Fintech company Supply@ME Capital (SYME) is working on rolling out a Shariah compliant version of its Inventory Monetisation service with a view of completing its first Islamic transaction in the first quarter of 2021 (Q1 2021).
SYME, which provides working capital to businesses through the monetization of their inventory, has partnered with iMass Investments and Shari’a Funding Specialist to launch the upcoming platform. The three entities are in the process of completing the Shariah authorization process for the platform.
Through the partnership, SYME will capitalize on Shari’a Funding Specialist’s network as well as that of Khaled Abdulla Almass, the owner of iMass, to build and manage its initial portfolio of clients. Once ready, Shari’a Funding Specialist, whose clients comprise professional and qualified investors from the Gulf, will raise capital through the distribution of Islamic certificates through the platform which is scheduled to receive the necessary Shariah approvals before the end of the year.
Identities of the participants and platform mechanics remain undisclosed.