Manzil launches Halal Visa card in partnership with Koho
Islamic financing company Manzil has partnered with Canadian challenger bank Koho to launch a prepaid Visa card.
The Halal Prepaid Visa Card targets both Muslims and non-Muslims. Manzil says the card will provide both the ability to save and spend without paying “exorbitant fees”.
The card will allow users to save and earn cashback on all purchases. It will round up spare change for savings, and earn cash back at select merchants.
Based in Canada, Manzil claims to be the only Islamic fintech in the country providing Halal financial solutions.
“One of the main principles of Islamic Finance is to not enter into agreements that could potentially allow you to pay or receive interest,” says Manzil CEO, Mohamed Sawwaf.
“This prepaid Visa provides our user base the peace of mind to not have to worry about that anymore.”
Sawwaf says that the Muslim community is debt-averse and having a product like Mazil’s “rewards them for being a saver.”
Koho, also headquartered in Toronto, provides an application-based banking platform. It raised $18.8 million in a Series B funding round in December 2019.
“The team at Koho is motivated to build holistic financial tools that are equally accessible to all Canadians,” says founder and CEO Daniel Eberhard.
“We are excited to extend our platform to Manzil’s user base to allow them the convenience and support of digital banking.”