Bahrain-based Islamic fintech provider IFIN (Islamic Finance Initiation Network), has launched a real economy, automated Islamic financing platform.
IFIN’s cloud-based platform reduces the traditional Islamic financing process from several days to just a few minutes, as the press release says. IFIN’s platform eliminates the need for customers to visit their bank branch to secure a finance, allowing them to do so as soon as they have made their purchasing decision in the store.
The platform serves a range of goods and service providers. Similarly, IFIN’s automated platform helps Islamic financial institutions to expand their distribution network to retailers and extend their operations beyond the traditional branch model and usual banking working hours and days, thus allowing them to continue booking new financing even on weekends and banking holidays.
IFIN is a joint venture between two Islamic finance pioneers – Path Solutions and IFAAS (Islamic Finance Advisory & Assurance Services).