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Emirates Business
Zurich Capital Funds Holding (the ZCFH’) marked the beginning of an exciting new chapter in its ongoing journey towards expanding its investment portfolio with the launch of its new mobile banking.
ZCFH headquartered in GCC & Africa, mobile banking company Rezq -Baraka (the ‘Rezq), the only mobile Shariah compliant &digital bank in the world, raises $20 million for expansion in the Gulf, Africa, Asia, Europe and CIS countries.
ZCFHI said through its Africa that it has applied for an online digital banking license only with undisclosed partners to expand into
the financial technology (fintech) sector.
Dr Fahad Al Merhebi ZCFH chairman announced that the investment will be used to “significantly increase the platform’s presence” by integrating new services, improving customer experience, and expanding into African, Gulf, Balkan and CIS countries in the coming months. He also expanded that Rezq strategic direction has been achieved through the combination of technology with a human interaction in mind. Rezq provides seamless banking services via a mobile application across the world.
ZCFH is a private corporate financier with substantial capital resources and through associated companies, has relationships with the top 100 world banks and access to the majority of the top 25 world banks. Currently, all funding is undertaken in the currency of the United States of America (USD) & in the currency of the European Union (euro) outside of the USA, there is no currency risk for the borrower/project owner or operator, the risk being absorbed by ZCFH concludes lending and investment commitments in several regions around the world covering major resource, property and industrial and mining projects.
Michael Fridman – CEO Rezq Bank, has announced that “the state-of-the-art application offers customers a full suite of digital banking services including digital onboarding. Our digital strategy is focused on giving customers a choice of innovative Shari’a-compliant banking solutions. It follows on from the launch of several new digital channels to serve customers, including the Virtual Branch and other social media enabled Banking services.â€
He also added that Rezq is already in the process of expanding in Africa, Middle East, Asia and the Balkan countries by acquiring its operational banking licenses in the targeted markets from the countries’ central banks. Rezq was designed to be a Shariah complaint, flexible, intuitive, and connected banking tool that solves the financial pain points of its customers, enhances their lives, and responds to rapidly changing needs.
For the first time, Rezq Digital Bank’s Shariah-compliant licensing plan was announced where the licensing process is awaiting final approvals in Africa Congo – Ghana Nigeria – Gambia – and central Africa as it aims to develop customised versions that are in compliance with the countries’ monetary requirements, as stated by Michael, Rezq’s CEO.
The technology arm of ZCFH has enabled Rezq with back-end development capabilities to develop features such as digital onboarding, multiple currency accounts, and in-app funding options through its expert team.
Dr Merhebi pointed out that the expansion in Africa in particular is of particular and promising importance for us as the bank is considered the first digital bank compliant with Islamic Sharia, Rezq-Baraka. We are working on expansion and at the same time to support the digital economy to achieve sustainable growth, noting that the bank is searching for innovative solutions by identifying the needs of the customer, and that we are introducing elements of digital transformation into the banking system, which will contribute significantly to improving the provision of banking and financial services.
He added that the bank recently established partnerships in a number of countries and launched the digital transformation sector, where the sector allows the establishment of a flexible model synchronised with the era of digital transformation, as well as allowing digital transformation in all banking operations.
