Dubai – Sharikat Mubasher: As demand for Islamic fintech services continues to grow, Vault22—backed by Standard Chartered—is preparing to introduce a new fintech platform in the United Arab Emirates. As reported by Bloomberg, the company plans to launch a new digital platform called Hafiq around the middle of this year. The platform will provide Shariah-compliant personal finance and wealth-management tools for users in the UAE.
Hafiq will include an AI-powered tool that helps investors check whether assets follow Islamic finance rules. It will also feature a real-time calculator for zakat, the charitable donation required in Islam, as well as a selection of exchange-traded funds and investment portfolios designed mainly for younger investors such as millennials and Gen Z.
Vault22 was established about two years ago by Standard Chartered’s innovation unit, SC Ventures, and Old Mutual Group Ltd.’s venture-building arm Next176. The company aims to develop digital financial solutions focused on Islamic finance and artificial intelligence.
The move comes as Islamic finance continues to grow worldwide. The global industry was valued at around $6 trillion in 2024, according to research by the London Stock Exchange Group and the Islamic Corporation for the Development of the Private Sector. The United Arab Emirates is currently the fourth-largest market for Islamic finance assets.
Stephen Ong, co-founder of Vault22, said demand for reliable wealth-management tools is increasing as investors seek better ways to manage their savings and meet their financial and religious goals.
