UAE - Mubasher: Zurich Capital Funds Group has launched the world's first fully Islamic Shariah-compliant digital bank, known as RIZQ/BARAKA bank, from the UAE.

The bank will offer all banking services, according to Islamic rules, only through mobile phones and computers, as these services are available on Apple's App Store, Google Play, and many communication sites and social media networks, according to a press release on Wednesday.

Based in the UAE, the digital bank has a virtual presence across the world.

The bank will establish strategic partnerships with banks and financial institutions in India, Azerbaijan, Uzbekistan, Indonesia, Malaysia, UK, Australia, Brazil, Mauritania, and Africa.

The digital bank is the third of the group's initiative in the Middle East, North Africa, and Europe, as its first achievement was the Sharia-compliant digital crypto exchange platform.

The group has also introduced sports digital currencies, including cricket coins and football coins.

It is noteworthy to mention that on 12 April, Al Maryah Community Bank received the license of the Central Bank of the UAE (CBUAE) to become the UAE's first specialised digital bank offering smart banking services built on AI-powered technology.