1. DEFINITIONS
The following terms and phrases, wherever used herein, shall have the corresponding meanings unless the context requires otherwise:
- Central Bank: Central bank in the country we operate in.
- IFIN: IFIN-Services / IFIN Information Technology
- Financial Institutions: Entities supervised and regulated by The Central Bank according to the applicable laws.
- Customer: A natural or juristic person benefiting from any of the products and services.
- Consumer: A natural or juristic person for whom products and services are presented.
- Platform: Any electronic means used to carry out the activity, including websites and applications.
2. BACKGROUND
IFIN is the first of its kind Shariah-compliant Fintech company established to revolutionize the Islamic finance industry using innovative technology. In addition to launching a platform that links Islamic financial institutions to retailers to facilitate INSTANT Islamic financing, IFIN offers many services to help Islamic financial institutions achieve their digital strategy goals quickly and efficiently.
IFIN’s digital transformation solutions enable its financial institution clients to move to the digital era swiftly and smoothly, thus significantly reducing their operating costs, increasing profitability, and enhancing their customer experience.
3. PURPOSE OF THIS DOCUMENT
This Privacy Policy (“Policy”) explains how IFIN for Information Technology (“we,” “us,” or “our”), a fintech company,
E-mail: info@ifin-services.com, hereinafter referred to as (“IFIN”); aims to establish a clear and comprehensive framework for IFIN’s practices.
The goal is to ensure that all efforts align with the company’s core values and meet the highest ethical standards instructed by The Central Bank. By adhering to these guidelines, IFIN strives to build customer/consumer trust and promote the quality and value of its products and services. This policy sets the minimum standards and procedures that IFIN must follow when dealing with customer Data.
4. INFORMATION WE COLLECT
4.1 Personal Information:
When you create an account or use our services, we may collect personal information, including but not limited to your name, email address, phone number, financial account information, transaction history, and other information required for the provision of our services. We collect information about your interactions with our services, such as your IP address, device information, operating system, browser type, and usage patterns.
4.3 Cookies and Similar Technologies:
We use cookies and similar technologies to collect information about your preferences and optimize your experience on our website. You can manage your cookie preferences through your browser settings.
5. USE OF INFORMATION
5.1 Service Provision:
IFIN Services may ask you to provide personal information so that it may submit it to the relevant financiers to process your finance applications and/or to allow you to interact with it. We also use your personal information to provide, maintain, and improve our services, including customer support, account management, and transaction processing.
5.2 Communication:
We may use your personal information to communicate with you regarding your account, service updates, promotional offers, or other relevant information related to our services.
5.3 Legal Compliance:
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.
5.4 Aggregated Data:
We may use aggregated and anonymized data for analytical purposes, research, and reporting. This data does not identify you personally.
6. INFORMATION SHARING AND STORING
6.1 Third-Party Service Providers:
We may share your personal information with trusted third-party service providers who assist us in operating our business and providing our services. These service providers are contractually obligated to protect your information and use it only for the purposes specified by us. These providers are and should be approved by The Central Bank.
6.2 Legal 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
We implement reasonable security measures to protect your personal information from unauthorized access, use, or disclosure. However, no method of transmission over the Internet or electronic storage is 100% secure, and we cannot guarantee absolute security. Any cyber-attacks will be reported to The Central Bank directly.
We take the safeguarding of your information very seriously, and take a number of steps to ensure it stays secure:
- Communication over the Internet between you and IFIN Services 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.
- Most of the sensitive information you gave us will be encrypted. This means it’s unreadable from server hard drives without the decryption key.
- Our technical security team proactively monitors for abnormal and malicious activity in our servers and services.
8. DATA RETENTION
We will retain your personal information for Ten years to fulfill the purposes outlined in this Policy unless a longer retention period is required or permitted by The Central Bank.
9. YOUR RIGHTS
9.1 Access rights:
You have the right to access, correct, update, or delete your personal information held by us. You may exercise these rights by contacting us using the information provided in Section 8.
9.2 Objection rights:
You may also have the right to object to or restrict certain processing of your personal information, as permitted by applicable law.
9.3 Children’s data
Our products and services are directed at adults aged 18 years and over and are not intended for children. It is IFIN’s policy never to knowingly collect or maintain information about anyone under the age of 18.
10. Policy Review
This policy will be periodically reviewed to ensure its effectiveness, alignment with applicable laws and regulations, and relevance to IFIN’s business operations. Amendments or updates to this policy will be communicated to all relevant parties.
By adhering to this policy, IFIN aims to maintain compliance, mitigate risks, and uphold its commitment to maintaining a secure and trustworthy environment for all stakeholders.
11. CONTACT US
If you have any questions, concerns, or requests regarding this Privacy Policy or the handling of your personal information, please contact us at:
Email: info@ifin-services.com