CAIRO - 15 July 2021: ZURICH CAPITAL FUNDS HOLDING (ZCFH) announced entering into investment with Mobile banking company REZQ-Baraka (REZQ) to increase the platform's presence.
REZQ is mobile Shariah Compliant &Digital Bank in the World, and raises $20 million for expansion in the Gulf, Africa, Asia, Europe and CIS countries.
ZCFH which is headquartered in GCC & Africa stated that through its Africa that it has applied for an online digital banking license only with undisclosed partners to expand into the financial technology (fintech) sector.
Fahad Al Merhebi ZCFH Chairman has announced that the investment will be used to "significantly increase the platform's presence" by integrating new services, improving customer experience, and expanding into African, Gulf, Balkan and CIS countries and in the coming months. He also expanded that REZQ strategic direction has been achieved through the combination of technology with a human interaction in mind. REZQ provides seamless banking services via a mobile application across the WORLD.
ZCFH is a private corporate financier with substantial capital resources and through associated Companies, has relationships with the top 100 World Banks and access to the majority of the top 25 World Banks. Currently, all funding is undertaken in the currency of the United States of America (USD) & in the currency of the European Union (EURO) outside of the USA, there is no currency risk for the borrower/project owner or operator, the risk being absorbed by ZCFH concludes lending and investment commitments in several regions around the world covering major resource, property and industrial and mining projects.
Michael Fridman – CEO REZQ Bank, has announced that “the state-of-the-art application offers customers a full suite of digital banking services including digital onboarding. Our digital strategy focused on giving customers a choice of innovative Shari’a-compliant banking solutions. It follows on from the launch of several new digital channels to serve customers, including the Virtual Branch and other social media enabled Banking services.”
He also added that REZQ is already in the process of expanding in Africa, Middle East, Asia and the Balkan countries by acquiring its operational banking licenses in the targeted markets from the countries’ Central banks. REZQ was designed to be a Shariah Complaint, flexible, intuitive, and connected banking tool that solves the financial pain points of its customers, enhances their lives, and responds to rapidly changing needs.
For the first time, REZQ Digital Bank's Shariah-compliant licensing plan was announced on Wednesday where the licensing process is awaiting final approvals in Africa Congo - Ghana Nigeria - Gambia - and Central Africa as it aims to develop customized versions that are in compliance with the countries’ monetary requirements, as stated by Mr. Michael, REZQ’s CEO.
The Technology arm of ZCFH has enabled REZQ with back-end development capabilities to develop features such as digital onboarding, multiple currency accounts, and in-app funding options through its expert team.
Merhebi pointed out that the expansion in Africa in particular is of particular and promising importance for us as the bank is considered the first digital bank compliant with Islamic Sharia, Rezq-Baraka. We are working on expansion and at the same time to support the digital economy to achieve sustainable growth, noting that the bank is searching for innovative solutions by identifying the needs of the customer, and that we are introducing elements of digital transformation into the banking system, which will contribute significantly to improving the provision of banking and financial services.
He added that the bank recently established partnerships in a number of countries and launched the digital transformation sector, where the sector allows the establishment of a flexible model synchronized with the era of digital transformation, as well as allowing digital transformation in all banking operations.
Zurich Capital Funds operates an online money transfer service and has a subsidiary that provides loans to business partners. It is also a major shareholder of Credit Rezq, Rezq pay, Rezq exchange, Rezq Hub, and GCC-dex.
He explained that the main objective of digital transformation is to achieve competitive advantage and achieve success, leadership and growth in general, revealing the investment in developing institutional culture by working on developing banking products and services to help employees perform their work in an easier and faster way.
Al Merhebi, Chairman of ZCFH, said, "We have been heavily focused on creating a meaningful digital banking experience for our clients in the world. REZQ sets an ideal for future banks throughout the world."
Our goal was to combine the best technology with human understanding in order to develop a bank that is relevant to modern life, according to Dr. Mohammed Nass Deputy Chairman ZCFH.
"REZQ is designed as a customer-centric bank, listening to our customers, understanding their financial needs, and meeting their lifestyle priorities." That's the message we convey in our brand promise, "Banking that reflects you."
“Our journey to redefine Electronic Shariah banking in the WORLD is just beginning; we are already building the next version of REZQ, and we are working with our technology partners to continue to deliver innovative lifestyle banking solutions that meet the changing needs of customers”. added Nass.
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