Ummah Finance aims to be “the first UK born Islamic bank solely set up and operating from London”, with a fully digital proposition.
Whilst there are 40 banking services currently offering Islamic banking solutions in the UK, “none of these offer a fully mobile AND 100% Sharia-compliant banking service”, Ummah Finance claims.
“Our ambition is to transform the way Muslims in the UK bank,” the company states. The UK Muslim community comprises three million people, or 5.4% of the total UK population.
By “embracing the future of technology”, Ummah Finance is building a “safe and user-friendly mobile bank”. It will incorporate all features of a standard bank but will be fully compliant with the Islamic principles, the company says.
It will be available on the iOS and Android devices.
At present, the company is based in Kingston Business School, Kingston Upon Thames.
Ummah Finance’s founder is Hassan Wakar. The parent company is HWK Group, which also has the National Association of Pakistani Entrepreneurs under its umbrella. Wakar is HWK Group’s director.
He also is a marketing executive at Fintricity (a London-based fintech venture) and an advisory board member of the Kingston Entrepreneurs Society, “a community of young entrepreneurs, professionals and rising industry leaders passionate about their discipline and talents”.
Earlier this year, UK fintech start-up Yielders became the first fully Sharia-certified fintech company in the country. Yielders is a crowdfunding investment platform that specialises in property crowdfudning. It is now fully authorised by the Financial Conduct Authority (FCA).
Originally published on www.bankingtech.com