Niyah’s UK launch was announced on January 21, 2020—not in 2026. The fintech proposed an Islamic banking app and financial marketplace for UK Muslims, with accounts, debit cards, investments and small-business finance among its planned services. Companies House records show that Wahed took control of Niyah Ltd in March 2021. Niyah Ltd remains an active company, but that does not confirm that a Niyah-branded app is currently accepting customers.
What Niyah launched in the UK
Niyah was presented in January 2020 as a challenger banking app and ethical financial marketplace aimed primarily at the UK Muslim community. The launch announcement described a platform intended to connect customers with financial-service providers, rather than establish that Niyah itself would provide every account, payment or investment product. FinTech Futures’ launch report covered the proposition; Crowdfund Insider also reported on the launch.
The company said it saw a gap between Muslim customers’ demand for Islamic finance and the digital services available from providers. Niyah said it had spoken with hundreds of prospective customers about banking and finance problems. That is the company’s account of its customer research, not an independently verified market survey.
Products announced at launch
Contemporary reports described a proposed range of digital accounts, debit cards, investments, SME financing and other interest-free financial products. These were launch plans, not proof that every feature reached full commercial availability. The available evidence does not establish which products were live for customers, for how long, or whether any remain available under the Niyah name. TechAnnouncer’s contemporary report described the proposition and its screening approach.
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What Sharia-compliant meant in Niyah’s proposition
Niyah’s launch coverage described its products as interest-free and said its investment approach would exclude businesses deriving most of their income from activities regarded as non-compliant. The reported exclusions included alcohol, pork products, pornography, gambling and military weapons.
“Islamic,” “halal” and “Sharia-compliant” are not universal product certifications with one standard applied by every provider. Contracts, screening rules and scholarly interpretations can differ. A customer who wants to assess a product’s religious basis should look for the specific contract structure, the scholars or supervisory board involved, and the screening methodology—not rely on a label alone. Sector exclusions can also narrow the pool of investments available.
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Was Niyah a bank?
The phrase “banking app” describes an app’s purpose or appearance; it does not establish that the company behind it is a bank authorised to take deposits. Niyah’s launch reporting also described a marketplace that would connect users to existing financial-service providers. The reports do not establish that Niyah itself held deposits or held a particular UK banking, e-money or payments authorisation.
For any financial app, identify the legal entity providing each service. An app may be a marketplace or interface, while a partner supplies the account, holds customer funds or provides regulated investments. Those distinctions affect who is responsible for the service, how complaints are handled and what protections may apply.
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The FCA says almost all UK financial-services activities must be authorised or registered and advises consumers to check its Financial Services Register. A company’s existence or an app’s branding is not a substitute for checking the relevant provider and permission. The evidence cited here does not establish that Niyah Ltd was authorised as a UK bank.
What happened after the launch?
Companies House records show Wahed Inc. became Niyah Ltd’s person with significant control on March 19, 2021. The record gives Wahed control of 75% or more of Niyah’s shares and voting rights, as well as the right to appoint or remove directors. Two individual controllers ceased to have significant control on March 18, 2021. See Niyah’s persons with significant control record and filing history. Later industry summaries also describe Wahed’s acquisition of Niyah: the State Bank of Pakistan’s March 2024 Islamic Banking Bulletin and the UK Islamic finance report.
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This establishes a change in ownership and control, not that the original Niyah app continued unchanged, that all announced products were transferred to Wahed, or that Wahed operates a Niyah-branded bank. Wahed’s UK page describes an investment proposition; it should not be treated as evidence that Niyah’s proposed current-account services are still offered. Wahed’s UK product page
Is Niyah available now?
Companies House lists Niyah Ltd as an active private company, with information-technology consultancy activities as its registered business classification and accounts made up to December 31, 2025. Wahed remains recorded as its person with significant control. These are facts about the company, not confirmation of a retail financial product. Companies House: Niyah Ltd
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The evidence does not confirm whether a Niyah-branded app can be downloaded, whether new UK customers can open accounts, whether Niyah still offers cards or investments under its own name, or whether its services were absorbed into Wahed. Nor does it establish current banking, payment-services or e-money authorisation for Niyah. Treat Niyah as a historical 2020 fintech launch under Wahed ownership, not as a currently verified standalone banking service.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before choosing an Islamic financial app
Do not submit identity documents or transfer money based solely on an old app listing or launch story. Verify the provider and product directly, especially where a marketplace introduces a separate regulated partner.
- Provider and permissions: Identify the legal entity supplying the account, payment service or investment and check the relevant entry on the FCA Financial Services Register.
- Where funds are held: Ask which institution holds deposits or client money and what safeguarding or compensation arrangements apply. Do not assume that every app balance or investment has the same FSCS protection.
- Sharia oversight: Check the product’s contract, screening criteria and named scholars or supervisory board. Standards may differ between providers.
- Full costs and features: Review account, card, transfer and foreign-exchange fees, plus whether the service supports direct debits, cash or cheque deposits, joint accounts, business use or overdrafts. Interest-free does not necessarily mean fee-free.
- Access and support: Find out how to reach customer service, recover an account if a phone is lost, access funds during an app outage, and close or transfer an account.
UK providers to investigate separately
The following services are not documented successors to Niyah. Their products and availability are distinct, so check current terms and eligibility with each provider.
Quick Recap
| Provider | What the cited source establishes | Key qualification | Official page |
|---|---|---|---|
| Wahed | UK Sharia-compliant investment portfolios; the page identifies Wahed Invest Ltd as FCA-authorised under FRN 833225. | An investment proposition, not evidence of a current account or a replacement for Niyah’s proposed banking services. | Wahed UK |
| Nomo | The app listing describes digital banking, multi-currency spending, international transfers, savings and debit-card or Google Pay spending. It names Nomo as a trading name of Bank of London and The Middle East plc, authorised by the PRA and regulated by the FCA and PRA; it says deposits are held with BLME and protected by FSCS up to £120,000. | The cited listing does not provide a complete current fee schedule. Verify terms directly before applying. | Nomo app listing |
| Al Rayan Bank | Its personal current-account page describes an interest-free, Sharia-compliant account with debit card, international payments and digital banking. | The bank says new current-account applications may not currently be available. Its product page states that, from January 1, 2023, a £5 monthly maintenance fee applies when the balance is below £2,500 on the final working day of the month; check whether the terms have changed. | Current account; Account management |
| KFH UK | The cited page provides online-banking information for KFH UK customers. | The page does not establish a direct equivalent to Niyah’s proposed marketplace or that new retail customers can currently open equivalent products. | KFH UK online banking |
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