Istanbul/Turkey: “Workforce is the Real Valued Asset for every Employer. If they don’t feel financially secure, they won’t be motivated and productive. What about PayDay Takaful; a Smart Bridge to financial wellbeing and a Catalyst for Production ” Dr. Mohamed Anouar, Co-founder and Managing Director of PayDay Takaful (PDT) told Elmangos News.
The TakafulTech PDT was launched at the 3rd Global Islamic Fintech Summit in Istanbul as a Game Changer solution shaping the future of financial Wellbeing.
PayDay Takaful (PDT) is a next generation technology partner to Insurance, Banks/Microfinances Institutions and Employers (private/Public) aiming to smartly empower Workforce and increase their productivity thru a unique Shariah-compliant Insurance and financial solution.
Recent statistics show that financial distress is the most stressful cause of being unproductive/motivated. 92% of Employees are facing unforeseen circumstances and seek financial help before the pay day. However, the majority of Employers are unable to solve this problem due to the related financial and administrative hassles.
An action to call solution, PDT relieves Employees from financial distress before the pay day by providing the protection they need against unforeseen circumstances without impacting the Employers’ cash flow or treasury. PDT offering consists of a Takaful cover coupled with tailored financial solutions (advance on salary) rather than purely loans backed to salary.
With PDT, Employees have an instant and early access to their salary (as Advance) when they need urgent cash, without credit check in a fully digital manner, while avoiding expensive borrowing/overdraft fees. So, Employees feel financially secure all the days before the pay day and become more and more motivated and productive.
A fully digital solution, PDT has designed a secured and user-friendly Mobile App as one-stop-shop where Employees choose Takaful insurance bundles and manage their financial needs anywhere and anytime. Also, a Web platform has been built for Employers to manage their Employees’ onboarding and salary advance requests as well as to control over financial data and statistics.
At a macro-level, PDT contributes in the reimagining of the financial inclusion ecosystem so the low-income employees who are not welcomed by the mainstream banking system in addition to the non-bankable people having a mobile phone; both have access to financial services on a massive scale. The said represents an opportunity for PDT partners (Insurers, Banks, and Microfinance companies) to outreach untapped clients and smartly increase their profitability accordingly.
Dr. Mohamed Anouar, Co-Founder & Managing Director of PDT, “The traditional pay cycle is failing many average workers to expensive borrowing or to go through extreme measures to cover their needs before the pay day. PDT provides Employees the protection they need against unforeseen circumstance so to live a balanced financial life”