GCC Countries. Sharia law. Islamic Finance. Takaful offerings… These are the bedrock of Amanah, a Qatar-based fintech startup and the first Takaful aggregator in the region.
What is the inspiration behind Amanah?
The thriving Islamic finance sector in GCC countries and many other parts of the world has made it possible for Muslims to follow the Sharia principle even where money is concerned. As is true with every industry, there are certain round holes in need of round pegs for the gaps to be filled.
That is where Amanah comes in—born out of personal insights and market needs. Amanah seeks to simplify the process of finding and understanding Takaful plans. Our goal is to make Takaful more accessible, personalized, and user-friendly.
Takaful, as described by Labeeba Ahmed, Co-Founder of Amanah, in a conversation with Tribe Techie, is the Islamic alternative to conventional insurance. It operates on the principles of mutual assistance and shared responsibility. Unlike traditional insurance, which is profit-focused and involves transferring risk, Takaful aligns with Shariah law by avoiding elements such as interest and uncertainty, making it a more ethical choice for those seeking insurance that adheres to Islamic principles.
While many insurance platforms focus solely on offering high-yield opportunities, at Amanah, we take a more thoughtful approach. By leveraging artificial intelligence (AI) and tailoring our recommendations to meet individual client needs, we prioritize educating our users first. This ensures that the insurance options we provide not only meet financial goals but also align with personal values and principles.
What was the rough path to launching?
No one startup ever has it easy when breaking into a market. Mark Zuckerberg faced widespread accusations and even had lawsuits filed against him when he launched Facebook in 2004. While developing the iPhone, Steve Jobs and his team had the challenge of simplifying the complex features of other smartphones.
Amanah’s biggest challenge even as it prepares to launch in Qatar, is navigating compliance with local laws and Shariah principles. Although we foresee the education of potential users about the benefits of Takaful as a future challenge, we are also confident in the ability to bridge the knowledge gap.
Although Amanah is currently focused on building a formidable presence in Qatar, expansion to other GCC countries is a no-brainer. Therefore, the platform is designed to adapt easily to the regulatory policies in these independent states.
In a conversation with Tribe Techie, Labeeba emphasized that while regulations may vary from country to country, Amanah’s unwavering commitment to Shariah compliance remains the same. By adhering to the highest standards of Islamic finance, we ensure our platform is capable of meeting the unique requirements of each market we enter.
Once we’ve secured our footing, we plan to explore opportunities in Southeast Asia, where the demand for Sharia-compliant financial products is rapidly increasing. Our expansion strategy is centered on localization, ensuring that we cater to the specific needs and regulatory landscapes of each region we enter.
Seeing that technology is reshaping brands and startups, what is the role of technology for Amanah?
Qatar’s tech industry is booming, leveraging its strong economy and strategic position in the Middle East. The rise of emerging technologies like blockchain, IoT, AI, and cybersecurity offers new growth opportunities.
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To ensure we don’t miss out on this wave, Amanah uses AI to offer personalized Takaful recommendations based on unique needs. By asking the right questions, the platform eliminates the challenge of comparing multiple plans. We reduce time wastage and aid users in choosing their insurance or investment plans.
We also leverage blockchain technology for secure and transparent transactions. Particularly, we use claim management which is a premium feature expected to give customers full support throughout their journey,
According to Labeebah, technology’s role in the firm is to help them stay agile and deliver a top-tier user experience in a rapidly evolving industry.
What’s next for Amanah and advice for young entrepreneurs
Goals are the driving force of our lives; their achievement is the intention behind many tasks we perform. For some, it is to organize the world’s information, for others, it is to transform the HR landscape with AI.
The goal, for Amanah, is to become the go-to platform for Takaful… and to educate users on Takaful. We are leveraging our Knowledge Center to educate users about the benefits of Takaful.
Furthermore, we plan to expand this through webinars and collaborations with industry experts. It is believed that as awareness grows, more people will see the value of ethical insurance. We aim to be at the forefront of that movement.
Giving some much-needed advice to young entrepreneurs seeking entry into Islamic finance, Labeeba emphasized knowing the industry values. She also encouraged aspiring founders to be patient and trust takes time to build.
You can reach Amanah via any of these platforms:
Keep in touch with Labeeba Ahmed on LinkedIn.
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