Saudi based fintech Rakeez Capital, is an automated platform that facilitates the issuance of Murabaha Sukuk.
Today it formally announces that the platform’s ability to issue ‘sukuk’ – debt instrument under the modality of Murabaha has been reviewed and certified by Shariyah Review Bureau.
The platform has been working closely with the lawyers and the Sharia scholars as it automated the sukuk issuance process. In order to remain compliant, the implementation of the product guidelines related to the Murabaha modality and associated policy and procedures were thoroughly reviewed. Saeed AlAhmari – Fouder & CEO at Rakeez Capital stated “Rating agency indicators reflect that Sukuk issuance is on the arise. Being a Sharia-compliant instrument it is an effective tool for financing needs, but we wanted it to be available for retail and SME’s issuance and investment as well.” “Through digitization, we have optimised the Islamic modality, allowing the Sukuk units to be stored, transferred and traded conveniently whilst ensuring strict compliance to Shariah commercial laws” he added.
Commenting on Sharia compliance, Saeed said “We wanted to work with a Sharia advisory firm that had experience working with fintechs, blockchains and sukuks. Shariyah Review Bureau fit our requirements easily due to their diverse clientele experience and provided the legal comfort as they are regulated by the Central Bank of Bahrain.”
Headquartered in Bahrain and licensed by the Central Bank of Bahrain, Shariyah Review Bureau has been serving the Islamic financial markets for more than 18 years. With scholars spanning 19 countries its Sharia certification and Sharia audit services are recognized globally.
Apart from serving Islamic banks, Takaful firms, asset management institutions it has also been actively engaged with fin-techs, blockchains and crypto-operators; certifying technologies, P2P lending services, tokenization of assets and reviewing ‘smart contracts’ for platforms offering digital sukuk.
On this occasion, Yasser S. Dahlawi, CEO of SRB stated, “A platform that completely digitises the issuance and settlement of sukuk market for the retail and SME investors is an excellent initiative.
We see that the platform will help issuers and investors draw great potential and reduce the overall costs associated with such capital market product.”—Zawya News
