Algbra: the UK-based ethical finance-focussed and ‘Shariah-compliant’ fintech
Despite the growth of Islamic finance in international finance, it has struggled to find a footing within the Australian context — largely due to difficulties navigating Australian laws and financial regulations. The UK, in comparison, has created a more favourable environment for Islamic finance. One of the newest in the space is Algbra, a UK-based ethical finance-focused and Shariah-compliant fintech.
Algbra has specifically targeted itself to the UK’s millennial and Gen Z Muslim population, aiming to offer a “relatable finance brand that matches their ethical outlook on the world”. To celebrate the company’s B Corp certification (a demonstration of high social and environmental performance alongside a high level of transparency), for example, Algbra published a reel to their Instagram page geared towards the younger viewer. As the median age of the 3 million Muslims in the UK is just 25, fintech is arguably a perfect fit for a demographic that has been largely ignored and underserved by conventional finance. Algbra’s strong use of social media…
