KSA based QSalary, a service provider announces securing Sharia certification for its on-demand pay service to employees.
QSalary service enables employees to better align income and expenses by accessing a portion of their accrued wages, in advance of pay day, with the remaining portion paid at the end of the pay period. Unlike salary-based lending or payday loans, On-Demand Pay does not involve borrowing on the part of the employees, and usually carries little to no cost.
Dr. Saleh Alamr, group CEO said, “Our research points to three main causes of financial shortfalls, which ultimately translate into diminished financial wellbeing: emergencies, limited savings and timing mismatches between income and expenses. QSalary addresses this mismatch by providing a solution to the employers thereby contributing towards their well-being. The platform supports an easy ERP integration to the employer’s payroll software, providing the employees the benefit to early withdrawal of their earned salary.”
Speaking on the assignment of Shariyah Review Bureau (SRB), Dr. Saleh Alamr stated: “We wanted to ensure that the QSalary meets all regulatory requirements and approval from sharia perspective. Tying the platform’s name with SRB was the preferred choice due to their experience in dealing with fintechs of diverse offering.”
Serving the Financial industry for the past 15 years, SBR has also been involved with numerous tech-based service providers. From blockchains, financing companies, solution providers, neo-banks to platforms that tokenize real word assets have all benefited from their Sharia Advisory and Audit services. Commenting on the new engagement Mr. Yasser S. Dahlawi, Founder and CEO stated, “Research indicates that employed individuals are always under the prevalence of financial pressures and hence we encourage business models that revolve around the well-being of employees. We are delighted to have certified QSalary that facilitates this cause for the most important asset of any organization. We will ensure that the platform continues to deliver in light of Sharia guidelines, as it continues to support and benefit employees in KSA”
