FlexxPay, a cloud-based technology solution enabling employees to access their ‘earned income' whenever needed, has received a Sharia Compliance certification for its platform from Shariyah Review Bureau.
The platform has the convenience to be accessed through a mobile app, or web.
Employers benefit from no integration hassle and no changes to the payroll cycle or any risk of impacting the company’s cash-flow cycle. For employees, the benefits include the ability to access a portion of their earned salary and commission instantly, whenever required.
There are no credit checks necessary with automatic eligibility for all employees once the employer is enrolled; no interest charge, only a nominal transaction fee. Employees with commission-based salaries also stand to benefit instead of traditionally waiting several months to collect.
Speaking on the assignment of Shariyah Review Bureau, Michael Truschler, CEO of FlexxPay stated: "We wanted to add value to our Clients and their employees for using FlexxPay. And since Shariah Review Bureau is a reputable name in the region for providing Sharia compliance assurance, we decided to engage and benefit from their diverse experience with Fintech platforms.”
Shariyah Review Bureau provides Sharia advisory and Sharia audit services to businesses worldwide. Their services add valuable expertise and help banking and non-banking institutions including fintech firms efficiently formulate products in light of Sharia compliance that assures the faith requirements of their customers.
“From a humble beginning of providing Sharia audit to banks 15 years ago, our firm has come a long way,” said Yasser S Dahlawi, Founder and CEO of Shariyah Review Bureau. “Today, tech-based platforms with a diverse set of offering increasingly rely upon our Sharia certification, Sharia Board and Sharia audit services. As we continue to expand, across markets, we remain passionate towards serving technological innovators, offer solutions using Sharia principles.”
“We are delighted to have certified a cloud-based platform, which facilitates investment in its client’s most important asset i.e. its employees” “We look forward to supervising and auditing FlexxPay platform in light of Sharia guidelines, as it continues to support and benefit employees in the region,” Dahlawi added. – TradeArabia News Service