Alizz Islamic Bank launches Oman's first fintech solution for instant goods financing

Business Monday 31/May/2021 15:21 PM
By: Times News Service
Alizz Islamic Bank launches Oman's first fintech solution for instant goods financing

Muscat: Alizz Islamic Bank and IFIN (first Islamic fintech of its kind) have partnered to launch the first instant ‘Goods Financing’ product. This launch comes with the backdrop of Alizz Islamic Bank’s constant pursuit to provide its clients with innovative financial solutions.

The bank has inaugurated this instant finance solution with Danube Home’s Al Khuwair Branch as the first outlet to welcome Alizz Islamic Bank customers able to avail instant finance on their furniture right at the store. The service is being rolled out across the entire branch network of Danube Home over the next few weeks.

This new service will allow customers to instantly take home their desired goods from the store having them financed for up to 120 months without the need of visiting any bank branch.

The process of availing of finance has been simplified into a simple 10-minute process at the store’s checkout counter, where the customer will go through an online verification process and sign the finance contract following an immediate approval.
IFIN is the world’s first Sharia-compliant, multi-institutional, multi-product, multi-channel Islamic fintech solution facilitating instant Islamic financing at the retailer outlets. This game-changing solution is geared to redefine the way Islamic financing is being done, making it secure, quick and easy for everyone.

The first product offered by Alizz Islamic bank on IFIN is based on the Islamic concept of Goods Murabaha, where the bank purchases the goods desired by the customer, from the authorised dealer and sells the same to the customer at an agreed price that is paid in instalments.

The advantage is complete transparency as the customer knows the bank's profit margin and instalment plan at the time of signing the contract. This arrangement allows for immediate possession and ownership of the goods by the customer who never pays more than the agreed amount.

Speaking at the occasion of the launch, Mohammed Al Ghasani, AGM – Acting Chief Consumer Banking Officer at Alizz Islamic Bank, said, "The launch of the IFIN instant financing solution comes as part of our plans to provide a wide range of carefully designed solutions that meet all clients' needs. The way people bank has changed, convenience and speed are keys to the modern customer and thanks to the efforts of our team, we are extremely proud to be the first Islamic bank to launch this innovative solution."

Al Ghasani added, "Alizz Islamic Bank has always been at the forefront of digitalisation. As people increasingly rely on digital technology to the bank, it is crucial that we, as an organisation, embrace digital strategies that meet our customers' needs, with utmost transparency. For this pilot phase, we have launched it with Danube Home but we have several other merchants in the pipeline and invite others to join us.”

Also speaking on the occasion Dr Shaher Abbas, Founder and Managing Director of IFIN said, “We are immensely proud of partnering with Alizz Islamic Bank to pioneer this instant financing solution in Oman. IFIN effectively transforms retailers' stores into pseudo branches for the banks where the finance application is submitted and processed instantly through secure digital channels, without the customer having to visit the bank branches. This revolutionises the way Alizz Islamic Bank operates by automating the entire financing process to offer an unprecedented customer experience.”

Touching upon this launch Shubhojit Mahalanobis, Director – Danube Home said, “It is a privilege for Danube Home to be the first merchant to partner with Alizz Islamic Bank on this game-changing and innovative solution. The IFIN instant finance solution transforms the way finance applications for goods are done. In previous years obtaining approval on a finance request could take several days but it now takes no more than 10 minutes thereby offering a customer experience that is second to none.”

Since its inception in 2013, Alizz Islamic Bank has bridged the gap between customers and the bank using the latest technology solutions built on solid infrastructure. The bank is committed to providing its customers with innovative financial solutions and responsive customer services via its corporate website, online banking, mobile banking, short message service, call centre, ATM, ITM, and branch banking.