Switzerland-headquartered Instimatch Global has launched a Shariah compliant interbank money market deal-matching service in partnership with UK-based commodity Murabahah broker Eiger Trading Advisors.
The partnership with Eiger Trading provides Instimatch Global, an institutional money market lending digital platform, access to Shariah compliant assets and trade structuring services allowing a fully integrated trading workflow from execution to post-trade while ensuring compliance to Islamic laws. In other words, it is end-to-end Islamic trading fully automated through straight-through processing.
For Instimatch Global’s CEO, Daniel Sandmeier, this engagement paves the way for reinventing conventional ways in which money markets operate.
Operating out of Zurich, London and Doha, this new service would open up new markets for Instimatch Global, which currently serves over 150 institutional clients across 21 jurisdictions. Abdullah Al-Ghanim, the company’s head of MENA, confirmed that the company has completed its first ever digital end-to-end Murabahah transaction involving Warba Bank and Burga Bank in Kuwait.
“We believe in encouraging the technological innovation and evolution of the Islamic finance industry and we feel that the Eiger Trading Platform will bring the necessary technology to their innovative platform,” Eiger CEO Stephen Openshaw said. “This is, we hope, the start of a successful relationship and this alliance further demonstrates Eiger’s continued commitment to being first in our peer group for process automation.”