World’s first digital Islamic bank launched

Jamil Khan, Senior Reporter

The Zurich Capital Funds Group has announces the launch of a digital Islamic bank compatible with Islamic law, which provides all banking services in accordance with Islamic law.

This will be the first digital bank compatible with Islamic laws in the world, as it will start from the UAE and to all parts of the Middle East,North Africa, Europe and the world during the coming period.

The CEO of Zurich Capital Fonds Group, Dr. Fahad Al-Marabi said that the digital bank is the third one of the group’s achievements in the Middle East, North Africa and Europe, and the first of which was the launch of the Western Exchange platform, a Sharia-compliant digital currency trading platform as part of its series of digital initiatives. It aims to strengthen the group’s position as a leader in the field of digital technology, blockchain, and others.

Al-Marabi explained that there are partnerships with Islamic banks and financial institutions, including Fintech Investment and other companies,as the digital bank is designed to listen to our customers, study their lifestyles and priorities, and provide them with easy and accessible banking support that is in line with Islamic Sharia. And with the financial needs and what is brilliantly embodied in the promise and slogan of his brand to provide all digital and flexible banking solutions and services.

Sami Al-Muhammad, Executive Vice President spoke about the mechanism of the digital bank said that the customers all have to subscribe toa fully digital bank within minutes only by means of identification and photo identification. A virtual debit card is issued to users upon subscription,which can be used directly in making transfers via the Internet.