UAE’s Zurich Capital Funds Group launches Islamic digital bank

Accounts can provide services and sukuk without minimum daily restrictions

Zurich Capital Funds Group has launched a fully Islamic Shariah compliant digital bank that will provide all banking services according to Islamic law.

The Rizq/Baraka bank, while UAE based, will have a virtual presence globally, Zurich Capital, a private holding and financing company, said in a statement on Wednesday.

It will enter strategic partnerships with banks and financial institutions in India, Azerbaijan, Uzbekistan, Indonesia, Malaysia, UK, Australia, Brazil and Mauritania and Africa.

The bank offers flexible options that include integrating applications into leading payment gateways as well as multiple accounts in foreign currencies that can be linked to a single card.

Customers can transfer money between these accounts without any concerns about paying transfer fees. These accounts are setup in accordance with the Islamic law, and all current accounts without interest, but they provide services and sukuk without minimum daily restrictions. All earned profits are calculated daily and paid monthly, Zurich said.

Earlier this month, Dubai-based Emaar Properties founder and former chairman Mohamed Alabbar announced the launch of Zand, the UAE’s first digital bank that will cater to retail and corporate clients.

(Writing by Brinda Darasha; editing by Seban Scaria)


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