UmrahCash, a pioneering fintech platform, has signed a Memorandum of Understanding (MoU) with the Muttawffys of Arabs Hajj Company (Ashraqat).
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The signing ceremony took place during the Hajj Conference and Exhibition, the prestigious fourth edition organized by the Ministry of Hajj and Umrah under the patronage of The Custodian of the Two Holy Mosques, King Salman Bin Abdulaziz Al Saud.
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This landmark agreement unites two innovative entities in their shared commitment to revolutionizing the pilgrimage experience for millions of Hajj and Umrah visitors to Saudi Arabia. With a focus on enhancing Islamic financial inclusion, the partnership aims to provide seamless, efficient, and innovative solutions for pilgrims while supporting the broader goals of Vision 2030.
The MoU outlines a collaborative framework where UmrahCash and Ashraqat will leverage their expertise to:
- Financial Services: expand UmrahCash’s infrastructure to enable Ashraqat’s partners and pilgrims to access local currency easily in Saudi Arabia, reducing reliance on inefficient or costly financial channels.
- Product Development: collaborate on developing innovative services and solutions, combining Ashraqat’s extensive experience in Hajj services with UmrahCash’s cutting-edge fintech capabilities.
- Marketing and Publicity: launch joint campaigns to raise global awareness of both organizations’ offerings, utilizing shared branding and marketing strategies to reach a broader audience of potential pilgrims.
This collaboration is a key step in achieving both entities’ vision of improving the overall pilgrimage experience. By modernizing and expanding the financial and logistical services available to pilgrims, the partnership will address long-standing challenges faced by millions of travelers, such as limited access to local currency and outdated service systems.
William Phelps, CEO and Founder of UmrahCash, remarked: “Pilgrimage is a sacred journey that should be enriching and seamless. Through our partnership with Ashraqat, we aim to eliminate barriers, providing pilgrims with financial and logistical support that is transparent, reliable, and in line with modern standards. Together, we are creating a future where pilgrims can focus solely on their spiritual journey.”
About UmrahCash
Established in Jeddah, Saudi Arabia, and Kano State, Nigeria, UmrahCash is a fintech platform dedicated to advancing Islamic financial inclusion. Using stablecoin technology, it simplifies currency exchange and payments for Hajj and Umrah pilgrims, processing over $1 million in monthly transactions, less than a year since launch.
This partnership between UmrahCash and Ashraqat marks a significant milestone in the transformation of Hajj and Umrah services, fostering innovation and accessibility for pilgrims worldwide.
