Helal: Islamic finance under consumer financing addresses financial inclusion, underserved

06 / 11 / 2023

• news
• The New Republic

Yasmine Helal, CEO of the ADI Consumer Finance Company, said Islamic finance – which falls within diversification of consumer finance – opens the door for addressing financial inclusion and underserved segments.

Islamic finance is a totally different game with its own customers and demand, she said, expounding that Islamic finance offers an opportunity for a segment which can be isolated from the banking sector due to religious beliefs.

She made the remarks during the Second Egypt Business Solutions Summit which kicked off on Monday under the theme of “Fill the Gap” with the participation of Ministers Yasmine Fouad of Environment and Soha Gendi of Emigration.

It is a national duty to break into the grey economy which can be three times the announced economy, Helal said.

ADI is keen on offering banking and non-banking products that go in line with Islamic sharia principles and consumer financing is one of such products, she said.

Meanwhile, she referred to the launch of Abu Dhabi Islamic Consumer Finance Company – branded Takka – in 2021 as the consumer financing arm of Abu Dhabi Islamic Bank-Egypt, to become the leading company in the digitization of Sharia-compliant financing.

Digitization helped Takka to check any consumer through his/her ID in various authorities to get all needed information within seconds, including I-score and civil registry.

Sharia-complaint financing is of high demand into the market and it is of strong attraction to specific customers, Helal noted.

She highlighted the importance of spreading awareness about Islamic finance, thus leading gradually to its integration into the system.

She stressed that governance and technology play a key role in consumer finance, expounding that digitization offered a chance to reach a wide range of clients in various governorates in a mechanized, regulated and secure way.