Vault22 plans UAE launch of Hafiq, an AI-powered Shariah-compliant finance platform targeting Gen Z and millennial investors.
Vault22, a fintech venture backed by Standard Chartered’s innovation arm, is preparing to expand into the UAE with a Shariah-compliant personal finance and wealth management platform.
Also Read: Mastercard Launches Agent Suite to Power AI in Digital Commerce
The company plans to launch Hafiq in the Emirates by mid-year, positioning it as a faith-driven digital finance solution tailored to modern investors. The platform will feature an AI-powered Shariah asset-screening tool to guide investment decisions, a real-time zakat calculator, and access to curated exchange-traded funds and thematic portfolios designed to appeal to millennial and Gen Z users.
The move comes as demand for ethical and faith-aligned financial products continues to rise globally. The Islamic finance industry was valued at approximately $6 trillion in 2024, with the United Arab Emirates ranking among the top global markets by assets, according to research by the London Stock Exchange Group and the Islamic Corporation for the Development of the Private Sector.
Vault22 was formed around two years ago through a collaboration between Standard Chartered’s SC Ventures and Old Mutual’s venture arm, Next176. The company itself emerged from the merger of South Africa’s 22seven, a budgeting and financial tracking platform, and Autumn, a Singapore-based wealth planning app.
To support its regional ambitions, Vault22 has established its headquarters in the Dubai International Financial Centre, positioning itself within one of the region’s most mature financial ecosystems. From there, it plans to roll out Hafiq across key Islamic finance markets, including the Gulf, as well as Malaysia and Indonesia, while continuing to scale its core platform across Africa.
Co-founder Stephen Ong noted that periods of economic and geopolitical uncertainty are reinforcing the need for structured financial planning tools, particularly those aligned with users’ values. The platform aims to help users manage risk, build long-term wealth, and meet faith-based financial obligations through integrated digital tools.
Beyond the Middle East, Vault22 is also expanding its footprint in Africa, where it plans to provide white-label infrastructure for banks seeking to offer digital wealth products without building systems from scratch. The company is already working with select financial institutions and is in discussions with others to extend similar partnerships.
Additionally, Vault22 is exploring the introduction of cryptocurrency and stablecoin services in South Africa, where the majority of its more than one million users are based, alongside plans to support independent financial advisers in the market.
With backing from global investors including Franklin Templeton, the company is also in talks with Gulf-based family offices to support its next phase of growth, as it looks to position itself at the intersection of Islamic finance, AI, and digital wealth management across emerging markets.
Why Vault22 Matters to MENA
Vault22’s UAE entry signals the growing convergence of Islamic finance and AI-driven wealth tools across the region.
As a leading hub, the United Arab Emirates and ecosystems like the Dubai International Financial Centre is attracting fintechs building Shariah-compliant, digital-first solutions for younger investors.
With rising demand for ethical investing and smarter financial planning, platforms like Hafiq could accelerate the adoption of modern Islamic finance while strengthening MENA’s position as a global innovation hub in this space.
