Ethical account options are finally being offered to customers who have specific needs and beliefs.
Customers have increasingly voiced their appetite to be able to open personal and business accounts in tune with their ethical values.
In addition, those with religious beliefs can also find financial facilities that sit in line with their faith. Some financial institutions offer Islamic financial services compliant with the teachings of the Quran and other religious texts – and its practical application within developed Islamic economies.
With 3.5 million Muslims in the UK, and supportive Government initiatives, options for accounts that adhere to Shariah compliance are still surprisingly limited. However, a digital ethical and Islamic account experience called Rizq, accessed through mobile apps and web, is finally offering options to personal and business customers.
Shahid Amin, who has 20 years’ banking experience in the UK and Middle East and has spent the last 13 years in Islamic banking, recently joined the ethical financial services firm Rizq as CEO.
“We offer digital financial services, payment transactions and account features that are in line with good citizenship,” he says. “We also have a Sharia compliance certificate which allows those of Islamic faith to be able to use our application with peace of mind.”
We encourage inclusivity, whilst restricting the use of our card in places like gambling sites and casinos…
Rizq, which is regulated by the FCA, supports their target market, and the demographics within that range from students, to professionals, to expats, migrants and everyone in-between. The neobank also offers commercial accounts to organisations with up to £50 million in turnover and under 50 employees. Amin stresses the services are open to people of all backgrounds and faiths with beliefs that are in line with the ethical values of Rizq.
“Ethical banking takes root in what positively contributes to society from a good citizenship perspective,” Shahid explains. “We encourage inclusivity, whilst restricting the use of our card in places like gambling sites and casinos, and the purchase of alcohol. We also do not allow our products and services to partake in adult entertainment.”
Of the Muslim population in the UK, only about 80,000 currently use Islamic bank accounts, but the aim is to use technology to reach more customers from ethical and Islamic communities. From a small business perspective, there is almost nothing available that meets the needs of our customers. “We are now bringing this technology to them and making it easier to connect to the world of financial services,” adds Amin.
For the future the company aims to establish itself as a leading digital financial services provider in the UK, prioritising customer service and experience, with an eye on expanding to markets across Europe, Africa and the Middle East.