FLOOSS to follow Sharia compliance in Bahrain

Monday 12 February 2024 12:10 CET | News

FLOOSS, a pioneering fintech entity has announced upcoming Sharia compliance, focusing on establishing itself in Bahrain.


As the company sees it, by prioritizing customer satisfaction, FLOOSS has continuously adapted to meet evolving customer needs, emphasizing a forward-thinking approach centred on constant improvement and innovation.

With a strong emphasis on customer-centricity, FLOOSS is actively preparing for Sharia compliance certification, aiming to foster deeper connections within the community it serves while upholding its core values.

Representatives expressed enthusiasm about the company's forthcoming Sharia compliance milestone, highlighting the broader vision of fostering meaningful connections and making a lasting impact in the community. Recognizing the diverse needs of its user base, FLOOSS is committed to offering financial services aligned with Sharia principles by leveraging advanced technology and a forthcoming Sharia-compliant framework.

FLOOSS, a pioneering fintech entity has announced upcoming Sharia compliance, focusing on establishing itself in Bahrain.


As FLOOSS continues its growth trajectory, fuelled by a commitment to innovation and progressive solutions, the company aims to redefine the financial services landscape in Bahrain. Positioned as a trailblazer in the industry, FLOOSS is set to establish new benchmarks and drive further advancements in the near future.

About the company

FLOOSS Bahrain B.S.C Closed stands as Bahrain's first digital instant financing company, licensed by the Central Bank of Bahrain as a financing entity. FLOOSS is revolutionizing the lending landscape in Bahrain by providing hassle-free digital loans, eliminating paperwork and lengthy approval processes. With FLOOSS, users benefit from clarity and transparency in their financial dealings, accessible anytime and anywhere.

The Open Banking path

The company had, in October 2023 partnered with Tarabut, an Open Banking platform, to introduce fully digital loans in Bahrain through Open Banking integration. The collaboration is focused on enhancing FLOOSS's digital lending process and cutting down loan approval times by utilizing Tarabut's Income Verification product.

This innovative approach has drastically reduced the loan approval process to mere minutes, a stark contrast to the previous two-week timeframe. By harnessing Open Banking APIs, the newly launched product aims to facilitate instant loan approvals, replacing the traditional, time-consuming approval process with a swift, automated system.

FLOOSS initiated the partnership with Tarabut with the objective of providing customers with a seamless lending experience. This includes offering easier access to loans, saving time and money, enhancing security measures, and digitizing the conventional manual loan application process.

Tarabut has revolutionized the customer experience by granting direct access to customers' salary information, eliminating the need for manual submission of salary certificates during the application process.

Bahrain's increasing demand for personal loans underscores the importance of credit access for consumers in achieving their financial objectives, managing emergencies, and making investments. Tarabut's Income Verification product empowers FLOOSS to deliver simplified and expedited loan approvals, ensuring consumers have timely access to the funds they require.

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Keywords: Open Banking, digital wallet, lending, API
Categories: Banking & Fintech
Companies: FLOOSS
Countries: Bahrain
This article is part of category

Banking & Fintech


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