Supply@ME Capital PLC (LON:SYME), the innovative fintech platform which provides a unique, market-leading Inventory Monetisation service to European manufacturing and trading companies, has said the authorisation process for its Shariah-compliant Inventory Monetisation Platform has been successfully completed.
Following the announcement the groups of November 3, 2020, the company said that with the support of the Shariah Funding Specialist and iMASS, it was told that "an official pronouncement has been released by Sheikh Dr Mohamed Elgari and Sheikh Yusuf Talal DeLorenzo in their capacity as members of the Shariah scholar board in relation to the inventory monetisation service."
The company said the official pronouncement said: "The functional and the legal structure of the Inventory Monetisaton Investment has been presented to the Shariah Scholar Board. The Shariah Scholar Board, following a review in compliance with the AAOIFI Shariah standards, hereby approves the Inventory Monetisation Structure as acceptable within the principles of Shariah."
Supply@Me said this approval adds yet another funding route to the company's existing securitisation model and Captive Bank. It is now able to market this dedicated Shariah-compliant investment product, supported by its Fund Specialist. Furthermore, as announced on January 11, 2021, the company continues to work with its local partner iMASS to manage the onboarding of an initial portfolio of MENA region Client companies.
In a statement, Supply@ME Capital chief executive, Alessandro Zamboni commented: "I'm thrilled to have the opportunity to deliver our unique inventory monetisation 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 optimising inventory days, especially during this crucial phase of the economic cycle".