We operate a logistics company in the MENA region, coordinating shipments and paying multiple partners and vendors across several countries. Before using Shokran.io, sending payments to local and international partners was slow and confusing. Bank transfers often took days, and tracking who was paid and when was a constant headache.
Since switching to Shokran.io money transfers and business accounts, everything has become much smoother. We can now send payments quickly, track them in real time, and manage multiple currencies without mistakes. Using ecommerce payment solutions for our online invoicing also helped reduce errors and made it easier for clients to pay on time.
The team at Shokran.io was very helpful during setup and provided guidance for integrating all the features we needed. It has significantly reduced our administrative workload and improved cash flow reliability.
What reviewers say about Shokran
What is Shokran?
Shokran is an Islamic payment platform designed for SMEs and retailers, offering financial products that comply with Islamic Law. The company operates under strict regulatory frameworks and uses a dedicated Shariah supervisory board to ensure all services align with sharia finance principles. Their platform allows users to send and receive money domestically and internationally with competitive rates and fees.
Where is Shokran located and what are its legal registrations?
The business is headquartered in Labuan, Malaysia, at Office Suite 1356, Level 13(C), Block 4, Financial Park Complex Labuan, Jalan Merdeka, 87000 Labuan F.T. They also operate under Canadian law as Finvoka Payments Inc. and hold an MSB registration number M23841914. Banking services are provided by partner financial institutions, including Zand Bank, subject to applicable regulations.
What specific products and services does Shokran provide?
Shokran offers a variety of financial products including business accounts, money transfers, ecommerce payments, instant transfers, currency exchange, and multi-currency accounts. They also provide swift transfer services and operate with a focus on ethical finance, avoiding riba (interest), gharar (uncertainty), and maysir (prohibited industries). The platform supports USD, EUR, and USDT operations for businesses.
Who is the ideal customer for Shokran's services?
The platform is designed for SMEs, agencies, and entrepreneurs who want to overcome common financial hurdles such as lengthy onboarding, high fees, or rejection by traditional banks. It allows accessibility by funding accounts with any amount, making it ideal for new businesses. The service aims to connect MENA businesses to international markets while maintaining ethical and transparent financial practices.
What principles and security measures does Shokran follow?
Shokran emphasizes ethical finance by adhering to three core principles: no riba (interest), no gharar (uncertainty), and no maysir (prohibited industries). They also claim to use advanced encryption to protect data and maintain AML & KYC procedures that meet global standards. The company states that their transfers are transparent and secure, using real-time exchange rates.
What currencies does Shokran support for transactions?
The platform supports multiple currencies including USD, EUR, and USDT, catering to a global user base. They also mention supporting USDT operations specifically, which is a unique feature for businesses dealing with cryptocurrency alongside fiat currencies. This multi-currency capability is essential for international trade and remittances.
How does Shokran handle currency exchange and uncertainty?
Shokran claims to use real-time exchange rates for their currency exchange services, eliminating the need for physical currency exchange locations. They also emphasize minimizing uncertainty (gharar) in their financial products, which is a key aspect of Islamic finance. This approach ensures transparency and fairness in every transaction.
How can I contact Shokran?
You can reach Shokran by phone at +971522420493.
What is the official website of Shokran?
The official website of Shokran is shokran.io.
How is Shokran rated on Trustburn?
On Trustburn, Shokran has a rating of 5 out of 5 based on 1 review.
AI-generated from reviews on this page. Verify anything important with the company directly.
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- Website
- shokran.io
- Phone
- +971522420493
- marketing@shokran.io
- Categories
- Financial services, Banking