Privacy Policy

 
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1. INTRODUCTION 

IFIN for Information Technology (“IFIN”) is an international Financial Technology (“Fintech”) company specialized in providing Islamic finance origination platform, open banking activities and associated products/services intended to connect retailers with our Financial Institution Partners (FIP) in order to offer Islamic finance facilities to retail customers and Micro, Small and Medium Enterprises (MSMEs) wishing to obtain an Islamic finance facility.  

IFIN makes it easy for businesses and individuals to access convenient and transparent financial products/services. All financial products/services offered on our Platform are Shariah compliant and in accordance with local laws and regulations.  

The financial products/services that we display on our sale’s digital channels (whether on the website or on the mobile application, together the “Platform”) are provided by our FIPs and not by us.   

IFIN aims to maintain compliance, mitigate risks, and uphold its commitment to maintaining a secure and trustworthy environment for all stakeholders. 

     

    2. DEFINITIONS 

    The following terms and phrases, wherever used herein, shall have the corresponding meanings unless the context requires otherwise:  

    Account: means a unique account created for you to access products/services offered on our Platform. 

    Personal Data: means any data/information relating to any natural or legal person. 

    Security Details: means the identification, username, password, codes, one-time passwords (OTPs), tokens and all other similar details for the purposes of identifying the authorized person to undertake a certain transaction on our Platform. 

     

    3. ABOUT THIS POLICY 

    This Privacy Policy (“Policy”) explains how IFIN (“we,” “us,” or “our”) aims to establish a clear and comprehensive framework for our practices that affect the privacy of any individual or business who accesses or uses our Platform, whether as a customer or visitor (hereafter will be referred to as “you”).  

    This Policy addresses individuals and businesses who browse our website or download our mobile app without registering or creating an account, as well as those who register for an account and use any of the products/services offered on our Platform. 

    This Policy shall ensure that all our practices are aligned with the business’s core values and meet the highest ethical standards and all applicable laws and regulation. By adhering to these guidelines, IFIN strives to build trust with you and promote the quality and value of its Platform. This Policy sets the standards and procedures that IFIN must follow when dealing with your Personal Data. 

    IFIN developed this Policy to make sure that you understand which Personal Data and information we collect about you, how we use it, share it and what steps we take to ensure it stays private and secured; as well as your data privacy rights and how you can exercise them.  

    Our Platform may include hyperlinks to, and details of, third-party websites/apps. We have no control over such websites/apps and we are not responsible for those third parties or their privacy policies. 

    Our Platform is directed at adults aged 18 years and above and are not intended for children. It is our policy to never knowingly collect or maintain information about anyone under the age of 18. 

     

    4. WHAT DATA DO WE COLLECT AND HOW WE COLLECT IT 

    4.1 Personal Data 

    When you use IFIN’s Platform and/or any of any of the products/services offered on it, we may collect Personal Data, directly from you including but not limited to your name, email, phone number, financial account information, and other data or information required for the provision of our products or services.  

    Additionally, we may collect Personal Data about you indirectly and automatically from a variety of sources, including but not limited to data and information about how you interact with our Platform, such as your IP address, device information, operating system, browser type, usage patterns and other similar information. 

    We may also, after taking your consent, collect financial and credit information on you from third party like the credit bureau, your banks and other government agencies. Such information will be only used to allow us to serve you better.

    4.2 Cookies and Similar Technologies  

    We use cookies, which are data generated and saved in your device, and similar technologies to collect Personal Data about your preferences and optimize your experience on our Platform. We may also use log files to capture your activity on our Platform. Data captured in such log files may include the types of content you view or engage with, and the frequency or duration of your activities. 

    4.2 Data from Third-Party Social Media Services 

    IFIN may allow you to create an Account and/or log in to our Platform through other third-party social media service providers like Google, Facebook and others. 

    If you do so or otherwise grant us access to additional information from your third-party social media account, we may collect Personal Data that is already associated with your third-party social media account, such as your name, email, activities and/or the contact details associated with that account. In these cases, you are giving IFIN permission to store, use, and share such information in a manner consistent with this Policy. 

     

    5. HOW DO WE USE YOUR DATA 

    5.1 Service Provision

    IFIN uses your Personal Data to give you access to the products/services offered on our Platform, process and complete your applications and to allow you to interact with our PFIs and/or retailers. We also use your Personal Data to provide, maintain, and improve the products/services offered on our Platform, including customer support, Account management, and transaction processing.  

    5.2 Communication

    We may use your Personal Data to communicate with you regarding your Account, service updates, promotional offers, or other relevant information related to the products/services offered on our Platform. 

    5.3 Aggregated Data

    We may process and disclose your personal information to comply with applicable laws, regulations, or legal processes or to respond to lawful requests from public authorities.

     

    6. TO WHOM & WHY DO WE SHARE YOUR DATA 

    6.1 Third-Party Service Providers

    We may share your Personal Data with trusted third-party service providers who assist us in operating our business and providing any of the products/services offered on our Platform. These service providers are contractually obligated to protect your data/information and use it only for the purposes specified by us.  

    6.2 Legal & Compliance Requirements

    We may disclose your personal information if required by law or if we believe that such disclosure is necessary to protect our rights, enforce our Terms and Conditions, or comply with a judicial proceeding, court order, or legal process served on us.

     

    7. DATA SECURITY

    7.1 Third-Party Service Providers

    We take the safeguarding of your information and Personal Data very seriously by taking a number of steps to ensure it stays secure, including but not limited to: 

    • Communication over the internet between you and IFIN servers is encrypted using strong asymmetric encryption. This makes it unreadable to anyone who might be listening in. 
    • We update and patch our servers in a timely manner. 
    • Our technical security team proactively monitors for abnormal and malicious activity in our servers and on our Platform. 
    • Most of the sensitive information you give us will be encrypted.  

    While we take these necessary measures to protect your Personal Data, we cannot guarantee full protection, there will always be a risk of cyber-attack.  

      7.2 Your Responsibilities  

      You are responsible for maintaining the confidentiality of your Account credentials and your Security Details including PINs, OTPs, and/or passwords linked to your Account and any activities under your Account. You must not share them with anyone. You must logout from your Account when leaving your device unattended. 

       

      8. DATA RETENTION

      We will retain your Personal Data if needed for Ten (10) years and for as long as required by the laws and regulation. We will retain it for the purposes outlined in this Policy; to resolve disputes; and enforce our legal agreements and policies. 

       

      9. YOUR RIGHTS

      9.1 Your Responsibilities  

      You have the right to access, correct, update, or request to delete your Personal Data held by us, as permitted by applicable laws.  

      9.2 Objection rights

      You may also have the right to object to or restrict certain processing of your Personal Data, as permitted by applicable laws.  

      9.3 Use Your Rights  

      If you ever find that your Account information is incomplete, inaccurate or not up-to-date, kindly log into your Account to update it. Please note that keeping your Account information accurate and up-to-date is very important and it is your responsibility to do so. You may always exercise your rights by contacting us using the information provided in Section 11. 

      10. Policy Review

      This Policy will be periodically reviewed to ensure its effectiveness, alignment with applicable laws and regulations, and relevance to our business values and operations. IFIN reserves the right to amend this Policy at any time by posting the revised terms on our Platform. Your continued use of the Platform after such changes will constitute your acceptance of the revised terms. 

      11. CONTACT US

      If you have any questions, concerns, or requests regarding this Privacy Policy or the handling of your Personal Data, please contact us at:  

      Email: info@ifin-services.com  

      12. ACCEPTANCE 

      You acknowledge that you have read and understood this Privacy Policy, and by using the Platform of IFIN you agree to the terms of this Policy as may be amended from time to time. You further authorize IFIN to obtain, use, disclose, process, store, share and retain your data and information as specified in this Policy and in accordance with applicable laws and regulations.