Public-listed SEDANIA Innovator’s fintech arm, Sedania As Salam Capital, has secured a Shariah compliance accreditation for its As-Sidq digital commodity trading Tawarruq platform.
The endorsement was awarded by AFSHA Shariah Advisory, and adds to the academic compliance approval from Islamic Banking Finance Institute of Malaysia. As-Sidq also complies with AAOIFI standards.
Over the years, As-Sidq has built itself to become a digital financial marketplace, enabling the entire credit facilitation process in a digital manner by acting as a consumer acquisition and content platform for financial services institutions, as well as connecting consumers to Islamic banking products.
To date, it has been adopted by over 80 financial services institutions and is the only financial platform in the region that uses digital commodities to facilitate financial services institutions product offerings.
Earlier in August, Sedania As Salam Capital partnered with UAE-based Codebase Technologies to jointly develop a digital Islamic banking platform. The new platform, which will adopt a subscription-as-a-service model, will feature As-Sidq as its core.