Rentify, a UAE-based proptech platform designed to simplify rent payments, has secured Sharia certification from the Bahrain-based Shariyah Review Bureau (SRB). The certification confirms that the startup’s digital payment model, including its fee structures and financial arrangements, is in full compliance with Sharia principles.
Quick Facts
- Platform: Digital rent payment and workflow management.
- Milestone: Awarded Sharia certification by Shariyah Review Bureau.
- Key Offerings: Rent-Now-Pay-Later (RNPL) and flexible card payments.
Aligning Proptech with Islamic Finance Principles
Rentify engaged Shariyah Review Bureau to formally review its business model, ensuring its service-based revenue structure meets the standards for permissible financial facilitation services under Islamic law. The certification validates the transparency and compliance of Rentify’s operations, a crucial step for building trust and expanding its user base within the region’s significant Islamic finance sector.
“Securing Sharia certification demonstrates our commitment to maintaining a transparent operating structure that aligns with recognized Sharia principles,” said Rashed Hareb, Co-Founder and CEO of Rentify. He added that the goal is to contribute “to the development of responsible fintech solutions that enhance the overall rental experience.”
Tackling Rental Market Inflexibility
The move comes as digital financial solutions continue to gain traction across the UAE’s real estate market. Rentify addresses a common pain point for tenants: the financial strain caused by large, upfront annual rent payments. The platform allows tenants to break down their rent into flexible installments through its Rentify Monthly (RNPL – Rent Now Pay Later) and Rentify Flex (Pay by Card) products. For landlords, Rentify Pay offers a workflow management tool to streamline payment processing and improve financial oversight.
“Traditional rental payment structures can create financial pressure due to large upfront commitments,” commented Hareb. “Rentify was established to provide a structured digital solution that enables greater flexibility for tenants while offering landlords improved visibility and consistency in payment flows.”
The Role of Sharia-Compliant Fintech
The certification was awarded by Shariyah Review Bureau, a prominent Sharia advisory firm licensed by the Central Bank of Bahrain. SRB’s endorsement signals Rentify’s alignment with the growing demand for ethically and religiously compliant financial technology.
Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau, stated, “Digital platforms that facilitate financial transactions are playing an increasingly important role in improving accessibility and efficiency across various sectors. We are pleased to support Rentify in certifying its rent payment facilitation model and enabling the availability of Sharia-compliant solutions that address evolving market needs.”
About Rentify
Rentify is a digital platform designed to facilitate rent payments and enhance flexibility for tenants and landlords in the UAE. It offers services like Rentify Monthly (RNPL), Rentify Flex, and Rentify Pay, a rental workflow management and payment processing platform for property managers.
Source: Zawya
