Algbra — a fintech grounded in sustainability, inclusivity and ethical financial services — identified the demand for impact-driven financial services tailored for sustainability and faith-based needs. With industries trending towards personalized, conscious consumption, the finance sector remains one-size-fits-all. Ninety-two percent of British Muslims prefer Sharia-compliant services if offered. Globally, 800 million of the 1.4 billion unbanked are Muslims, stressing the need for ethical finance, especially since 78% have mobile access. Seventy-two percent of global GHG emissions come from household consumption, and while 73% of millennials aim to reduce their environmental impact, information and accessibility are key barriers.
Starting with Mastercard debit cards, the relationship expanded to include ESG products like the Carbon Calculator tool, developed with Swedish fintech Doconomy. This tool, integrated across Mastercard’s network, allows Algbra to offer insights into users’ carbon footprints, promoting sustainable spending. It calculates emissions and suggests sustainable living tips, supporting forest restoration through the Priceless Planet Coalition. Together, Mastercard and Algbra embrace this initiative, targeting the restoration of 100 million trees in five years, aiding in climate regulation, deforestation protection, disaster reduction and community support.
Algbra, supported by Mastercard, became the UK’s first ethical, Sharia-compliant fintech to gain full EMI authorization from the Financial Conduct Authority. Their platform’s launch on major app stores marked a significant step towards their mission. Together, they have enhanced operational resilience, have increased community engagement through cultural and educational events, and are committed to creating a sustainable, inclusive financial landscape that aligns with modern consumer values and addresses major societal challenges.