IFIN (Islamic Finance Initiation Network), the first of its kind Islamic FinTech has launched its operations in the Sultanate of Oman in partnership with Alizz Islamic Bank and Danube Home.
IFIN, a Bahraini based FinTech, digitally connects Islamic finance providers to retail stores, offering instant Shariah compliant financing for goods and services at the points of sale. IFIN brings a new and unique experience where customers can simply walk into a store of their choice, select the goods they desire and obtain goods finance instantly from their preferred Islamic finance provider without the need to visit a branch.
Financial institutions in Oman are expected to extend over UD$ 6 billion in financing to the consumers segment over the next 5 years. As the current Islamic financing process takes several days to complete and involves a lot of paperwork, it impedes the capabilities of Islamic finance providers to capture a bigger share in the market. However, with IFIN the Islamic finance process takes only 10 minutes, thanks to IFIN’s cutting edge digital solution. The secure fully automated platform opens a world of new opportunities for Islamic finance providers with a substantial expansion of their distribution networks to hundreds or even thousands of retailers where customers can obtain instant financing there and then. The financial institutions are no longer tied up to their traditional opening times as their business will continue 7 days a week with much extended working hours, providing them with exponential outreach and significant cost-saving due to digital automation. Retailers on the other hand will be able to maximise their sales as IFIN helps them seal the deal on the spot, upsell and cross-sell their products and services, and provide their customers with a unique shopping experience. IFIN’s innovative solution will help both finance providers and retailers optimise their competitiveness, profitability and customer loyalty.
Dr. Shaher Abbas, IFIN founder and CEO said, “It is a great day for us to see the years of hard work translating into actual business. IFIN is a game changer for the Islamic financial industry’s stakeholders and a dream becoming reality. With the end-to-end automation that IFIN brings, Islamic finance will be more efficient, competitive and inclusive than it has ever been before. We look forward to expanding our operations with other finance providers and retailers in Oman very soon before expanding into other countries”. Dr. Abbas also continued saying “This great achievement would not have been possible without the Central Bank of Oman’s (CBO) belief in financial technology and their support for the development of the Islamic financial industry. We look forward to seeing more technological advancements in the country under the auspicious supervision of CBO”.
Mr. Mohamed Al Ghassani, Chief Consumer Banking Officer of Alizz Islamic Bank said, “Being the first bank in the world to launch IFIN instant Islamic financing solution is an honour and a testament to the way Alizz Islamic Bank works to find the best solutions that cater to an enhanced customer experience. IFIN is a perfect fit with Alizz Islamic Bank’s digital strategy and has accelerated our process of digital transformation in the quest to gear up for the 21st century customer expectations. We will also be widening our product offering through IFIN in the coming weeks and months”.
Mr. Mohamoud Dualeh, Head of Retail Product Development & Cards Business at Alizz Islamic Bank said, “The bank understands the importance of financial technology and the positive impact it brings to our customers’ lives. Therefore, the bank has always been committed to adopting the latest technology to offer its customers a superior experience. We are proud to be the first bank to offer this unique solution and we look forward to offering it to our customers across Oman”.
Mr. Shubhojit Mahalanobis, Director - Danube Home said, “This is a proud moment for all of us and we are extremely pleased to be the first retailer to launch IFIN’s innovative solution with Alizz Islamic Bank. IFIN provides a leap in customer service, allowing our customers to finance the goods that they desire within 10 minutes. Customer satisfaction has always been our top priority and we found in IFIN a perfect match to provide the unique shopping experience that our customers are accustomed to. We are looking forward to having more banks join IFIN platform and to launching IFIN operations in other countries where Danube Home operates”.
As a unique platform that links all types of retailers to Islamic finance providers across the Sultanate, IFIN welcomes car dealers, furniture, kitchen and electronics stores, educational institutions, travel agents, event organisers and healthcare providers to join IFIN and be in the forefront of their industry by offering their customers the unique experience of instant Islamic financing. IFIN helps its clients join the future now.