Saudi-based Lamaa has secured Shariah approval for its supply chain digital solution as part of its strategy to tap the Islamic financial market.
The product, Dynamic Solution, was certified Shariah compliant by Bahrain-based Shariyah Review Bureau.
“We wanted to contribute to achieving the Kingdom’s vision and build Shariah compliant supply chain products enabling suppliers to access their receivables very quickly and conveniently. Dynamic Discount is the first of the platform’s offering whereby it empowers both the SMEs and suppliers by facilitating a voluntary immediate settlement of an invoice,” commented Sumeet Khutale, the founder and CEO of Lamaa.
As at the 23rd March 2022, there are 23 Islamic fintech service providers in Saudi Arabia, excluding Lamaa, according to the IFN Islamic Fintech Landscape.