Saudi-based fintech, Rakeez Capital, has launched an automated platform that facilitates the issuance of Murabaha Sukuk, which has been reviewed and certified by the Shariyah Review Bureau (SRB).

Saeed AlAhmari, Founder & CEO at Rakeez Capital, said: "Rating agency indicators show 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 digitisation, 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.

Right fit

He said: "We wanted to work with a Sharia advisory firm that had experience working with fintechs, blockchains and sukuks. SRB fits our requirements easily due to its diverse clientele experience and legal comfort as it is regulated by the Central Bank of Bahrain."

Headquartered in Bahrain and licensed by the Central Bank of Bahrain, SRB has been serving the Islamic financial markets for more than 18 years. With scholars spanning 19 countries in its fold, the Bureau’s Sharia certification and Sharia audit services are recognised 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, tokenisation of assets and reviewing ‘smart contracts’ for platforms offering digital sukuk.

Great potential

Yasser S Dahlawi, CEO of SRB, said: "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."

"We will leverage upon our audit capabilities to provide confidence to its stakeholders and stand ready to use our scholarly resource as and when they plan to scale their offering."

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).