Rizq launches in UK as Sharia-compliant challenger bank
The UK is set for another challenger, as prospective Islamic digital bank Rizq launches its beta programme this week.
It’s led by CEO Akmal Saleem, founder of Islamic investment firm Maarij Wealth and former chief marketing officer and board member of creative agency Brand786 Global.
Rizq plans an eventual European launch
Founded in late February, the Islamic challenger claims to be the “first fully digital Islamic challenger bank in Europe”.
On social media, Saleem says Rizq plans to benchmark itself as close as possible to existing challenger banks.
The prospective bank currently operates a placeholder website, though a full version featuring the bank’s pricing models and Sharia-complaint structure is in development.
“The task of opening and maintaining ethical Sharia-compliant banking products in the UK is confusing, tedious and operationally traditional,” the firm writes.
“UK Muslims are looking to bank with a companion that can provide a streamlined and seamless experience within the Western world, without compromising on their beliefs and value system.”
Rizq plans a UK launch in 2020 followed by an expansion into Europe “and beyond”.
Read more: Challenger banks in the Middle East
Saleem is joined by three other co-founders: Dennis Alec Nemerov, Yerkebulan Razdykov, and Peter Trebelev. The three men all co-founded banking platform Maneta Group, known as Verto X until December 2019.
Maneta promises potential users that it “will build you a white-labelled banking app in just four weeks” with features including: an IBAN, UK sort code, account number, faster payments, SEPA, Swift, Visa debit card, multi currency accounts, foreign exchange, and more.
The group’s website also promotes a pair of upcoming banking apps: Magnate, a card produced from solid 18 karat gold; and Zillion, a mobile banking app aimed at students and young millennials.
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Several other Islamic challengers could claim to be Europe’s first.
Ummah Finance launched in the UK in April 2017, but has since re-branded to ethical digital bank MoneeMint.
Insha, a German Sharia-compliant banking app, launched in October 2019. Based in Berlin, the bank is a digital offshoot of Istanbul-headquartered Albaraka Türk Participation Bank and was first developed in mid-2017 for the Turkish market.
Niyah, an Islamic challenger bank which also claimed to be the first of its kind in the UK, launched in January.
The UK’s first Islamic bank, Al Baraka International, launched in 1982. This was followed by the growth of bespoke Sharia-compliant products in trade finance, and leasing.
London is the world’s leading Western centre for Islamic finance, according to a report from law firm Trowers & Hamlins. Sharia compliant assets within the UK totalled £4.7 billion in 2017.
There are five Islamic banks in the UK, while around 20 other lenders offer Islamic wealth products and services.
This bank is worse to ever go on I’m in debt and not happy due to fact i have money in my account but its not working outbound payment. This bank has to many issues and makes there customer wait stupid amount of time its been over month which makes me think they might be fraudster as they keep saying they will fix the issue but haven’t fixed the issue. I feel played don’t know what to do anymore I would wish to report this and make them compensate me for all debt i have got my self in
This bank has done the same to me. They have blocked all our money and are making excuses. Scammers . Sami whats ur email let join to take them down.
Hi I have made an account and it seems sleek and simple, I have registered and received the debit card fast, saved some money and do transfer its working well, congratulation for the effort to launch during the difficult pandemic time, it’s a great thing to see the promising future of Islamic shariah compliance fintech. I feel secure in my faith.
I like the simplicity of this apps, and it seems promising. Give 4/5 for the ratings. Hope there will be more features not only for sadaqah, but also zakat, waqf, and investment.
Its nice to see that islamic fintech growing in the UK. I have registered , start saving some money and do transaction, and the debit card delivery was fast. recommended to try!
Nice and most importantly its halal and friendly user interface