UK-based Supply@ME Capital (SYME) has finally secured Shariah authorization for its Inventory Monetisation Platform as it prepares to conclude its first Islamic transaction this quarter.
The start-up’s Shariah board, comprising Sheikh Dr Mohamed Elgari and Sheikh Yusuf Talal DeLorenzo, has reviewed the mechanism of the inventory monetization service in compliance with AAOIFI standards and officially given its stamp of approval for the platform.
This approval adds yet another funding route to the company’s existing securitization model and Captive Bank. SYME, which provides working capital to businesses through the monetization of their inventory, will begin marketing its Shariah compliant investment product in partnership with local partner iMASS to manage the onboarding of an initial portfolio of client companies from the MENA region.
“I’m thrilled to have the opportunity to deliver our unique inventory monetization investment product into the growing Islamic finance sector. Indeed, the Bank of England has recently commented that certain key aspects of Islamic finance make it particularly well suited for funding the post-COVID recovery. This resonates strongly with Supply@ME’s own mission to help and support business owners to create liquidity from their stock, thereby optimizing inventory days, especially during this crucial phase of the economic cycle,” shared CEO Alessandro Zamboni.