Design a Shariah-compliant Rotating Savings and Credit Association (ROSCA) feature within a banking mobile app.

Open challenge

The objective of this challenge is to design and develop a Shariah-compliant Rotating Savings and Credit Association (ROSCA) feature in a mobile banking app. The feature should cater specifically to the needs and preferences of Islamic banking customers, ensuring that it aligns with Shariah principles. Participants are tasked with creating an inclusive, user-friendly, and innovative solution that promotes financial inclusion while adhering to Islamic finance principles.

Overview

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Details

Description

The submission should analyze the following:

1. Shariah Compliance: The solution must adhere to core Islamic finance principles, ensuring that no interest (Riba) is charged, and it must promote risk-sharing, fairness, and transparency.

2. Financial Inclusion: The solution should be accessible, allowing individuals from different economic backgrounds to participate, including those in underserved or unbanked communities.

3. User-Centric Design: The feature must be simple, intuitive, and capable of managing diverse financial needs, with user-friendly interfaces and automated functionalities to minimize manual intervention.

4. Community and Trust Building: The feature should foster a sense of community and mutual trust among participants, ensuring that they have a transparent and fair process for saving and borrowing.

5. Smart Automation: Automation of contributions, payouts, and disbursements should be built into the system, along with a method to ensure timely collection of funds.

Status

Registration closed

Registration ended

Prize

Sponsor

Regions

Global

Topics

Diversity & Inclusion

Personal finance management

Banking

Digital banking and lifestyle