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), yet the getrizq.co website remains live — a real risk of consumers assuming it is active. It operated as an EMD Agent of Payrnet Limited, whose Lithuanian EMI licence was revoked in June 2023 for serious AML violations (bankruptcy proceedings followed). EMD-agent e-money balances were never FSCS-protected. Do not open accounts; existing holders should withdraw and close immediately.
Read the contract →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 It operated as an FCA EMD Agent (ref 902910) under Payrnet Limited; Payrnet's Lithuanian licence was revoked in June 2023 for AML failures, with bankruptcy proceedings against Payrnet UAB. 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. Payrnet's AML regulatory failure and Lithuanian licence revocation were serious failures at the principal-EMI level, and the continued operation of getrizq.co despite dissolution creates genuine consumer confusion. 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
- Whether anyone with legal authority is maintaining getrizq.co post-dissolution is unclear.
- Payrnet Limited's UK FCA status after the Lithuanian revocation needs direct verification.
- 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), its principal EMI lost its licence for AML violations, balances carry no FSCS protection, and the live website creates a real consumer-protection hazard.
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.