Digital Islamic financial services firm Manzil has teamed up with Canada’s KOHO to roll out Halal Prepaid Visa cards.
KOHO, a full-service chequing account, offers a reloadable prepaid Visa card and integrated app.
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The tie-up is said to enable Muslims and non-Muslims in Canada to save, spend, and budget without incurring any debt or interest rates.
The users will be able to save and earn cashback on all purchases via Halal Prepaid Visas. Moreover, the card will allow them to automate savings and earn up to an additional 5% cash back at select merchants.
Manzil CEO and co-founder Mohamad Sawwaf said: “We are so excited to add this solution as part of the Manzil product offering and to help Canadians who are looking to adhere to their religious principles as well as those who are ethically conscious.
“One of the main principles of Islamic Finance is to not enter into agreements that could potentially allow you to pay or receive interest and this prepaid Visa provides our user base the peace of mind to not have to worry about that anymore.”
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By GlobalDataAt present, Halal Prepaid Visa cards feature no interest and Halal cash back. The companies intend to expand the partnership to include category restrictions, custom branded Manzil cards, and Halal perks.
KOHO founder and CEO Daniel Eberhard said: “The team at KOHO is motivated to build holistic financial tools that are equally accessible to all Canadians, and so we are excited to extend our platform to Manzil’s user base to allow them the convenience and support of digital banking.”
