This article is produced and sponsored by Tayyab. It was first published in the Global Islamic Fintech Report 2021 produced by DinarStandard and Elipses. The report can be downloaded from here.
There are a number of Challenger Banking solutions in a conventional financial world that have been launched in the past few years across the globe. Judging by the number of clients and growth rates, these solutions are becoming increasingly attractive for the end customers. At the same time there are few existing Islamic neo banking solutions in the countries with Muslim majority populations.
Inspired by the global appeal of the likes of Revolut, Monzo and N26, Tayyab was developed as a digital Islamic bank by Muslim financiers for Muslim consumers.
Tayyab is a digital banking application providing a simple solution for retail banking customers with standard and premium debit cards, offering all features of conventional neo bank including online onboarding, card delivery, seamless payments and money transfers. Using Tayyab customers don’t compromise their faith and ethical values, with all products remaining interest free and clients’ funds not involved in riba transactions. Tayyab has received Shariah compliance from the Shariah Review Bureau (SRB).
As modern and faithful Muslims, the founders decided that Tayyab should go beyond offering only traditional banking services and satisfy customers’ daily lifestyle needs through access to ethical services.
As such, customers can use convenient everyday Islamic features through their Tayyab banking app including digital sadaqah and zakat services, prayer timetable, adhan notifications, qibla direction, tasbeeh and halal maps to find mosques or prayer rooms nearby, halal food outlets and ATMs.
Our mission is to make Islamic finance simple and this is intrinsic for all services that Tayyab provides. Onboarding and card delivery is 100% remote. Additionally, Tayyab clients have a direct access to investment accounts linked to their current accounts, all combined in a single user-friendly interface, and can invest money with Tayyab easily in just two clicks.
Our ambitions are bold, in line with a growing global Islamic Fintech sector, where we aim to service 740 million Muslims across 19 countries.
We’re excited about the development of Islamic Fintech globally and are playing our part in delivering Islamic financial services to the next generation of digitally savvy Muslims.
© Global Islamic Fintech Report 2021