DUBAI: Tajikistan has fast become the nexus of the development of Islamic Finance in the Commonwealth of Independent States (CIS) recently. The latest addition arrives from the first Islamic Bank established in the country; Tawhid Bank. With the introduction of Tawhid Pay, a mobile application for its customer base, it has effectively launched the Islamic Finance sector of Uzbekistan into a new era of digital banking, says a Press release.
With its successful collaboration with AlHuda CIBE, Tawhid Bank has brought forth its Shariah Compliant digital application in the Islamic Fintech ecology. Pleasantly surprising for the Islamic Finance sector, the masterstroke comes from Tawhid amid a global pandemic.
The TawhidPay App allows transactions to take place in favor of the customer from around the world. Through this app and other partner institution services, the customers of the bank can freely make significant amounts of transactions through card and account and send/receive payments on the go. It ensures a safe, Shariah-Compliant, and hassle-free transaction globally. The attached services that come with the account itself are supportive to the customer’s needs and wants as well, with minimal charges, and encouraging profit.
With the advent of the modern era in the world of finance globally, a healthy increase in the number of cryptocurrencies, digital banking/transaction services, FinTech, etc. catches the eye. With multitudes of opportunities to utilize, many companies and startups worldwide have seized the opportunity to hone in on Islamic Fintech in particular. Over 270 technological platforms working in the Islamic Fintech sector are now operational. This global trend has provided a plethora of investment opportunities to Muslims all over the world that are in line with the Shariah Law and Teachings. In the CIS. TawhidPay has effectively outshone the competition through this latest development in Islamic Banking.
Taking this rise of Islamic Fintech into account, AlHuda CIBE has been providing staunch support to the Islamic Finance sector in Central Asia. The globally recognized research and development organization has been providing Shariah certifications to Fintech institutions which include cryptocurrencies, Islamic Fintech, Digital Banks, etc. Moreover, effective consultancy and advisory services to the financial institutions in the region have also been extended for product and structural development for Islamic Banking, Sukuk, Takaful, Islamic Microfinance, Islamic Fintech, etc. “Central Asia is growing steadily for Islamic Finance,” said Zubair Mughal – CEO AlHuda CIBE. “Applications like these (TawhidPay) will prove vital in financial inclusion and development of Islamic Banking in the region.”.
Expressing his views on this development, CEO Tawhid Bank Zardov Sherali Davlatalievich expressed his pleasure on obtaining Shariah Certification for the Fintech Application from AlHuda CIBE after three months of detailed Shariah Examination. He also enunciated his belief that this Shariah Certification will offer a unique market positioning and that the population will utilize this technological platform by placing their trust in Islamic Banking.
The Shariah Certificate handover ceremony took place at Dubai -UAE, Monday.