Vault22 Targets UAE with Shariah-Compliant Fintech Platform Hafiq by 2026

Vault22, the fintech backed by Standard Chartered’s innovation arm, is turning its attention to the UAE, betting that appetite for digital, Shariah-compliant finance is only getting stronger across the Gulf.

The company plans to roll out a new platform, Hafiq, in the country by mid-2026. The launch marks a clear step into the region’s Islamic finance market, which has been expanding at serious pace. Industry estimates put the sector at around $6 trillion in 2024, not small change by any measure.

Hafiq is positioned as a faith-first personal finance platform. In simple terms, it blends wealth management with tools built around Islamic principles. There is AI-driven screening to filter out non-compliant investments, a real-time zakat calculator, and curated portfolios aligned with Shariah guidelines. For younger investors who want their money to reflect both their values and their return expectations, that combination could be spot on.

I have noticed, speaking to founders across the region and at Arageek events, that many Gen Z and millennial investors are no longer satisfied with generic savings apps. They want control, clarity, and alignment with their beliefs. The old model feels, well… a bit of a faff. So platforms like Hafiq entering the UAE at this moment does not feel random.

Vault22 itself is still relatively young. It emerged from the merger of South Africa’s 22seven and Singapore-based Autumn. Its backers include SC Ventures and Next176, the venture arm of Old Mutual Group. That blend of African and Asian roots, paired with Gulf ambition, is interesting in a market where cross-border fintech plays are becoming more common.

Setting up in the Dubai International Financial Centre gives the company a recognised regulatory base and easier access to regional capital. It is also reported to be in discussions with Gulf-based investors, including family offices, as it prepares for its next growth phase. On the flip side, the UAE is not short of fintech competition, and Islamic finance specialists already operate in the market. Vault22 will need to prove its tech and user experience are truly differentiate enough to stand out.

Beyond the Emirates, the roadmap stretches further east. Plans are in place to expand Hafiq into Southeast Asia, including Malaysia and Indonesia, two heavyweight Islamic finance markets. At the same time, Vault22 is scaling its core platform across Africa.

In South Africa, where most of its one million users are based, the company is exploring crypto and stablecoin offerings. It is also developing infrastructure services that allow banks to plug in digital wealth products without building everything from scratch. I reckon this B2B angle could quietly become one of its strongest cards, especially as traditional banks look to modernise without tearing up legacy systems.

Timing, of course, is everything. Ongoing geopolitical tensions and wider market uncertainty have pushed many consumers to rethink savings, risk and long-term planning. Faith-based finance, delivered through intuitive digital tools, may well resonate more strongly in such an environment.

And believe it or not, Islamic fintech is no longer niche. It is becoming part of the mainstream conversation across MENA and beyond. If Vault22 executes well in the UAE, this could be more than just another market entry. It could be a signal that the next wave of Islamic finance will be mobile-first, values-driven, and built for a generation that expects transparency at the tap of a screen.

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