How Can Islamic Fintechs Help Small Businesses?

Imagine yourself as the proud owner of a small business that has been trying hard to make ends meet for quite some time now. But, due to COVID-19 and a whole host of other unavoidable circumstances, your efforts to keep your small business afloat are, somehow, failing. So, what is the way to get out of this quagmire? Well, maybe, you should try to find a forward-looking Islamic fintech company that is offering small business loans via its online lending platform to help small business owners like you.

Financial technology companies are helping small businesses in the US, Europe, and many Asian countries. These lending platforms may be able to help you keep running your business as well. Traditional banks are not designed to help very small businesses as their main objective is to serve big boys. ETHIS Super Angels, as Southeast Asia based Islamic fintech is offering shariah-compliant loans to small businesses in various industries.

The authors on The Halal Times have been writing extensively about the role of the Islamic fintech industry in reducing poverty and unemployment

The on-going COVID-19 pandemic has played havoc on various industries such as tourism & hospitality and fashion, clothing industries. Millions of small businesses around the globe are struggling to keep their businesses running despite the challenges they face.  These online lending platforms could help small enterprises meet their day to day expenses by extending interest-free loans.. They could extend these loans without having to go through a tedious scrutiny process.

These Islamic fintechs, largely online financial service companies once reserved for younger people with lower earnings and savings, have proven to be savvy and effective intermediaries for all types of businesses in the age of the coronavirus.

When it came to offering the crucial financial support small business owners were seeking in the pandemic, some of these fintechs held their own or bested more established financial service firms that struggled to roll out promised programs. Through their technology, these companies can meet their clients’ financial needs online — the 21st century equivalent of the relationships brick and mortar banks once promoted.