StructurePre-dissolution the app offered UK current accounts, a Visa debit card, domestic/international payments and FX, ethical card controls (blocking gambling/alcohol merchants) and a Zakat-giving feature, all through Payrnet as the principal EMI (so balances were e-money, not FSCS-protected deposits).
A consumer alert rather than an option. Rizq Financial Technologies Ltd was DISSOLVED on 9 January 2025 (Companies House, no. 12460673). Its old web address, getrizq.co, no longer hosts Rizq: when re-checked on 1 October 2026 it redirected to an unrelated gambling domain, so do not visit it. Rizq operated as an e-money (EMD) agent of Payrnet. In June 2023 the Bank of Lithuania revoked the e-money licence of UAB Payrnet, the group's Lithuanian company, for serious violations; the UK company, PayrNet Limited, remains active at Companies House. EMD-agent e-money balances were never FSCS-protected. Do not open accounts; any former customer with funds should contact the FCA/FSCS for guidance.
Contract-grade public documents were read directly (e.g. a full Terms & Conditions or a scholar-reviewed contract). This rates our certainty, not the provider’s compliance.
Established & regulatory standing
The verifiable facts
Established
Incorporated 13 Feb 2020; DISSOLVED 9 January 2025 (Companies House).
Regulatory standing
DISSOLVED. It operated as an e-money (EMD) agent of Payrnet (reported FCA agent ref 902910, not re-verified here). In June 2023 the Bank of Lithuania revoked the e-money licence of UAB Payrnet, the group's Lithuanian company, for serious violations and said it would seek bankruptcy proceedings; the UK company PayrNet Limited (no. 09883437) remains active. E-money held via an EMD agent is NOT FSCS-protected.
Shariah board
Who certifies it
Mufti Talha Ahmad Azami was cited as Shariah adviser (with earlier references to Mufti Faraz Adam); no active Shariah oversight is verifiable given the dissolution.
A named, credentialled board is a real signal — but a provider’s own board certifying its own product is not the same as arm’s-length review. Weigh it alongside the independent commentary below.
Independent scholarly review
What independent scholars have said
None verifiable — the legal entity no longer exists.
Independent commentary is weighed, not treated as a final personal ruling. A body that rules one way is one respected voice, not a universal consensus — and rulings can lag changes to a live contract.
How the structure works
The mechanics, in principle
Pre-dissolution the app offered UK current accounts, a Visa debit card, domestic/international payments and FX, ethical card controls (blocking gambling/alcohol merchants) and a Zakat-giving feature, all through Payrnet as the principal EMI (so balances were e-money, not FSCS-protected deposits).
This describes the structure in principle — it is not a verdict on the executed contract. Note too that FCA/PRA regulation guarantees consumer protection and solvency oversight, not Shariah-compliance; the checklist below is what tests the fiqh.
From the public documents
How the contract actually works
Read from Rizq — DISSOLVED (cautionary)’s own public materials — white papers, product pages, FAQs and fatāwā — not its executed contract, which is generally not published. Where a point is undisclosed, it is said plainly rather than guessed. Sources are listed below.
The company is legally dissolved, and its last filed accounts pre-dated dissolution by years. The 2023 Lithuanian licence revocation concerned UAB Payrnet, a sister company of the UK e-money issuer, and the old getrizq.co domain now redirects to an unrelated gambling site, a further hazard for anyone searching for Rizq. The original concept (no interest, ethical spending controls, Zakat integration) was sound, but the EMD-agent/Payrnet structure never gave FSCS protection for balances, and any consumer still holding funds faces potential loss. This entry exists purely to warn.
The Six-Pillar test
The questions that decide it
This is the universal lens this site applies to every home-finance contract, anywhere. Read each pillar as a question to put to Rizq — DISSOLVED (cautionary)’s executed contract — not its brochure.
- 1
Real ownership
Does the financier genuinely take ownership of the asset — even briefly — and bear a real owner's risk, rather than only ever holding a debt secured against it?
- 2
Risk-sharing
If the asset is destroyed or its value collapses, does the financier share that loss in proportion to its stake, or is the customer left bearing it alone?
- 3
Rent vs interest
In a lease/co-ownership, is the rent benchmarked to a genuine market rent for the property — or is it calibrated to an interest rate (a base-rate + margin) in disguise?
- 4
Default mechanism
On default, does the contract behave like the end of a real lease/partnership — or does it accelerate like a loan, demanding the full outstanding 'principal' plus charges?
- 5
No guaranteed pre-fixed return
Is the financier's return tied to real ownership and risk, or is it a pre-fixed, guaranteed sum that arrives regardless of what happens to the asset?
- 6
Substance over form
Strip away the Arabic labels: does the cashflow, risk, and outcome differ from a conventional loan — or is it the same economics wearing a compliant name (ḥiyal)?
Before you sign
What to ask Rizq — DISSOLVED (cautionary), in writing
Put these to the provider in writing and keep the answers. The reply — not the marketing — is what tells you whether the structure holds.
DO NOT open a Rizq account — the company is legally dissolved (9 January 2025).
If you hold a Rizq account, withdraw your funds immediately and contact the FCA/FSCS for guidance.
Check whether Payrnet Limited's UK FCA authorisation remains valid before relying on any linked balance.
Do not assume e-money in an EMD-agent account is FSCS-protected — it is not.
Use an FCA-authorised Islamic bank with FSCS deposit protection (e.g. Al Rayan, Gatehouse) instead.
The honest gap
What we have not verified
- The old getrizq.co domain redirected to an unrelated gambling domain when checked on 1 October 2026; who controls it is unknown.
- PayrNet Limited (UK) remains active at Companies House; its current FCA permissions were not re-verified here.
- Whether any successor entity has continued operations is unverified.
The reasoning
Why this verdict, and not another
A verdict is only as honest as the reasoning behind it. Here is why Rizq — DISSOLVED (cautionary) sits where it does — what keeps it off a clean pass, and what keeps it off an outright avoid.
Not a clean pass because
The company is DISSOLVED (Jan 2025), the Payrnet group's Lithuanian company lost its e-money licence in 2023, balances carry no FSCS protection, and its old domain now redirects to a gambling site.
Not an outright avoid because
Marked yellow only as a cautionary placeholder — the original concept was a credible Islamic banking app with a named Shariah adviser; the dissolution is the paramount, overriding concern. In practice: avoid.
Sources
What this read is built on
The verifiable references behind this page — provider documents and independent scholarly resolutions. Read them yourself; do not take our summary on trust.
- Companies House — Rizq Financial Technologies Ltd (DISSOLVED)
- Companies House — PayrNet Limited (UK, active)
- Crowdfund Insider — Bank of Lithuania terminates UAB Payrnet's e-money licence (June 2023)
- Bank of Lithuania — Payrnet (UAB) licence revoked for AML violations
- Fintech Futures — Bank of Lithuania revokes Payrnet EMI licence
- FCA Register — PayrNet Limited