Alizz Islamic Bank and IFIN have partnered to launch the first instant ‘Goods Financing’ product. This launch comes with the backdrop of the bank's constant pursuit to provide its clients with innovative financial solutions. The bank has inaugurated this instant finance solution with Danube Home’s Al Khuwair Branch as the first outlet to welcome the bank's customers able to avail instant finance on their furniture right at the store. The service is being rolled out across the entire branch network of Danube Home over the next few weeks. This new service will allow customers to instantly take home their desired goods from the store having them financed for up to 120 months without the need of visiting any bank branch. The process of availing of finance has been simplified into a simple 10-minute process at the store’s checkout counter, where the customer will go through an online verification process and sign the finance contract following an immediate approval. IFIN is the world’s first Sharia-compliant, multi-institutional, multi-product, multi-channel Islamic fintech solution facilitating instant Islamic financing at the retailer outlets. This game-changing solution is geared to redefine the way Islamic financing is being done, making it secure, quick and easy for everyone. The first product offered by the bank on IFIN is based on the Islamic concept of Goods Murabaha, where the bank purchases the goods desired by the customer, from the authorised dealer and sells the same to the customer at an agreed price that is paid in instalments. The advantage is complete transparency as the customer knows the bank's profit margin and instalment plan at the time of signing the contract. This arrangement allows for immediate possession and ownership of the goods by the customer who never pays more than the agreed amount.