Vault22 plans to launch an Islamic financing platform in the UAE

SadaNews - Vault22, a fintech company supported by the innovation unit of Standard Chartered, intends to enter the Islamic finance market by offering Sharia-compliant services in the areas of personal finance and wealth management in the United Arab Emirates.

The company will launch a new platform in the Gulf state, around mid this year, named "Hafiq," presenting it as an approach based on faith in managing personal finance. The platform will provide a tool for verifying Sharia-compliant assets supported by artificial intelligence to help users make their investment decisions, as well as an instant zakat calculator, alongside a range of exchange-traded funds and specialized portfolios designed to attract millennial and Generation Z investors.

The impact of the Iran war on Vault22's plans

This announcement comes as the U.S.-Israeli war on Iran, now entering its 24th day, approaches a potential turning point. The UAE reported that Iran launched drone and missile attacks throughout the night, continuing into the morning, just hours before the deadline set by President Donald Trump to reopen the Strait of Hormuz.

SC Ventures, a part of Standard Chartered, and Next176, the project-building arm of Old Mutual Group, Africa's largest insurer by assets, established Vault22 about two years ago, aiming to capitalize on the rapid growth of Islamic finance markets and AI-driven wealth management solutions in emerging and frontier markets.

The global Islamic finance sector is valued at $6 trillion in 2024, with the UAE ranking fourth globally in terms of asset size, according to a study by the London Stock Exchange Group and the Islamic Corporation for the Development of the Private Sector.

Stephen Ong, co-founder of Vault22, responded to a question about the impact of the Iran war on expansion plans: "People need now more than ever, in times of uncertainty, to be able to manage their risks and their money and to make long-term decisions about their wealth and savings. People also need good wealth management solutions, and we believe they primarily need this type of Islamic tools to help them meet their religious obligations."

Dubai Headquarters

The company was founded through the merger of 22seven, a popular budgeting and tracking platform in South Africa, with Autumn, a financial goal planning and wealth app incubated in Singapore. The company has established its headquarters at the Dubai International Financial Centre to support plans for launching the "Hafiq" platform in major Islamic finance markets in the Gulf region, as well as in Malaysia and Indonesia, alongside expanding the Vault22 platform in Africa.

Benito Maple, CEO and co-founder of Vault22, stated: "The UAE provides a rapidly evolving ecosystem ready to empower projects like ours. Regulatory maturity and clarity are important, and they are available here, and there is also a strong link between the Middle East and Africa through the financial corridor we are moving within."

The co-founders also clarified that the company, which also counts Franklin Templeton among its supporters, is in talks with potential investors, including Gulf-based family offices, to support expansion plans, without disclosing their identities.

In Africa, the company is set to provide infrastructure for two banks to use in launching their own brands, allowing them to offer digital wealth products to their customers without needing to build their systems, and is in talks for similar arrangements with other entities, according to Maple, who declined to specify them.

Vault22 plans to launch services related to cryptocurrencies and stablecoins on its platform in South Africa, where the vast majority of its more than a million users are located. It is also considering offering its services to independent financial advisors in the country.