Working in a digital payments platform company Halal

Halalah is a digital payments platform targeting Consumers & Merchants to create an Ecosystem that will support growth of SME’s via providing them with new digital tools to accept payments, control cash and monitor sales analytics. Halalah Company is licensed by Saudi Monetary Arabian Agency (SAMA) in Saudi Arabia & Abu Dhabi Global Market (ADGM) in UAE.

My understanding of Halalah is that they are the Middle Eastern equivalent of Revolut or Transferwise. Fundamentally remittance and helping people transact is permissible and I see no indication that what Halalah are doing right now is impermissible.

However, see our article on digital challenger bank models here. It might be that Halalah do at some point in the future start making significant money from haram third-party provisions in their app marketplace (e.g. by allowing users access to haram financing). They may also start holding customer assets like a bank and using that as a basis for starting a lending operation. Both of these developments would mean that Halalah starts becoming impermissible to work for (its a sliding scale – the more of that stuff they do, the more I would not want to work for them…but if they’re only doing like 1% of that and its not core to their business, I would get comfortable with it).

So right now, probably fine to work for them, but keep an eye on what their long-term strategy is.