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Al-Arafah launches Islamic Wallet

Al-Arafah Islami Bank in association with Dmoney Bangladesh yesterday launched an “Islamic Wallet”, which it terms as the country’s first Shariah- and mobile phone-based enabler of digital financial services.

The mobile app is said to facilitate fast, secure and hassle-free online financial transactions and account management such as cash-in and cash-out, fund transfers from bank accounts and cards and access to a range of lifestyle services.

It offers four payment combinations, the bank said in a statement.

One is at the person-to-business level such as bill payments and for food delivery, mobile top-ups, insurance premiums and loan instalments while another is at person-to-government such as government duties, taxes, fees etc.

It is also possible to make business-to-person payments such as payroll and commission disbursement alongside government-to-person payments such as subsidies, freedom fighter allowances, social welfare payments and endowments.

Al-Arafah bank said the wallet activities would regularly be monitored by a Shariah supervisory council to ensure adherence with the bank’s Shariah guidelines.

Inaugurating the app at Le Méridien Dhaka, Bangladesh Bank Governor Fazle Kabir said Bangladesh’s foreign currency reserve stood at $32 billion while the economy was the 39th largest in the world.

Al-Arafah’s Chairman Abdus Samad Labu said the bank was working to ensure equity and justice for sustainable and balanced growth and socio-economic development and facilitate the formation of a cashless society in Bangladesh.

Managing Director and CEO Farman R Chowdhury said the launch of “Islamic Wallet” would be one step forward towards fulfilling the dream of achieving a “Digital Bangladesh” in a Shariah-compliant manner.

He said this product would certainly act as a catalyst to achieve the goal of bringing in more and more of the unbanked and under-banked people under the banking umbrella as this would offer a full lifestyle solution.

Anjan Chowdhury, chairman of Dmoney, said they were proud to have supported the Al-Arafah in leveraging Dmoney’s technology platform to serve the needs of Shariah-based customers through a modern banking app.

Al-Arafah Senior Executive Vice President Syed Masodul Bari and Dmoney Bangladesh Co-Founder and Managing Director Aref R Bashir jointly introduced the app’s features.

(TDS)

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