FRANCE: Digital Islamic savings platform Perenys has revealed to IFN Fintech that it is working on new solutions on the back of increasing appetite for Shariah compliant investment products in France.
The planned products include an employee savings plan, an ordinary savings account and a stock savings plan, Redouane Zad, the general manager of Perenys, told IFN Fintech, adding that these products will be certified Shariah compliant by its in-house Shariah board.
These solutions will double Perenys’ current product range which comprises of an individual retirement savings plan, a life savings plan and a capitalization contract, which unlike the first two, is designed for businesses instead of the retail market.
Driving the introduction of the new products is Perenys’ desire to diversify options to better capture the Halal investment market, with the hopes of expanding its current client base which stands at over 3,000 and has entrusted the licensed collective investment fund advisor with EUR50 million (US$54.51 million) in savings.
Despite housing the largest Muslim population in Europe and early support from former Finance Minister Christine Lagarde (current president of the European Central Bank and former IMF director) for Islamic finance, Shariah compliant financial products and services are in short supply in the world’s seventh-largest economy by GDP.
In the absence of full-fledged Islamic banks, Islamic fintech start-ups have begun to fill the gap working within the parameters of France’s agnostic regulatory framework. There are at least six other fintech start-ups providing Halal solutions in France as of the 19th March 2025, according to the IFN Islamic Fintech Landscape.
Perenys for example, came to market in 2021 taking advantage of the 2019 PACTE Law which streamlined regulations to support more businesses and innovation.
“This law introduced major reforms, particularly by restructuring the retirement savings framework with the creation of the Plan Epargne Retraite, opening up new opportunities for financial players,” Redouane explained.
As expected, operating in a secular market with little regulatory support presents its challenges, however, the start-up collaborates with a range of partners to bring their products to market. This includes engaging Suravenir, a subsidiary of Credit Mutuel Arkea, as custodian and partnering with established fund managers such as Franklin Templeton and HSBC Asset Management to create shares for funds.
It also ensures that its offerings are aligned with ESG principles, allowing it to reach to a wider audience through its network of 60 advisors.
