Money and morality do mix, Kenges Rakishev firmly believes. In fact, the root of evil lies not within the money itself, it’s interest gain that make debts toxic. There is nothing new in the claim. In fact both Holy Bible and Quran teach the same: loans should not bring interest. There are other forms the lenders may got their reward. Attracted by the strict compliance to the Sharia law on lending process Kenges Rakishev decided to back Tayyab fintech, one of the brightest Islamic lending digital platforms.
Kenges Rakishev suggests that Tayyab services may be extended to Russia and Turkey
“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 backs Tayyab platform, praises moral grounds of the fund
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.
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