Islamic fintech service Tayyab will work in Russia and Turkey with the assistance of investor Kenges Rakishev. Kenges Rakishev, an investor who owns large shares of mining and fintech operations in ex-USSR countries and high-tech companies worldwide, has joined the capital of the first digital Islamic financial service Tayyab. At the first stage, he became an investor in a division in Kazakhstan, the second stage may be the participation of an entrepreneur in the capital of the Russian and Turkish divisions of Tayyab. The businessman is exploring this options. The project launch dates in Russia and Turkey will be announced later.
Together with Kenges Rakishev, Tayyab is funded by the Dubai Fintech Ventures venture fund, whose partners are the Visa payment system, the Dubai International Financial Center and Mashreq bank, one of the largest financial institutions in the United Arab Emirates.
Tayyab app is available from Apple Store for iPhone and Play Market for Android smartphones.
“Islamic fintech Tayyab, which has no look-alike in the world, provides its customers with digital and physical Islamic payment cards based on the VISA international payment system, money transfers and payments, including Apple pay and Samsung pay, services for the daily religious practice of Muslims. Kenges Rakishev shares the philosophy and concept of the project, and his participation in the capital will provide new opportunities for the development of the product line and the expansion of the Tayyab customer base in Kazakhstan. The businessman is also considering his participation in the capitals of the Russian and Turkish divisions of the startup,” Tayyab said in a statement.
Kenges Rakishev statement on the occasion of Tayyab launch
Kenges Rakishev ranks 8th in the ranking of the 50 most influential businessmen of Kazakhstan-2021 and 9th in the list of the 50 richest businessmen of Kazakhstan-2021, owns shares of companies from various business sectors.
“In this project, I was attracted by the moral position on which the principles of Islamic finance are built. Tayyab payment cards fully comply with the norms and principles of Sharia. The remaining money on the clients’ cards is not used by the partner bank to generate interest income, unlike conventional commercial banks, and interest is not accrued on the balance of funds, and most importantly, there are no fines and penalties. Compliance with the norms and principles of Sharia is confirmed by the international Sharia Council Shariyah Review Bureau,” commented Kenges Rakishev.
About the author: Wesley C Waldo
Wesley C Waldo, a promising writer who is preparing to publish his first novel in 2023. Travels a lot and collects the clues for a new book. He writes on social topics, sometimes describes an event or two.