Financial Technology service provider Dmoney has signed an agreement today with Al-Arafah Islami Bank Limited in Dhaka to launch the country’s first ‘Digital Islami Wallet’.
This is the first time an Islami wallet is being introduced by a bank adding new dimensions to the existing banking services and expanding scopes for broader financial inclusion of the unbanked people, a press release says.
The Islami Wallet will enable Al-Arafah Islami Bank Ltd to extend its service perimeter and reach out to more subscribers. The partnership with Dmoney will help the bank provide cash in/cash out, mobile airtime top-up, utility bills payment, merchant payment, insurance premium payment, mobile wallet money transfer, bank account integration, third-party software integration, cash withdrawal from bank accounts, tuition fee payment, NFC payment, QR payment, charity and donation, international remittance, and other payment services.
In addition, the Islami Wallet will also help salary management for unbanked economy. The wallet will also have reward points feature for the users.
"I am very excited to partner with Al-Arafah Islami Bank Ltd and launch the first ever ‘Islami Wallet’. In Bangladesh we have a huge Sharia base of customers and our mission is to cater to the needs of these customers, addressing their demands,” said Anjan Chowdhury, chairman of Dmoney.
“Dmoney aims to focus in three areas: Inclusion - leaving no one behind from unbanked to religious, digitization from government to ordinary citizens and empowerment from urban to rural. Dmoney is a Bangladeshi company and our robust software is made in Bangladesh by Bangladeshis. We are working with not only local but global customers as well and will be sharing good news about our international footprint soon. I thank the Chairman and his team at Al-Arafah Islami Bank for believing in our vision and I look forward to working with them to roll out the Islami Wallet nationwide," the Dmoney chairman added.
“The signing comes as part of Al Arafah Islami Bank’s plans to extend its services, collect new deposits, and integrate with a modern banking system. Dmoney’s expertise and experience in handling mobile apps, social network, web portal, card processing, POS, NFC and QR payments will help us serve our subscribers even better,” said Alhajj Abdus Samad, chairman of Al-Arafah Islami Bank Ltd.
“Digital can be Shariah compliant and Islamic finance is a fertile ground for Fintech. One of the most vital benefits of Islamic finance is inclusion and a digital strategy enables it. Digital evolution/innovation is critical to Islamic finance to meet the unmet and unarticulated needs of Shariah customers. I am super excited for Dmoney to be launching the first ever Islami Wallet in Bangladesh in partnership with Al-Arafah Islami Bank,” said Sonia Bashir Kabir, co-founder and vice-chairman of Dmoney.
Chairman of Dmoney Anjan Chowdhury, Co-Founder and Managing Director of Dmoney Aref Bashir, Chairman of Al-Arafah Islami Bank Ltd Alhajj Abdus Samad, Managing Director of Al-Arafah Islami Bank Ltd Md Habibur Rahman, and Syed Masodul Bari, EVP & CTO of the bank were present at the signing ceremony along with other distinguished guests.