Niyah

Niyah is a UK-based financial technology company that developed a mobile-only Islamic banking application. Founded in 2018 by Ali Abdulkadir, the company aimed to provide an ethical, faith-based digital banking experience for the Muslim community. The platform was designed to offer Sharia-compliant financial products, including interest-free current and savings accounts, a debit card, budgeting tools, and payment services.

The core of Niyah's business model was to offer convenient, mobile-first banking that aligns with Islamic principles, which prohibit interest (riba) and investments in sectors like gambling and alcohol. The company targeted a market of Muslims who sought modern fintech convenience without compromising their religious beliefs. Its services were designed to be a one-stop-shop for Shariah-compliant financial needs.

In December 2020, Niyah was acquired by Wahed Inc., a US-based Islamic-finance fintech company. The acquisition was a strategic move for Wahed to expand its product offerings and enter the UK market, integrating Niyah's digital banking services with its own Shariah-compliant investment platform. Following the acquisition, Niyah's services were set to be part of Wahed's broader goal of creating a comprehensive financial ecosystem for the global Muslim population.

Keywords: Islamic finance, digital banking, fintech, Sharia-compliant, mobile banking, interest-free accounts, ethical finance, mobile payments, challenger bank, neobank