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@ Halal | September-October . 2021

A UAE homegrown money service business , Jingle Pay , has become the first to offer its customers a world-first hybrid model . Customers can choose to open an Islamic account or opt for a conventional alternative .

Both accounts require no minimum balances , are fee-free , and can be opened via the Jingle Pay mobile application through a convenient digital onboarding journey .

To ensure its products are fully aligned with Shariah principles , Jingle Pay assigned the Shariyah Review Bureau ( SRB ) to review its Islamic products and services comprehensively .

The successful completion of this review signifies Jingle Pay ’ s intent and commitment to offer Shariah-certified products to the market .

Amir Fardghassemi , the Co-Founder and CEO of Jingle Pay Amir Fardghassemi said : “ We are very proud to receive this Shariah Certificate and to be able to use the opportunity we have to simultaneously address financial exclusion and offer Shariah compliant products to the communities we serve .

“ This certification provides the highest assurance of our products and services with Islamic principles to our end-users . We will continue to work together with SRB as we build , develop and rapidly expand in the region .”

The evolution of Jingle Pay ’ s services comes as demand for Islamic financial services grows in the UAE Middle East . Since 2015 , the market share of Islamic banking products has grown from 47 to 58 per cent . Globally , Islamic finance is forecast to hit US $ 3.69 trillion by 2024 in terms of total assets .

Focusing on financial inclusion , Jingle Pay ’ s mobile-only wallet and payments solution targets expats in the region with a 100 per cent digital alternative to traditional banks .

Fardghassemi said : “ We are consistently rethinking the digital experience for our customers so that we can improve the key elements of traditional banking .”

SRB provides Shariah advisory and Shariah audit services to businesses worldwide . Their services add valuable expertise and help banking and non-banking institutions , including fintech firms , efficiently formulate products in light of Shariah compliance that assures the faith requirements of their customers .

“ The Covid-19 pandemic has accelerated digitisation , pushing institutions to undergo digital transformations . Having served the banking and asset management sector , we witness parallel offerings by fintech firms ,” said Yasser S . Dahlawi , Founder and CEO of Shariyah Review Bureau .

“ Digital payments solutions are changing the business model for traditional banking , offering customers convenience , wider choices , and better experiences .”

Commenting on Jingle Pay , Dahlawi added : “ We see our assignment with Jingle Pay as an opportunity to support the financially underserved expat community in the UAE .

“ SRB will support our new business partner with Shariah consultative advice , annual audits , and support with further product development . This will enable Jingle Pay to drive operational excellence while staying focused on its mission of financial inclusion in the region .

The “ Global Halal Food & Beverage Market Overview , 2026 ” research studies the various intricacies of the halal food and beverages market , backed with sufficient data to support qualitative judgments . From 2015 to 2020 , the global halal F & B market grew by US $ 412.33 billion .

The report further forecasted that the regional markets would be growing at a CAGR of roughly seven per cent going into 2026 . The report presents insights from different regions , namely - North America , Latin America , Europe , Middle East and Africa , Asia Pacific . The market has been segmented based on product lines to give a deeper understanding .

The product lines that formed the study ’ s basis were - halal meat , seafood and poultry market , halal milk and milk beverages products , halal fruits and vegetables , halal grain products market , halal beverages , and halal confectionery , bakery , and other products .

VONAGE , a global business cloud communications leader , recently announced that Al Rayan Bank , the UK ’ s oldest and largest Shariahcompliant retail bank , avoided business disruption and maintained its commitment to outstanding customer service with the Vonage Contact Centre by transitioning employees from office locations to their homes in response to the Covid- 19 pandemic .

Al Rayan Bank chose the Vonage Contact Centre to provide customers with telephone banking , sales , and customer service functions .

In response to Covid-19 shelterin-place [ stay-at-home orders ], Vonage enabled Al Rayan Bank to seamlessly transition all employees from working at office locations throughout the UK to their homes in days while continuing to offer its 90,000 + personal , business and premier customers access to its contact centre and self-service functionality .

Vonage also helped Al Rayan Bank implement a phone line to prioritise calls from NHS staff and other key workers .

Imran Pasha , Chief Operations

The growing Muslim population is the biggest driver for the halal F & B market globally . The Asia- Pacific has the most significant Muslim population and similarly contributes to almost 90 per cent of the total market share .

However , it is interesting to note that Latin America , which has the smallest share in the global halal F & B market with less than 0.5 per cent , is home to the biggest halal exporting country , Brazil .

Globally , the most demanded halal F & B products are meat , poultry and seafood , accounting for 40 per cent to 50 per cent of the total market sales generated . Halal fruits and vegetables and halal grain products have the smallest chunk globally , with a combined market share of about 10 per cent .

However , confectionery , bakery , and other related products were the fastest growing product segment in the market forecasted to grow at a CAGR of more than nine per cent .

As halal foods and beverages are getting more popular and seeing increased demand over the globe , the sales and distribution channels are growing simultaneously .

Traditional retail channels have shown the slowest growth rate . On

Officer at Al Rayan Bank , explained : “ Al Rayan Bank is committed to supporting its customers through the current coronavirus crisis .

“ We are proud to have many medical professionals who choose to bank with us , and setting up a ‘ key workers ’ hotline ’ to prioritise their calls and serve them more quickly is a small token of our appreciation for the incredible work they are doing .

“ I would like to thank our partner Vonage for quickly helping us to set up this hotline and transition to a completely remote working environment .

“ During this challenging period when demand for communication has increased , Vonage has consistently gone the extra mile by utilising its expertise to implement cloudbased technology solutions , enabling a better customer experience .”

Rodolpho Cardenuto , President , Vonage Applications Group , said :

the other hand , riding on the wave of e-commerce , online sales channels are proving to be effective and efficient for the halal food and beverages market , with sales growing at a CAGR of roughly 8-9 per cent .

Indonesia , Turkey , Pakistan , Bangladesh make up almost 35 per cent of the total global halal foods and beverages market . As the Muslim population grows , these major halal markets and Arab and other the Middle East and African nations are expected to be significant avenues for halal investments .

“ Contact centres play a crucial role in supporting customers as they are often the first line of defence . And in uncertain times , businesses need to stay connected to customers without disruption .

“ We ’ re pleased that the Vonage Contact Centre can enable organisations like Al Rayan Bank to operate remotely while delivering the best possible customer experience easily .”

Vonage ’ s award-winning contact centre solution integrates all communications channels without expensive , disruptive hardware changes and plugs straight into a business ’ s CRM platform - enabling Al Rayan Bank to create customer experiences that help it serve customers better .

Al Rayan Bank is taking advantage of Vonage Contact Centre functionality such as Interactive Voice Response ( IVR ) for caller identification and verification , and the Vonage PCI DSS solution to comply with security standards while making payment transactions fast and frictionless . The solution expedites transactions while keeping sensitive information away from the contact centre .