MyAhmed has been set up as an alternative to the banking system. It is designed to help Muslims store and save their money in a way befitting to their faith. A MyAhmed account is an electronic money account from which you can make and receive payments. You can use your account to make transfers to other accounts, set up standing orders and make direct debit payments. A MyAhmed card is a Visa-approved debit card that can be used worldwide wherever Visa is accepted. It can be used online, in shops, over the phone or to withdraw cash from an ATM.
MyAhmed is not underwritten by another bank. We use our own UK and EU licenses as well as those of our tech providers. Deposits are ring-fenced at the Bank of England and no bank can use them for lending activities.
MyAhmed has been designed to cater for the Islamic faith in the financial sphere, ensuring that all deposits are kept free from interest. Our features also help Muslims fulfil their religious duties such as the donating to charity in the form of Zakat. However, you do not have to be Muslim to enjoy our services. Features that encourage Muslims to fulfil their religious duties will not automatically affect your money. These are optional services that you can choose to engage with selectively and voluntarily.
MyAhmed is an e-money app that works as an alternative to the banking system, and should not be thought of as an actual bank. We don’t have high street branches, but you can use your MyAhmed app to transfer money to other accounts, pay for services using our Visa Debit card and deposit cash via PayPoint sites.
MyAhmed is already licensed as an e-money app. We are in the process of obtaining the required license so that we can offer interest-free (riba-free) credit, where our customers are our partners rather than just people we lend to with no alignment of fortunes.
MyAhmed operates entirely online, and therefore does not have a public branch.
A MyAhmed card is a Visa-approved debit card that can be used worldwide wherever Visa is accepted. You can only spend as much money as you have deposited into your account. Before making transfers or using your card, you need to make sure that there are enough funds in your account.
Yes. Your MyAhmed debit card can be used to make contactless payments.
You must be at least 18-years-old and a UK resident to be issued with a MyAhmed account and card. You must provide an email address and mobile phone number to open an account so that we can communicate with you. Before we can open an account for you and issue you a card, we will require evidence of your identity. You may need to provide us with documents such as a passport, driving license or national identity documents to confirm your identity and for us to carry out checks on you electronically.
If you currently reside in the UK, you can open a GBP MyAhmed account. In the near future you can open a Euro MyAhmed account if you reside in the European Economic Area (EEA).