Customer card balances are not used to generate interest income, and interest is not charged on them. Compliance with the principles of Islamic finance is confirmed by the international Shariah Board Shariyah Review Bureau (Saudi Arabia), as well as the Spiritual Administration of the Muslims of Kazakhstan.
You can issue the card in a minute by installing the mobile application Tayyab in Apple store or Play market. Instant transfers and contactless payments can be made immediately worldwide using Apple pay and Samsung pay wallets. If necessary, you can order a plastic VISA card with hand delivery. You can store money in four currencies – Kazakhstan KZT, USD, EUR, RUB, and you can withdraw cash at any ATM in the world.
The card was launched by the first Kazakhstan Islamic fintech Tayyab in partnership with Bank RBK and the VISA payment system. One of Tayyab's institutional investors is Dubai Fintech Ventures.
“In addition to the convenience of using financial functions in line with the latest world trends, we provide our users with a convenient service for practicing the Islamic way of life, for example, only in the tayyab application you can easily find the nearest mosque, prayer room or halal cafe. The application also has prayer times and Azan, Qibla compass, Zikr counter, Zakat calculator and much more” notes Daniyar Uspanov, Tayyab CEO.
Additional features of Tayyab first digital Islamic card are that it is not intended for payment in casinos, as well as in any gambling and lottery establishments, specialized stores selling alcohol and tobacco products, while the restriction does not apply to department stores selling groceries. The card is not intended to pay for goods and services in bars and nightclubs, and the restriction does not apply to restaurants and cafes.
The launch of the project was timed to coincide with the main Islamic holiday Eid al-Adha, which falls on July 20 this year.