Supply @ME Capital PLC UAE Update: Official launch of the Shari'a project (0690E)
03 Novembre 2020 - 8:00AM
UK Regulatory
TIDMSYME
RNS Number : 0690E
Supply @ME Capital PLC
03 November 2020
3 November 2020
Supply@ME Capital plc
(The "Company" or "SYME")
UAE Update: Official launch of the Shari'a project
Supply@ME Capital plc, the innovative fintech platform which
provides a unique, market leading Inventory Monetisation (c)
service to European manufacturing and trading companies, is pleased
to announce that it has agreed with one of Europe's largest banking
groups ("Shari'a Funding Specialist") to launch, together with
iMass Investments ("IMass"), a Shari'a compliant version of its
Inventory Monetisation platform.
The Shari'a Funding Specialist has confirmed that SYME's
platform is compliant with Shari'a rules from both an Inventory
funding and Client company perspective, and together with iMass,
has agreed to support SYME through the formal authorisation
process.
The Shari'a Funding Specialist has a large division that focuses
on the setting-up, marketing and distribution of Islamic religious
law compliant products for professional and qualified investors
both in the Gulf Area and internationally.
As announced on 10 August 2020, iMass became SYME's middle
eastern partner. iMass was founded in 2007 to invest directly in
leading companies and major development and commercial projects in
the EMEA region including into the industrial, food supplies and
general trading, real estate and services sectors.
Investopedia, (updated 6 July 2020) lists more than 300 banks
and 250 mutual funds globally which comply with Islamic principles.
Between 2000 and 2016, Islamic banks' capital and reserves grew
from $200 billion to nearly $3 trillion. This growth is largely due
to the expanding economies of Muslim countries.
Standard & Poors (S&P Global - Islamic Finance Outlook
2020) sees Fintech as a potential accelerator that could help
return Islamic finance to a period of strong growth by facilitating
easier, faster transactions, improving the traceability and
security of transactions using blockchain, enhancing the
accessibility of Islamic financial services and improving
governance. Specifically, blockchain could resolve three challenges
related to "sukuk" (an Islamic financial certificate, similar to a
bond, that complies with Islamic religious law) issuance and
management. These include the traceability of underlying assets to
better understand the risk, the traceability of cash flows for
prompt corrective action in case of underperformance, and the
traceability of investors.
Supply@ME and iMass will then work together with the Shari'a
Funding Specialist to:
(i) complete the Shari'a authorisation process for the platform,
(ii) manage the onboarding of an initial portfolio of Client
companies sourced through the Shari'a Funding Specialist's network
and the extensive commercial banking and business relationships of
Mr. Khaled Abdulla Almass, owner of iMass, and
(iii) enable the Shari'a Funding Specialist to raise capital
through the distribution of Shari'a compliant notes or certificates
issued by the Shari'a compliant Inventory Monetisation
platform.
The expected timeframe for completion of the Shari'a Inventory
Monetisation platform authorisation process is the end of December
2020 such that the first Shari'a compliant transaction can be
settled in Q1 2021.
It has been agreed between each of the parties involved that the
identities of the participants and key platform features remain
confidential until the Shari'a authorisation process has
completed.
Notes
Supply@ME enables businesses to generate cashflow, without
incurring debt, by monetising their existing stock. Before a
business has found an end-customer for its inventory, the Supply@ME
platform enables them to sell ("monetise") their stock and receive
cash immediately to boost their working capital. The Supply@ME
service enables strong companies to improve their working capital
cycle. SYME does not monetise inventory for companies in financial
difficulty or with inventory that they are struggling to sell.
Contacts
Alessandro Zamboni, CEO, Supply@ME Capital plc,
investors@supplymecapital.com
Paul Vann, Walbrook PR Limited, +44 (0)20 7933 8780
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317
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