The thought leaders behind the lauded Jumpstart Our Business Startups Act (JOBS Act), signed by then-president Barack Obama, has joined the board of the UK’s first Shariah compliant equity crowdfunding firm.
Jason W Best and Sherwood Neiss, credited as the fathers of Title III of the JOBS Act which essentially legalized equity crowdfunding in the US, are now non-executive directors of Yielders, which deals in Shariah compliant equity crowdfunding.
The appointments, Yielders said, represent strong support for the underlying values the firm stands for and is trying to achieve in the world of fintech and Islamic finance.
The London-based start-up has the distinction of being granted an independent Shariah certification by a prominent scholar with the whole assurance process managed by the Islamic Finance Council UK or UKIFC – the first for any fintech company in the country. It is also regulated by the Financial Conduct Authority via an appointed representative with full authorization due.
“We needed to create a robust and lean Shariah compliant business model. This involved building the Shariah process from the ground-up – our legal contracts, business processes and operations, financial and monetization strategies all needed to be fully Shariah compliant without making compromises, which inevitably leads to weaknesses in the future. The foundation of our business is Shariah compliant which fits with our ethical and commercial business practices,” explained founder Irfan Khan.
It took over a year to gain the Shariah approval which the crowdfunder hopes to leverage in its global expansion strategy, particularly in the GCC and Pan-Asia.
“We are really excited about the future; our targets this year are modest: We aim to expand our product offerings in the latter part of the year. We have invested heavily in developing technology to keep our operational costs low and have the ability to scale upwards with little overhead cost,” said Irfan.