Tayyab, First Islamic Digital Card in Central Asia, Launches on the Way4 Platform

Tayyab, Kazakhstan’s first Islamic fintech, has launched the Tayyab card in partnership with RBK Bank and Visa, with Dubai Fintech Ventures as an investor. The card is ideally configured for Islamic banking on the Way4 digital payment platform, used by Bank RBK for card issuing, merchant acquiring, and transaction switching.

The Tayyab card is fully Shariah-compliant. It features free and instant card issue, no service fees, and no-fee contactless payments via Apple Pay and Samsung Pay. Its compliance with Islamic finance has been confirmed by the International Shariah Council Shariyah Review Bureau of Saudi Arabia, and the Spiritual Directorate of Muslims of Kazakhstan. No interest is taken from customer card balances, nor is any interest accrued on them.

Customers can receive their cards in a minute after they download the Tayyab mobile app from the Apple Store or Play Market. Once their card is issued, users can make use of instant transfers and cross-border contactless payments through Apple Pay and Samsung Pay. Plastic Visa cards may be ordered by customers if they choose. The card allows customer funds to be stored in four currencies: Kazakh tenge, US dollars, Russian rubles, and the euro. Cash withdrawal is available from any ATM worldwide.

“We offer not only easy-to-use financial tools that reflect the latest global trends, we provide convenient services for the Islamic lifestyle. Tayyab is the only app that lets you find the nearest mosque, prayer room and halal cafe. It also pulls up prayer times for Namaz and Azan, and includes a  Qhibla compass, Dhikr counter, Zakat calculator and much more,” explains Tayyab CEO Daniyar Uspanov.

The Tayyab card is also set up to prevent use in casinos and other gambling or lottery establishments, as well as alcohol and tobacco stores, bars and nightclubs. The restriction does not extend to grocery stores, restaurants or cafes.

Source: Plus World