Bahrain-based Islamic fintech provider, Islamic Finance Initiation Network (IFIN) has launched a first-of-its-kind real economy, automated Islamic financing platform to connect retailers and Islamic finance providers.
IFIN’s cloud-based platform reduces the traditional Islamic financing process from several days to just a few minutes and is set to revolutionize the in-store shopping experience. The secure, innovative technology will connect retailers and Islamic finance providers, allowing them to offer consumers instant access to Islamic financing for purchases, at the point of sale.
The platform cuts the need for customers to visit their bank branch in order to secure finance, allowing them to do so as soon as they have made their purchasing decision in the store. It provides retailers with the opportunity to boost their sales and increase customer loyalty by enhancing the payment options for their customers.
The platform serves a wide range of goods and service providers, including car dealerships, furniture showrooms, electronics stores, travel agents, healthcare providers, private schools and academic institutions.
The secure and fully automated platform allows Islamic financial institutions to expand their distribution network to hundreds or even thousands of retailers and extend their operations beyond the traditional branch model and usual banking working hours and days, thus enabling them to continue booking new financing even on weekends and banking holidays.
IFIN is a joint venture between Path Solutions, the world’s leading provider of Islamic finance technology, and IFAAS (Islamic Finance Advisory & Assurance Services), a leading international advisory firm dedicated to Islamic finance.
“The end-to-end digitalization of the financing process allows Islamic financial institutions to significantly reduce their costs, enhance their profitability and expand their outreach to be where their customers are, without laying another brick. On the other hand, with the whole financing process taking only 10 minutes to be completed, retailers can boost their sales, expand their product offering and provide their customers with the unique shopping and financing experience that IFIN brings.”
Mohammed Kateeb, Chairman and CEO of Path Solutions added, “We are delighted that, by using our cumulative knowledge in Islamic finance technology and through our collaboration with IFAAS, we have developed an industry-leading solution that will deliver real impact to Islamic financial institutions, retailers and customers.”
Commenting on the launch, Farrukh Raza, IFAAS Group CEO, also saying, “Our experience and insight of the industry has enabled us to develop a much-needed fintech with Path Solutions to lay down the foundation of a digital Islamic finance industry that serves the real economy and supports the development of communities.”