Rakeez Capital, a Saudi-based fintech company, has received Shariah certification for its automated Sukuk issuance platform, allowing the company to offer Sukuk investment opportunities in Saudi Arabia.
Licensed by the Capital Market Authority to offer and invest in debt capital market instruments, the Fatwa issued by Bahrain-based Shariyah Review Bureau (SRB) will allow Rakeez to issue and trade Sukuk Murabahah for the retail and institutional markets.
“A platform that completely digitizes the issuance and settlement of Sukuk market for retail and SME investors is an excellent initiative. We see that the platform will help issuers and investors draw great potential and reduce the overall costs associated with such a capital market product,” said Yasser S Dahlawi, CEO of SRB.
Founded last year by Saeed AlAhmari, Rakeez Capital earlier this month confirmed that it had launched and opened subscriptions to Sukuk offerings through the platform.
Saudi Arabia is an active Sukuk issuer, contributing to the US$178 billion issued last year. Moody’s Investors Service projects global Sukuk offerings to moderate to U$170—175 billion this year.