JazzCash launches Islamic Savings product with halal profit

ISLAMABAD: JazzCash launched its Islamic Savings product with the highest daily halal profit rates.

The product offers customers free accidental insurance upon subscribing to the service, giving them an added layer of protection from life’s uncertainties.

Murtaza Ali, Head of JazzCash, said, “JazzCash’s philosophy has been to build products that suit our people’s needs. With Shariah-compliant Savings, we are bridging a crucial gap that, in the past, has prevented people from adopting fintech solutions.” He further added, “We are grateful to Salaam Takaful for enabling us to offer free accidental insurance to customers subscribing to Islamic Savings, paving the way for a secure future for the communities we serve.”

This announcement comes at a crucial juncture in Pakistan's journey towards financial inclusion. It addresses critical barriers that have hindered the country's adoption of digital financial services. With a dedicated savings wallet seamlessly integrated into the JazzCash App, users gain access to a user-friendly platform for managing their savings with ease and convenience. This innovative solution empowers individuals to take control of their financial futures, enabling them to set savings goals and track their progress effortlessly.

With JazzCash’s Shariah-compliant savings, customers can save and earn halal profits through daily disbursements. Additionally, customers can withdraw their savings anytime with no money locking and competitive returns. The added feature of accidental insurance coverage, in collaboration with Salaam Takaful, will be activated upon 20 per cent completion of the goal. This offers an additional layer of financial security to customers and their families.

Despite its vast potential, Pakistan continues to struggle with low financial penetration. One significant factor is religious sentiments, which contribute to people’s reluctance to embrace financial services. The limited scale of Shariah-compliant financial services aggravates the situation, leaving much of the population without access to suitable financial solutions.

Savings products are a vital entry point to the formal financial system, allowing people to build economic security and stability. This first step is crucial in bringing our people into the fold of digital financial services, giving them a platform to optimize financial planning. Through Islamic Savings, JazzCash aims to enable a more resilient society by allowing people to build economic security and stability.

Copyright Business Recorder, 2024