Rizq, the UK’s first digital banking app for Muslim consumers, has recently launched. Rizq provides an interest-free current account through a digital banking app that aims to satisfy demand from a market that remains largely untapped in Britain.
There are more than 3 million Muslim consumers in the UK who contribute an estimated £31billion to the economy and boast a spending power of £20.5billion.
However, until now there have been no dedicated Sharia-compliant digital banking apps, despite a number of mainstream equivalents springing up in recent years. Muslims have had to sacrifice their values, simply because there were no convenient alternatives.
Now though, Rizq customers can open their accounts within minutes, and immediately get more power over their finances.
Rizq has obtained approval from the FCA and has partnered with VISA, so through the app and online portal, users can make lightning-quick payments and send money abroad cheaply and quickly.
There is also a ‘Seamless Giving’ feature coming very soon, allowing customers to make charitable donations. This is directly related to Rizq’s ethical and Islamic principles.
Akmal Saleem, Co-Founder, and CEO of Rizq commented: “There are an enormous number of Muslim consumers in the UK who, until now, have been poorly served by the digital banking revolution.
“Rizq is fully underpinned by Islamic principles and, for the first time, gives Muslim customers seeking products aligned with their religion access to the kinds of digital tools that have been commonplace in mainstream banking for years.
“This new app means Muslim consumers don’t have to compromise and can have a fast and secure interest-free digital banking platform that lives up to the demands of their modern lifestyles while also satisfying their faith.
“With Rizq, UK Muslims are finally able to manage their money within a digital platform that is fast, secure, and intuitive.”