Dubai, UAE – Stake, a leading Dubai based fintech and real estate investment platform has announced that it has become the first in the industry to be awarded a Shariah certification. Also known as a Fatwa, the certification was granted by the Shariah Executive Committee of Guidance Financial Group (“Guidance”), a financial services firm specialising in the fields of Shariah-compliant investments and financing as well as Shariah advisory services.

The Shariah Executive Committee acted on behalf of the Shariah Supervisory Board of Guidance, which is comprised of six of the most prominent international Islamic scholars and chaired by Justice (Ret.) Muhammad Taqi Usmani.

Members of the Guidance Shariah Supervisory Board include Shaykh Nizam Yaquby, Dr. Mohamed A. Elgari and Dr. Mohd Daud Bakar, who also sit on the independent Shariah boards of major financial institutions in the GCC, the UK and the US. Supported by the Guidance advisory team, the Stake Shariah certification process was led by Dr. Mohd Daud Bakar, who provided the Fatwa to Stake after reviewing the structure, mechanism and relevant key legal documentations in relation to the digital real estate investment platform and was also satisfied with the enhancements being put in place to ensure constant compliance with the tenets of Shariah. 

Stake was created to provide retail investors from all over the world access to fractional real estate investments in a transparent and easy way, receiving Shariah certification opens the platform up to a significant pool of investors. In fact, Global Islamic Finance assets are forecast to reach USD 3.69 trillion by 2024, according to a report published by the Islamic Development Bank in 2020.

“We are delighted to have achieved this stamp of approval from the esteemed Shariah Supervisory Board of Guidance Financial Group” commented Rami Tabbara, Co-Founder of Stake. “We were originally convinced that the Stake platform already was aligned with the basic principles of Shariah. Today, this has been officially validated by some of the leading Islamic scholars of the world.”

Following this certification, customers of Stake can expect Shariah-compliance in key aspects of their investments, from Client Money Accounts utilising Shariah compliant bank accounts to the utilisation of only Islamic insurance or Takaful for its portfolio of Properties under management, as well as appropriately structured online Investment Agreement and Tenancy Agreements that are in harmony with Shariah principles. Additionally, Stake will be subjected to an annual Shariah audit to ensure all commercial activities remain in compliance with Shariah precepts as originally approved or certified. 

Manar Mahmassani, Co-Founder of Stake added: “We are excited for the journey to come and to welcome the global Islamic investment community on our platform. A special thanks to the Guidance team who have worked tirelessly with us to amend our investment structures and documentation to become Shariah compliant. As a result of your efforts, Shariah conscious investors from all over the world are now able to directly access the oldest and largest tangible investment asset class in the world and build bespoke portfolios of properties of their choosing, starting in the thriving city of Dubai.”

Dr Mohamad Hammour, Chairman of Guidance Financial Group commented: “We are honoured to be working with Stake in this important endeavour to broaden the appeal of its online platform to include those requiring adherence to Shariah standards in all aspects of their investments. This seamless harmonization of Shariah principles and fintech creates an enhanced product offering that allows retail investors to participate in this innovation whilst remaining faithful to their values and principles.”

Since launching earlier this year, Stake has grown from strength to strength, attracting over 12,000 registered users from 28 countries and 98 different nationalities, completing a total of 18 property investments on its platform. Stake’s advisors include Daniel Miller, the Co-Founder of Fundrise, the first and largest real estate crowd-investing platform in the US, as well as Gaurav Shivpuri, an ex-veteran at JLL, the leading global real estate advisory firm. The company recently added as advisor and independent board member Walid Mansour, Partner at Middle East Venture Partners (MEVP). 

About Stake

Launched in December 2020, Stake is a digital real estate investment platform providing a simple, affordable and transparent way to own a piece of income generating properties in Dubai. Founded by Rami Tabbara a veteran of the real estate industry, Manar Mahmassani, a seasoned investment banker, and Ricardo Brizido, a leading fintech CTO, the trio combined their years of expertise to democratize property investment in the UAE while empowering novice and professional investors alike.

While property investment typically requires large amounts of upfront capital, and comes with a high level of risk in the case of off-plan projects, Stake allows people to invest with any budget they have and in a matter of minutes. It only offers shares in completed properties in prime locations, ensuring healthy and steady returns for investors.

Stake is based in the Dubai International Financial Center and is regulated by the Dubai Financial Services Authority.

About Guidance Financial Group

Established in 2000, Guidance Financial Group is a leading global firm that specializes in developing innovative financial solutions and business platforms which conform with Islamic principles. The businesses it has established include: Guidance Residential, the leading Shariah-compliant housing finance provider in the United States; Dar Al Tamleek, a prominent housing finance provider in Saudi Arabia; Bank Al Yousr, a ‘participation’ bank established in the Kingdom of Morocco in partnership with Chaabi Bank; Guidance Investments, a specialty investment company that has created a series of Shariah-compliant institutional funds focused on the private equity, real estate and equipment leasing sectors across the globe; and Shaza Hotels, a hotel management company established in partnership with Kempinski Hotels. Guidance’s Shariah Supervisory Board comprises some of the world’s most respected Islamic scholars. These scholars engage with Guidance management to assure the continuous compliance of all financial products and services managed or advised by Guidance with Islamic principles.

Guidance’s Supervisory Board
Justice (Ret.) Muhammad Taqi Usmani (Chairman)
Shaykh Nizam Yaquby
Dr. Mohd Daud Bakar
Dr. Mohamed A. Elgari
Shaykh Yusuf Talal DeLorenzo
Dr. Muhammad Imran Ashraf Usmani

For media inquiries, contact: 
Maram El Hendy
Maram.elhendy@Kekstnc.com

For further information contact:
Fares Al Banna
Head of Ops and Strategy
Stake Properties Limited 
fares.albanna@getstake.com 

Haresham Baharum
Shariah Advisory & Structuring
Guidance Investments
Haresham.Baharum@guidancefinancial.com 

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