UAE-based financial service provider Jingle Pay has become the first to offer its customers a world-first hybrid model where customers can choose to open an Islamic account or a conventional alternative.
According to the company, both accounts require no minimum balances, are free of any charges, and can be opened via the Jingle Pay mobile application through a convenient digital onboarding journey.
Jingle Pay has assigned Shariyah Review Bureau (SRB) to comprehensively review its Islamic products and services to ensure they were entirely compatible with Sharia principles.
“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.”
Mr. Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau said, “Digital payments solutions are changing the business model for traditional banking, offering customers convenience, wider choices, and better experiences.”
“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,” Mr. Dahlawi added.
Jingle Pay offers a social payment system with solutions tailored for enterprise and individual accounts. Jingle Pay’s digital onboarding technology allows clients to open a free local AED Islamic or conventional account in less than one minute, with no commitments or minimum balances. With a focus on financial inclusion, Jingle Pay’s mobile-only wallet and payments solution targets expats in the region with a 100 percent digital alternative to traditional banks.