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.  Globally, Islamic finance is forecast to hit $3.69 trillion by 2024 globally in terms of total assets.

With a focus on financial inclusion, Jingle Pay’s mobile-only wallet and payments solution targets expats in the region with a 100% digital alternative to traditional banks. Using digital on-boarding technology, Jingle Pay enables customers to open a free local AED Islamic or conventional account, with no commitments or minimum balances, in less than 1 minute. It also allows its customers to split bills, aggregate their bank accounts, send money for free in 130+ global currencies, and benefit from budgeting tools and loyalty rewards. Fardghassemi said, “We are consistently rethinking the digital experience for our customers so that we can improve the key elements of traditional banking.”

SRB provides Sharia advisory and Sharia audit services to businesses worldwide. Their services add valuable expertise and help banking and non-banking institutions including fintech firms efficiently formulate products in light of Sharia compliance that assures the faith requirements of their customers.

“The Covid-19 pandemic has accelerated digitization, pushing institutions to undergo digital transformations. Having served the banking and asset management sector we witness parallel offerings by fintech firms,” said Yasser S. Dahlawi, founder and CEO of Shariyah Review Bureau. “Digital payments solutions are changing the business model for traditional banking, offering customers convenience, wider choices, and better experiences.”

Commenting on Jingle Pay, Dahlawi added, “We see our assignment with Jingle Pay as an opportunity to support the financially underserved expat community in the UAE. SRB will support our new business partner with Sharia consultative advice, annual audits, and support with further product development. This will enable Jingle Pay to drive operational excellence while staying focused on its mission of financial inclusion in the region.”

Copyright Press Releases 2021

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