A halal financial technology startup, HalalCard, was launched in Russia with a Muslim-friendly ecosystem. The service received approval from members of the Council of Ulema of the Muslim Spiritual Board of the Republic of Tatarstan (the theological body of the Spiritual Administration of the Muslims of Tatarstan), a HalalCard representative told RB.RU.
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Among the founders of the project are the co-founders of the fintech service “Catch Cashback” and the artificial intelligence startup MAIA Islam Akhmedshin and Timur Khakimov, the head of the FP&A department of YouDo Artem Miroshnikov and the head of the commercial department. from YouDo Business Ilya Sidorin.
The HalalCard mobile application now offers two services: an Islamic mortgage and a halal certified cashback debit card.
“The main difference between halal and classic cashback is that the funds do not come from bank profits, but from affiliate programs, which does not contradict Sharia law,” said Islam Akhmedshin, CEO of HalalCard.
According to the senior manager, the bank has “hundreds of members” who return up to 30% of the check. These include supermarkets, restaurants, clothing stores, hotels and airlines.
The refund can also be transferred to charitable foundations that are connected to the service.
In the near future, the startup plans to expand its line of financial products by adding installment plans, pensions and investment financial products that operate in accordance with Islamic law.
HalalCard is also developing exclusive “sadaqamat”, devices with the function of transferring donations (sadaka) with a single touch. The structures are planned to be installed in mosques, shopping centers and other public places.
The service will also feature Madiina artificial intelligence, which will speak all the world’s languages.
Currently, the HalalCard is only available to Russian citizens. The service provides services based on Ak Bars Bank open services. In the near future, the company will be able to provide services to citizens of Uzbekistan, Tajikistan and Kyrgyzstan.
- According to a study by the Bank of Russia, Islamic banking is of interest to both citizens and companies. By 2023, the transaction portfolio of raised and placed funds will amount to about 1.8 billion rubles.
- Previously, Tinkoff announced the preparation of an Islamic map in accordance with Sharia law. In April, the bank participated in an experiment to develop Islamic banking in Russia. So far it is celebrated in four regions: Tatarstan, Bashkiria, Dagestan and Chechnya.
Author:
Anastasia Marina
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
