This association will help the bank provide payment services on utility bills, near field communication (NFC), quick response (QR) and insurance premium.
Financial technology service provider Dmoney signed an agreement with Al-Arafah Islami Bank Limited at the latter's head office to launch the country's first “Digital Islami Wallet”.
A statement from Dmoney and the bank said, “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.”
It said, “The Islami wallet will enable the bank to extend its service perimeter and reach out to more subscribers.”
This association will help the bank provide payment services on utility bills, near field communication (NFC), quick response (QR) and insurance premium.
They have other services as well which includes cash in/cash out, mobile airtime top-up, mobile wallet money transfer, bank account and third-party software integration, cash withdrawal from bank accounts, charity and donation and international remittance.
Anjan Chowdhury, chairman of Dmoney said, “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.”
Chowdhury said ,“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.”
Abdus Samad, the banks chairman, said, “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.”
He said, “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.”
Discussing of the agreement, Sonia Bashir Kabir, co-founder and vice chairman of Dmoney, said, “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.”
Aref Bashir, co-founder and managing director of Dmoney said, “As we invite and work with member banks to grow this network, it will usher a new phase in payments digitisation and scale and opportunities to serve the customer.”
