Supply @ME Capital PLC Shariah Compliant Platform officially approved (2822M)
20 January 2021 - 6:00PM
UK Regulatory
TIDMSYME
RNS Number : 2822M
Supply @ME Capital PLC
20 January 2021
20 January 2021
Supply@ME Capital plc
(The "Company" or "SYME")
UAE Update: SYME's Shariah Compliant Platform officially
approved
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 the authorisation process for SYME's Shariah
compliant Inventory Monetisation Platform has been successfully
completed.
Following the announcement of 3 November 2020, the Company, with
the support of the Shariah Funding Specialist and iMASS, has
received the following communication:
"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 (the "Sharia Scholar
Board") in relation to the inventory monetisation service.
"The functional and the legal structure of the Inventory
Monetisaton Investment ("Inventory Monetisation Structure") 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."
This approval adds yet another funding route to the Company's
existing securitisation model and Captive Bank. SYME is now able to
market this dedicated Shariah compliant investment product,
supported by its Fund Specialist. Furthermore, as announced on 11
January 2021, the Company continues to work with its local partner
iMASS to manage the onboarding of an initial portfolio of MENA
region Client companies.
Commenting this innovative and regionally important
Authorisation, Supply@ME Capital plc Chief Executive, Alessandro
Zamboni said: "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".
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;
paul.vann@walbrookpr.com
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317
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END
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