Alif Bank, a leading FinTech company with a full banking license in Tajikistan, has embarked on a new stage in its international activity. The bank has signed Master Wakala Investment Agreements with Mashreq Bank from the United Arab Emirates (UAE) and Aktif Bank from Türkiye.
Purpose of agreement
The Master Wakala Investment Agreement aims to appoint the Wakil (the agent) to be the agent of the Muwakkil (the principal) for the investment of the Muwakkil’s funds in Islamically acceptable transactions as part of the Wakil’s.
Diversifying investment portfolio
Alif Bank is reportedly striving to diversify its investment portfolio, and the agreements with Mashreq Bank and Aktif Bank are part of this strategy. Under the agreements, these banks will act as agents investing Alif Bank’s funds in various financial assets. This will not only increase the bank’s profitability but will also allow providing more favourable conditions for depositors.
Strategic goals
Cooperation with Mashreq Bank and Aktif Bank reportedly contributes to achieving strategic goals to increase the share of the bank’s profitable assets. Alif Bank plans to make mainly short-term investments that will maintain the stability of its financial services and ensure the high efficiency of the bank’s assets.
About Alif Bank
Founded in 2014 as a microfinance institution, Alif Bank has developed into one of the leading fintech companies in the country over the past ten years. With a full banking license in Tajikistan and a payments license in Uzbekistan, Alif has had over 800,000 users and a team of 800 professionals as of November 2, 2021. Alif Bank’s specialities include financing, advisory, credit, investment, fintech, and Islamic banking.
About Mashreq Bank
Mashreq Bank PSC (Orient Bank) is a bank in the United Arab Emirates and is the oldest privately owned bank in that country. The bank was established in 1967 as the Bank of Oman, before the formation of the UAE. Mashreq Bank offers Islamic banking services, including deposits, loans and credit cards, corporate finance and investment, and conventional and Islamic asset management services.
About Aktif Bank
Founded in 1999, Aktif Bank is a commercial bank headquartered in Istanbul, Turkiye. The bank provides debt financing facilities such as loans to small and medium-sized companies. Aktif Bank mainly focuses on corporate banking, investment banking, and private banking. Aktif Bank, Turkiye’s largest privately-held investment bank, reportedly serves as the most extensive fintech ecosystem of Turkiye, thanks to its innovative business models and technology investments that redefine investment banking.
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