What Halal-Certified, No-Hidden-Fee Banking Means for Your Wallet

If you’re like many Americans, chances are you’ve paid some form of penalty or fee for committing a banking “sin”. You know the story: if you don’t have enough money in your checking account, a fee is assessed. If you unknowingly debit a certain amount of money over your limit, you will incur an overdraft fee. And, if you decide to send money to a loved one overseas, you are unnecessarily charged a convenience fee. At every turn, your hard-earned money is swept away, without good cause.

However, a variety of digital banking and financial service options are becoming more and more ubiquitous. Why? When you don’t have to worry about building operations, utilities, hiring staff to man the posts—banks save a lot of money. In doing so, they pass the savings off to the customers by removing minimum balance fees, overdraft fees and other penalties that brick-and-mortar banks can’t offer.

One particular niche market that has arisen is halal-certified digital banking. What is halal? Simply put, it is more than an ideology; it’s a lifestyle—a practice derived in managing one’s life in ethical and righteous ways. In terms of banking, the halal-certified process works best for those who have any moral objections to paying high interest rates and unreasonable fees. With no-interest loans as a leading product, consumers can gain an entirely new level of savings.

This is where Fair Fintech comes in. According to The Arab American News article, Fair provides a halal-certified financial services option that caters to the needs of any person who wants to save money and, in due time, build financial and sustainable wealth. What makes Fair a major player in the Fintech market is that it is doubly certified to give consumers peace of mind and a security net that offers assurances on two fronts—the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) ensures halal-compliance, while the FDIC insures members’ funds up to $250,000. It is a 1-2 punch that provides ALL consumers the opportunity to, safely, build wealth on a consistent basis. This is especially key for our Black and Latinx communities who have had limited opportunities to build wealth and to circulate it within their communities. When communities of color are economically empowered, they come out stronger, more resilient and strengthen the financial fabric of this country.

As stated in The Halal Times, what makes Fair unique from its competitors is its membership-based model: Fair provides an avenue by which a person can pay a one-time, lifetime fee of $99 or a monthly $9.99 membership fee. That’s it. Nothing more. By doing so, the consumer can unlock all the banking and financial services in a digital setting. This method not only offsets the excessive bank fees paid by Americans on an annual basis ($329/year, bankfeefinder.com), but ensures the products and services are provided at no cost to the consumer.

So, no more fees, penalties nor inconvenience. Just peace of mind knowing you get to keep more of your money to steadily pay off debt, save for a vacation or put aside for a rainy day. It’s what we’ve always thought could be possible and now is possible!

At the heart of it all, Fair’s purpose is grounded. Fair’s CEO, Khalid Parekh, makes it clear: “Fair is a company created by immigrants, for immigrants.” For many, that statement tells the story. Someone who understands what it means to pick yourself up off the ground, brush yourself off and push harder to chase those big, audacious goals. It’s what makes Fair most appealing.

As awareness grows on the variety of no-fee services and products Fair has to offer, it is sure to give the big banks a “run for their money”.