The UAE is set to be home to what is claimed as the world’s first fully Islamic Shariah-compliant digital bank. Set up by Zurich Capital Funds Group and branded as RIZQ / BARAKA, the new lender will provide all banking services according to Islamic law.It will operate all digital banking services through mobile phones and computers, and its app can be downloaded via Apple Store, Google Play (Android stores), and many communication sites and social media networks.
RIZQ / BARAKA is launched from the UAE but aims to target customers in the Middle East and North Africa. Long-term, the lender aims to scale up operations worldwide via strategic partnerships with banks and financial institutions.