Date: 9th of April 2018
Media: Banking Technology Magazine
Link: https://www.bankingtech.com/2018/09/moneemint-to-become-europes-first-ethical-digital-bank/
What happened?
MoneeMint will create the first ethical digital bank in Europe. Initially, it will offer prepaid services and products. MoneeMint is the new image of Ummah Finance. It was founded by Waqar and Martin Luther Maramba.
Whom and where it affects?
The app is aimed at millennials in the United Kingdom and the rest of Europe.
What sort of public or private institutions are involved?
The only institution is Ummah Finance (their capital is private), founded in 2016, based in London. This company has changed its name to MoneeMint.
Why is it important for Banking and Finance?
It is important because it will mean an innovative improvement in banking services, due to which it will become the first Islamic bank through mobile phones based in the United Kingdom. Their ambition is transform the way Muslims in the UK Bank.
What do you think will be the consequences in the foreseeable future?
The consequences in the future is that if the app is profitable then a lot of similar institutions will begin to offer the same services. This innovative service will allow them to approach the level of traditional banking, improving aspects of ethical banking. MoneeMint is creating new strategies to adapt to changes. In this way, the ethical bank will be able to offer different products.
Key words: banking, millennials, ethical digital bank, fintech, innovation, prepaid, Islamic bank.