The total Muslim population is about 2.18 billion people across the world with a growing number of one out of three people being Muslim by the year 2030. Islamic finance accounted for 43% of $45.3 billion Halal market in 2016. Thus with Islamic banking being important amongst Muslims, it is estimated according to the world bank that 30% of people in Sub-Saharan Africa while 32% of people in the Middle East and North Africa do not use formal financial services, due to the fact of Islamic Banking not being available.
MenaPay is solving the declining population of people using banking facilities due to non-Islamic finance capabilities by a 100% non-bank digital solution. Menapay achieves this by using Blockchain technology to create a single currency that follows the Islamic banking practices so that cross-border transactions are made more accessible. The single currency helps in the multiple fragmented currencies that are present throughout the African subcontinent and the Middle East.
MenaPay achieves full compliance with Islamic Finance.
The three main rules for finance to follow Islam rules are-
- No profit is to be generated through interest.
- The business should involve no illicit or illegal activities such as drugs and weapons.
- Transactions should be witnessed by at least two parties to ensure it’s following Islamic financial practices.
MenaPay’s utilization of Blockchain technology ensures 100% transparency. Hence two or more parties can witness no interest gained for-profit purposes along with no illicit or illegal activities carried out. If you were wondering what happens with large sums of money, Menapay has thought of the most Islamic way to ensure no interest is gained. It holds the money in baskets of gold, different fiat currencies, and liquid real estate assets. It also ensures no interest is acquired from the native cryptocurrency of MenaCash either.
MenaPay solely generates profit from investments through a revenue share system which complies with Islamic Financial practices.
Image Source – Saracens Solicitors
Additional Features built for Muslim Individuals
Arabic and Turkish User Interface – There is no language barrier for the Arab and Turkish population in the Middle East, Menapay includes the Arabic and Turkish language being inbuilt so that Menapay’s products can easily be used whether they are customers or merchants. The user-friendliness of MenaPay’s products ensures that a person who is fluent in Arabic and Turkish can jump into cryptocurrencies right away without the guilt of not complying to Islamic Halal practices.
Online Shopping – As a result of banking facilities not supporting Islamic Finance, many Muslims tend to pay through one simple method which is cash on delivery (CoD). CoD is not as practical as online payments especially when its a service. Menapay’s native cryptocurrency which is stable called MenaCash can be used by customers to pay digitally to merchants.
The rapid expansion plans of Menapay includes Asian countries such as Indonesia and Malaysia where Islam is seen to be a dominant religion. Islamic culture taking part in a more trustworthy system now looks promising thanks to Menapay.
With Islamic banking seen to be a significant problem in the world today, it is wise to invest taking into consideration the long-term benefits of Blockchain technology for Islamic Banking. The token sale for MenaCash begins in February 2019. Join the token sale updates today by clicking the ‘Join Us’ button in the button above the website, and you’ll be part of a much-needed upgrade for Islamic Banking and the Muslim population.