The UK is set for another challenger, as prospective Islamic digital bank Rizq launches its beta programme this week, according to Fintech Futures.

It’s led by CEO Akmal Saleem, founder of Islamic investment firm Maarij Wealth and former chief marketing officer and board member of creative agency Brand786 Global.

Founded in late February, the Islamic challenger claims to be the “first fully digital Islamic challenger bank in Europe”.

On social media, Saleem says Rizq plans to benchmark itself as close as possible to existing challenger banks.

The prospective bank currently operates a placeholder website, though a full version featuring the bank’s pricing models and Sharia-complaint structure is in development.

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“The task of opening and maintaining ethical Sharia-compliant banking products in the UK is confusing, tedious and operationally traditional,” the firm writes.

“UK Muslims are looking to bank with a companion that can provide a streamlined and seamless experience within the Western world, without compromising on their beliefs and value system.”

Rizq plans a UK launch in 2020 followed by an expansion into Europe “and beyond”.

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