leadf
logo-loader
viewsupply@me

Supply@ME Capital to launch Shariah-compliant version of inventory platform

The schedule is for the authorisation to be completed by the end of December 2020

supply@me - Supply@ME Capital to launch Shariah-compliant version of inventory platform
Islamic banks have an estimated US$3trn of assets

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.

Quick facts: supply@me

Price: 0.51 GBX

LSE:SYME
Market: LSE
Market Cap: £167.05 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of supply@me named herein, including the promotion by the Company of supply@me in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Supply@ME Capital PLC: An innovative technology platform to provide...

Proactive Research analyst Ed Stacey says Supply@ME Capital PLC (LON:SYME) offers an innovative technology platform providing inventory monetisation, which can help a wide range of manufacturing and trading businesses to improve their working capital position. He says the model is finding new...

on 05/27/2020

2 min read