Financial Technology service provider Dmoney has signed an agreement today with Al-Arafah Islami Bank Limited 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 the broader financial inclusion of the unbanked people.
The Islami wallet will enable Al-Arafah Islami Bank 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 the unbanked economy. The wallet will also have reward points feature for the users.
“I am very excited to partner with Al-Arafah Islami Bank 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. Dmoney aims to focus in three areas: Inclusion – leaving no one behind from unbanked to religious, digitization from the 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,” said Anjan Chowdhury, Chairman of Dmoney.
Commenting on the agreement signing, Alhajj Abdus Samad, Chairman of Al-Arafah Islami Bank, 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. 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.”
Speaking about 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. I am super excited for Dmoney to be launching the first ever Islami Wallet in Bangladesh in partnership with Al-Arafah Islami Bank.”
“Dmoney is very excited to join with Al-Arafah Islami Bank and begin the journey of the Islami Wallet model in Bangladesh. As we invite and work with member banks to grow this network it will usher a new phase in payments digitization and scale and opportunities to serve the customer,” said Aref Bashir, Co-Founder and Managing Director of Dmoney.
Syed Masodul Bari, EVP & CTO of Al-Arafah Islami Bank, said, “As a Shariah bank we follow all the Islamic banking rules and it gives me great pleasure to launch the first Islami Wallet in the country with Dmoney. We are excited about this partnership and look forward to addressing our target customer needs.”
Anjan Chowdhury, Chairman of Dmoney; Sonia Bashir Kabir, Co-Founder and Vice Chairman of Dmoney, Aref Bashir, Co-Founder and Managing Director of Dmoney; Alhajj Abdus Samad, Chairman of Al-Arafah Islami Bank; Md. Habibur Rahman, Managing Director, and Syed Masodul Bari, EVP & CTO of the bank were present at the signing ceremony along with other distinguished guests.
