Dubai: Permian Holding announced today that it has received Sharia Certification from the Shariyah Review Bureau (SRB), the Bahrain-based global Sharia certification and audit services specialist. Permian Holding is set to monetize oil assets viaPermianChain Technologies, its blockchain-based start-up and the move to ensure Sharia compliance means that it will be able to broaden its pool of potential investors.
Permian Holding invests in the acquisition of proven oil reserves to generate revenues for suppliers and reduce the administrative costs that can discourage investors from involving themselves in the sector. As part of its ongoing expansion effort, Permian Holding has engaged the Shariyah Review Bureau to ensure that all its developmental activities from tokenization to acquisitions, including the ability to monetize proven reserves, are executed in a Sharia compliant manner.
“We are offering a Platform-as-a-Service (PaaS) that helps solve the working capital requirements of oil exploration and production companies while allowing investors equity benefits from the value of proven reserves,” said Mohamed El Masri, Director of Permian Holding and Co-Founder and CEO at PermianChain Technologies. “Fused with our blockchain technology, our commitment to Sharia compliance will become our competitive advantage and help us meet the needs of Islamic investors. SRB is a globally respected shariah advisor that brings a strong value-added approach to our strategy of offering oil-backed crypto-assets as an alternative investment product for wealth preservation and liquidity potential. We believe our approach will benefit a wide range of investors by offering opportunities beyond traditional asset-classes.”
The blockchain-based crypto-economic tokenization model will be managed with a clear, consistent, transparent and secure investment process. PermianChain’s unique listing process will be available for mainly upstream businesses or public entities with proven reserves and existing oil campaigns. The reserves, once produced, will be sold to midstream companies on the PermianChain’s closed-loopB2B-exchange.
Discussing the changes that PermianChain is seeking to inspire in the energy sector, Yasser S. Dahlawi, CEO of SRB stated, “We are delighted to be working on such a bold sector initiative and will continue to provide an added-value layer of supervision to Permian Holding’s sound governance framework. With only few weeks until PermianChain’s blockchain platform goes live, we look forward to helping ensure that all issued tokens, proven oil reserves, equity crowdfunding, income generation, and related activities are compliant with Sharia principles.”
Mobile: +44 7943 774236
About Shariyah Review Bureau
Shariyah Review Bureau is a Middle East-based Sharia advisory firm specializing in providing Sharia supervisory solutions and support services that investment companies, banks and fintech entities can leverage to get their offerings certified and expand their businesses in Islamic financial markets.
About PermianChain Technologies
PermianChain Technologies harnesses the power of blockchain technology and data science to monetize proven oil and gas reserves. PermianChain tokenizes oil and gas contracts to support XPR related assets and operations while simultaneously bringing new levels of efficiency to the sector, removing barriers to investment and potentially making marginal fields profitable. The PermianChain, which already has a pipeline of over 200 million barrels of oil equivalent in potential reserves to be listed on its platform, intends to revolutionize the way that potential reserves are bought and sold on a permissioned-access trust-protocol. The firm is in the process of applying to become a regulated trading and investment platform.
About Permian Token (XPR)
Permian Token (XPR) is a crypto-asset that underpins holding rights to the value of proven oil campaigns. XPR enables the underlying value of oil and gas reserves to be digitally traded. As the only reserve digital asset for oil and gas contracts, we expect XPR will become a critical instrument for preservation of wealth and an ever-expanding range of commercial and consumer activities using blockchain technology.XPR uses the letter ‘X’ as a standard ISO 4217 code for non-country currencies and the letters ‘PR’ which stand for Potential Reserves, hence the Permian Token (XPR).
© Press Release 2019