Alif Bank, a FinTech company with a full Banking license in Tajikistan, has announced a new stage in its international activity, signing Master Wakala Investment Agreements with Mashreq Bank from the United Arab Emirates (UAE) and Aktif Bank from Turkiye.
Alif bank notes that this collaboration is aimed at allocating funds and investments in accordance with the principles of Islamic financing.
The purpose of the Master Wakala Investment Agreement is to appoint the Wakil (the agent) to be the agent of the Muwakkil (the principal) with respect to the investment of the Muwakkil's funds in Islamically acceptable transactions as part of the Wakil's.
Alif Bank reportedly strives to diversify its investment portfolio and agreements with Mashreq bank and Aktif Bank are the part of the strategy.
Under the agreements, these banks will act as agents investing Alif Bank’s funds in various financial assets. This will not only increase the bank’s profitability, but will also allow providing more favorable conditions for depositors.
Cooperation with Mashreq Bank and Aktif Bank reportedly contributes to the achievement of strategic goals to increase the share of the bank’s profitable assets.
Alif Bank plans to make mainly short-term investments that will allow maintaining the stability of its financial services and ensuring high efficiency of the bank’s assets.
With a full banking license in Tajikistan and a payments license in Uzbekistan, Alif has had over 2 mln users and a team of 1200 professionals as of October, 2023. Alif Bank’s specialties include financing, advisory, credit, investment, fintech, and Islamic banking. Its services include Alif Mobi (Tajikistan’s most widely used mobile wallet), Alif Salom and Alif A’zo (buy now, pay later system) and Alif Shop (Tajikistan’s largest online marketplace).
Mashreq Bank PSC, a bank in the United Arab Emirates. It is the oldest privately owned bank in that country. The bank was established in 1967 as Bank of Oman. This was before the formation of the UAE. It was the first bank in the UAE to install ATM cash machines, the first to issue debit and credit cards and the first to offer consumer loans. Mashreq Bank offers Islamic banking services, including deposits, loans and credit cards, corporate finance and investment and conventional and Islamic asset management services.
Founded in 1999, Aktif Bank is a commercial bank headquartered in Istanbul, Turkiye. The bank provides debt financing facilities such as loans to small and medium-sized companies. Aktif Bank is mainly focused on corporate banking, investment banking, and private banking. The bank provides corporate banking services such as receivables financing, corporate finance, insurance services, foreign trade and finance, corporate and commercial loans, financial leasing, and cash management. Aktif Bank, Turkiye’s largest privately-held investment bank, reportedly serves as the most extensive fintech ecosystem of Turkiye, thanks to its innovative business models and technology investments that redefine investment banking.
