Supply@ME Capital PLC (LON:SYME) said it has partnered with a European bank and iMass Investments to launch a Shariah-compliant version of its inventory monetisation platform.
The bank, which is a specialist in Shariah funding, has confirmed that SYME's platform is compliant with Shariah rules from both an inventory funding and client company perspective and together with iMass has agreed to support SYME through the formal authorisation process.
iMass is a direct investor in companies and commercial projects in the EMEA region and became SYME's Middle Eastern partner In August.
Supply@ME, iMass and the bank will all work together to complete the Shariah authorisation process for the platform, manage the onboarding of clients sourced through the bank and iMass and help the bank raise capital through the distribution of Shariah-compliant notes or certificates issued by the SYME platform.
The schedule is for the authorisation to be completed by the end of December 2020 so the first Shariah-compliant transaction can be settled in the first quarter of 2021.