Shokran provides Sharia-compliant financial services, including money transfers, currency exchange, and e-commerce payment solutions, designed specifically for SMEs. By eliminating interest-based transactions and minimizing uncertainty, Shokran enables businesses to operate ethically while accessing essential financial tools within a single ecosystem.
Funding
Funding not disclosed
Founders
Product
Problem
Small and medium-sized enterprises (SMEs) often struggle to access financial services that align with Islamic principles, requiring them to navigate conventional banking systems that involve interest-based transactions (Riba), uncertainty (Gharar), and dealings with prohibited industries (Maysir). This lack of Sharia-compliant options limits their ability to operate ethically and access essential financial tools.
Solution
Shokran provides a suite of Sharia-compliant financial services tailored for SMEs, enabling them to manage finances in accordance with Islamic principles. The platform offers tools for domestic and international money transfers with transparent, real-time exchange rates, currency exchange services that avoid interest-based transactions, and e-commerce payment solutions that allow businesses to accept payments while adhering to Islamic principles. Shokran's ecosystem also includes business accounts with features like virtual cards, bill payments, and account statements, all designed to eliminate interest and minimize uncertainty. By offering these services, Shokran allows businesses to operate ethically while accessing essential financial tools within a single, integrated platform.
Target Audience
Shokran primarily targets SMEs seeking Sharia-compliant financial services that align with Islamic principles, as well as businesses looking for ethical and transparent financial solutions.
Features
- Money transfer services with competitive rates and real-time exchange rates
- Currency exchange services adhering to AAOIFI principles, eliminating interest-based transactions
- E-commerce payment solutions for accepting payments while maintaining adherence to Islamic principles
- Business accounts with virtual cards, bill payment features, and account statements
- Ecosystem providing access to accounting, legal, consulting, management accounting, and tax consulting services
- All products are halal and AAOIFI compliant