Shariah-compliant financial services are now being offered through Mobile Financial Services (MFS). ‘Nagad’ is the first MFS provider in the industry to offer a Shariah-compliant interest-free mobile payment solution via its ‘Islamic Account. The platform has been in operation since 2019.
Customers are increasingly becoming more interested in preserving an Islamic lifestyle, thus Sharia-based banking is getting more popular. While the country’s mobile payment industry is expanding, ‘Nagad Islamic,’ is becoming more and more popular among observant Muslims who want to conduct shariah-based, interest-free financing from the comfort of their own home. In recent months, the platform has attracted a lot of interest among the customers.
In Bangladesh, despite the presence of several Islamic services in the country and significant growth within the market, the market continues to have a sizable Muslim population, accustomed to living a Shariah-based life, who are still excluded from the financial inclusion.
According to experts, Shariah-compliant mobile payment service is crucial in bringing this segment into financial inclusion. Because, through mobile wallet customers can easily withdraw deposits and conduct shariah-based transactions from anywhere, without having to physically visit a bank location. For these types of facilities, the industry is witnessing an increasing number of Muslim customers opting Nagad Islamic Account.
Professor Dr Md Salim Uddin, chairman of executive committee of Islami Bank Bangladesh Limited, told the FE that Nagad, one of the leading MFSs in the country, was able to attract a large number of customers to its Shariah-compliant mobile payment service due to its consistent efforts and compliances.
Dr Md Salim ,who is also the chairman, Bangladesh House Building Finance Corporation, put emphasis on being more Shariah-compliant and quality services to this end as a large portion of the country’s pious people are still seeking such services to conduct their daily banking transactions.— The Financial Express