Baraka
MENA retail investing app expanding to money features.
- Who holds it
- A registered broker-dealer holds your cash and securities as client assets — DFSA-regulated investment firm (DIFC, ref. 4153); broker-led model, execution via licensed partners.
- The ledger
- The broker’s books, under client-asset rules.
- If it fails
- Client assets are returned or transferred, protected up to the investor-protection scheme’s limit.
Derived from Baraka’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Dubai, AE |
| Founded | 2021 |
| Custody | Custodial |
| Regulation type | Broker-led |
| License detail | DFSA-regulated investment firm (DIFC, ref. 4153); broker-led model, execution via licensed partners |
| Card | No card |
| Stablecoins | No |
| KYC | Yes |
| Active regions | MENA |
Verified links: official site ↗
Common questions about Baraka
What is Baraka?
Baraka is a fiat neobank, headquartered in Dubai, AE and founded in 2021. Your money is held custodially, so Baraka or its partner bank holds the balance and you hold a claim on it. It is regulated as broker-led (DFSA-regulated investment firm (DIFC, ref. 4153); broker-led model, execution via licensed partners).
Does Baraka have a card, and where can you use it?
It issues no card of its own. It is available in MENA.
Does Baraka require KYC?
Yes. Baraka requires identity verification (KYC) to open an account, as a broker-led.
Peers
Wise · Telda · Wio Bank · Zand · YAP · Liv.
Baraka appears in
Neobanks available in MENA (85) · Neobanks with no card of their own (67) · Neobanks in UAE (14)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.