Last checked at 20 Jan 2021 07:00
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© 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