Alizz Islamic Bank and IFIN (the first Islamic Fintech of its kind) continue to provide instant ‘Goods Financing’ for the bank’s customers. This is part of Alizz Islamic Bank’s constant pursuit to provide its clients with innovative financial solutions.
The instant finance solution is available at all branches of Danube Home as well as at Mustafa Sultan Electronics, Enza Home, Sofa Land and Fahmy Furniture, Sky Orbits and Al-Madinah Cement. Alizz Islamic Bank customers are able to avail instant finance on their goods right at the stores.
This service allows customers to instantly take home their desired goods from any of the aforementioned merchant stores having them financed for up to 120 months without the need of visiting any bank branch. The process of availing finance has been simplified into a simple 10-minute process at the store’s checkout counter, where the customer will go through an online verification process and sign the finance contract following an immediate approval.
IFIN is the world’s first Shari’a compliant, multi-institutional, multi-product, multi-channel Islamic FinTech solution facilitating instant Islamic financing at the retailer outlets. This game-changing solution is geared to redefine the way Islamic financing is being done, making it secure, quick and easy for everyone.
The first product offered by Alizz Islamic bank on IFIN is based on the Islamic concept of Goods Murabaha, where the bank purchases the goods desired by the customer, from the authorised dealer and sells the same to the customer at an agreed price that is paid in instalments. The advantage is complete transparency as the customer knows the bank's profit margin and instalment plan at the time of signing the contract. This arrangement allows for immediate possession and ownership of the goods by the customer who never pays more than agreed amount.
Since its inception in 2013, Alizz Islamic Bank has bridged the gap between customers and the bank using the latest technology solutions built on the solid infrastructure. The bank is committed to providing its customers with innovative financial solutions and responsive customer services via its corporate website, online banking, mobile banking, short message service, call center, ATM, ITM, and branch banking.
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