Yoosr, an upcoming Islamic-value-based fintech venture, is gearing up to partner with a wide network of real estate developers to offer Shariah-compliant home financing options – an initiative which could transform mortgage options for millions of community members in the Middle East – and also around the world – amid the surge in interest rates and housing prices.
Charity-based home financing for lower-income individuals and families of the community through the proposed partnership network of real estate developers is also on the cards for Yoosr, which is gearing up to revolutionise the banking and financial needs of billions of Muslims through a unique combination of advanced technology and religious tenets in a ‘transparent’ manner.
“We are reimagining home financing for Muslims by solving the contemporary use issues of ‘murabaha’ and ‘musharaka’ – [popular Islamic financial products for short-term and long-term borrowing],” Arslan Ibrahim, founder and CEO of Yoosr, told Arabian Business.
“We will enter into partnership with a network of real estate developers to offer Shariah-compliant home financing or alternatively, charity-based home financing [for community members],” he said.
Ibrahim said with these proposed financial services, Muslims can secure homes in compliance with their faith and in a manner that enriches the community.
He also revealed that the venture is discussing a partnership with Islamic Coin, the new-age digital money that powers the Haqq ethics-first Shariah-compliant financial ecosystem, to offer a wide range of digital tools to meet the financial needs of community members.
“Through this approach, we want to help millions of Muslims worldwide navigate the increasingly interconnected realms of business, retail, and finance in alignment with their faith and values,” Ibrahim said.
The proposed partnership is expected to facilitate seamless access to the modern financial landscape, besides powering inclusion and diversity.
Lines up funding deals to drive expansion
Yoosr is gearing up for a mega commercial launch for its app early next year in the UK, followed by Europe, Middle East and SouthEast Asia.
The venture has already finalised a $2 million pre-seed fundraising deal with a clutch of investors led by Futurecraft Ventures, which has its principal locations in London and Dubai, and has investor commitment for another $10 million to finance its ambitious expansion plans.
Ibrahim said Yoosr’s fintech banking app will have core processing and key features at the level of Revolut, Monzo, N26, and likes, and will provide easy access to an interest-free lifestyle.
“It will boost financial inclusion for 1.8 billion Muslim users worldwide while being compliant with the principles of Islam,” he said.
Features and Services
Ibrahim said Yoosr will offer a wide range of core banking services such as accounts, cards, transfers, payments, multiple currencies, and instant conversions.
“It will offer a choice between basic, charitable, or pro subscriptions-based services, depending on the user’s needs,” he said.
The app will also have its own marketplace of goods with installment plans, based on purchase trends and analytics.
“This is the market which is now becoming mature enough for both digital banking for wider audiences and for interest-free offering. Also, European Muslims do not have access to quality banking which reflects their values,” the Yoosr founder said.
He said it’s not only Muslims, but also other religious groups such as Christians and many non-affiliated with religion, who start seeing the potential harm – general and personal – in having only interest-based banking.
“Now with the recurrent crises around over-inflated economies, the interest-free lifestyle becomes more and more present,” Ibrahim said.
The Yoosr team comprises fintech professionals experienced in the fast launch of banking apps in Europe and former developers at fintech giants such as Revolut, Raiffeisen, and others.
The venture also has connections with infrastructural partners in various sectors.
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