Ethical | Intelligent | Inclusive
About Faratech
Tech + Conscience — where innovation meets integrity. We are the leading Sharia-compliant digital bank in Senegal and the WAEMU region, driving financial inclusion through ethical, accessible technology.
Our Mission
To provide mobile-first, affordable, and secure banking services that empower individuals, MSMEs, and families — particularly the underbanked — through faith-aligned, transparent, and data-driven financial solutions.
Our Vision
To become the leading Sharia-compliant digital bank in Senegal and the WAEMU region, driving financial inclusion through accessible, ethical, and innovative technology.
What We Offer
Faratech integrates digital banking, Islamic finance, and community capital to serve a broad base of users.
- Mobile-first, low-cost platform for the unbanked.
- Faith-compatible products (Murabaha, Musharakah, Ijara, Takaful).
- Ethical data ownership and "data dividend" sharing.
- Multilingual, USSD-friendly interface ensuring national inclusion.
Our Values
The principles that guide everything we do
Sharia Compliance
Every product and service is reviewed and approved by our independent Sharia Advisory Board.
Transparency
Clear, upfront disclosure of all fees, profit rates, and terms. No hidden charges.
Ethical Banking
We only invest in halal businesses and support ethical, community-focused initiatives.
Innovation
Modern digital banking technology combined with time-tested Islamic finance principles.
Our Sharia Advisory Board
Our independent Sharia Advisory Board oversees all products, services, and operations to ensure strict compliance with Islamic banking principles. The board provides guidance, reviews contracts, and certifies that all our activities align with Sharia law.
Dr. Ahmad Al-Mansouri
Chairman, Sharia Advisory Board
PhD in Islamic Finance, 20+ years experience
Dr. Al-Mansouri is a renowned scholar in Islamic finance with over two decades of experience. He has served on Sharia boards of major Islamic banks across Africa and the Middle East. He specializes in modern Islamic banking structures and Sharia compliance frameworks.
Sheikh Fatima Hassan
Sharia Board Member
Expert in Islamic Commercial Law
Sheikh Hassan is a leading expert in Islamic commercial law (fiqh al-mu'amalat). She has extensive experience in reviewing and structuring Sharia-compliant financial products, particularly in trade finance and investment structures.
Dr. Omar Ibrahim
Sharia Board Member
Specialist in Modern Islamic Banking
Dr. Ibrahim specializes in adapting traditional Islamic finance principles to modern digital banking. He has been instrumental in developing Sharia-compliant fintech solutions and ensuring digital banking platforms maintain Islamic principles.
Certification & Oversight
Our Sharia board provides independent oversight and certification for all products and services.
Key Responsibilities:
- Review and approve all financial products before launch
- Audit existing products and services for ongoing Sharia compliance
- Review and approve all contracts and agreements
- Provide guidance on complex transactions
Certification Status
International Sharia Compliance Council - Active
Issued: 2024
Our Journey
Key milestones in our growth
Foundation
Faratech was founded with a vision to bring ethical, Sharia-compliant banking to West and Central Africa.
Sharia Board Formation
Established our independent Sharia Advisory Board with renowned Islamic finance scholars.
Regulatory Approval
Received banking license and regulatory approval to operate as a digital Islamic bank.
Product Launch
Launched our first suite of Sharia-compliant products including savings, financing, and investment options.
Expansion and Growth
Regional Expansion across West and Central Africa to reach 100% of the population
Join Us on Our Mission
Tech + Conscience — where innovation meets integrity