Kazakhstan based Fintech start-up Tayyab today announced the launch of their digital Sharia compliant debit cards. It has assigned Shariyah Review Bureau to ensure the underlying modality, its workings and overall structure are in compliance to Shari’a.
The appetite for Islamic finance products and the support of Kazakhstan government continues to grow, despite the global pandemic challenges. Figures indicate a growth in the volume of non-cash payments in the regions of several Kazakhstan states. Commenting on the launch, Tayyab’s Product Manager Mr. Daniyar Uspanov said “We have a tradition of pro-actively listening to our customers and the Islamic consumer is demanding efficient ways to bank. The Government’s initiative to promote Islamic finance has been steadily creating awareness, and our surveys indicate that there is a growing demand for Shari’a-conscious consumers. This is why today we are announcing the launch of Tayyab debit cards. We believe this will provide a combination of benefits, convenience and services that many of our customers have always wanted but with a Shari’a compliant assurance.”
Tayyab, being an Islamic mobile only financial app, allows its customers to issue Islamic Debit cards, facilitate payment and transfers seamlessly from its interface. It positions itself as a lifestyle application providing its users features like prayer timings, adhan notifications, qibla compass, zakat calculator, and local map assistance to halal eateries, ATM and mosques nearby. Speaking on the newly assigned Sharia Advisor, Daniyar added “Shariyah Review Bureau is a respectable Shari’a Advisory firm who has been working with all sectors of the financial landscape in several capacities. We wanted to strengthen the trust of our stakeholders in our offerings and reaching out to them to supervise all affairs of sharia compliance was a natural step.”
Shariyah Review Bureau provides comprehensive Sharia advisory solutions from setting-up Sharia Boards to providing product consultation to Sharia review implementation and Sharia audit planning. As a pioneer in the Sharia advisory and Sharia audit industry, SRB’s services has a first-mover advantage and has amassed a significant base of technical Sharia expertise and direct experience working with some of the leading payment solution provides.
“The general global trend is that non-Cash Payments are on the increase. Coupled that with a growing interest in Shari’a compliant products in the CIS countries, we continue to see more and more companies approaching us for product review and transaction compliance” said Mr. Yasser Dahlawi, CEO at Shariyah Review Bureau. “Digital payment solutions are one of the most common and convenient ways to make purchases. We are pleased to see Tayyab’s initiative to address this need by providing a digital Islamic alternative.” He further added, “We look forward to working closely with Tayyab to help them drive innovation across the market and launch new Shari’a compliant products.”