Mauritius Trade Fund to grow with Sharia-compliant offering

Mauritius Trade Fund to grow with Sharia-compliant offering

Skybound Capital, a global wealth management business, is in the process of launching a Sharia-compliant trade finance Fund and has assigned Shariyah Review Bureau (SRB) as the Sharia Advisor for its Islamic Trade Finance Fund. The agreement will see SRB provide technical Sharia consultation, certification and operation monitoring through Sharia audit.

The new Fund is expected to facilitate trade in various jurisdictions and penetrate new markets while attracting Sharia-compliant investors from the Middle East. The Fund facility will comply with the regulatory standards of Mauritius. Skybound has over 30 years of experience in providing a diverse and unique range of investment products for family offices, private clients, advisors and institutions. “We are very pleased to be offering our investors Sharia-complaint financing opportunities while helping to provide more affordable and reliable opportunities to trading business in the Asian countries,” said Lee Dalley, Director of Skybound.  “The Fund will be co-managed by Saudi Arabia  based Derayah Financial, and will be supported by dedicated analysts of 12-strong trade finance team run by South Africa based experts of Skybound.”  Lee added “Given the strategic importance of the Middle East, we are delighted to be working with SRB which has an extensive geographic footprint and over a decade of heritage in providing Sharia advisory services to institutions in the region. With the right Sharia Advisory institute, we feel very confident about our long term Sharia-compliant business development perspectives.”

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 tap Islamic financial markets. Speaking on the industrious revolution SRB is seeking to inspire, Yasser S. Dahlawi, CEO and Founder of SRB added: “Shariyah Review Bureau has successfully certified hundreds of products and funds and supervised thousands of transactions to establish itself as a key player in the Sharia Advisory landscape, while at the same time growing its scholarly capabilities for investors, whether institutional or wholesale.” He added, “I am excited about the future and the role our services will play in helping Sharia-complaint offerings like Skybound Capital’s move from strength to strength and keenly look forward to further building upon recent successes.”

Shaping the future of Oil Markets

Investment in Oil fields: PermianChain

Tokenizing oil reserves is well positioned for shaping the future of investments. Today, blockchain applications not only allow the transfer of price for physical reserves as digital rights with investment grade value. But the crypto-economic model can also give us a chance to help preserve our world’s undeveloped oil by monetizing its supply.

In an exciting new project certified by us today, we’ve partnered with PermainChain to bring you a Sharia compliant crypto asset-class, the Permian Token — backed by the price of proven oil reserves around the world. Our Sharia advisory work became a means of expression and activism against the “front-end fee” structure which plagues the world of oil investments. We see the ability to directly crowdfund equity solutions for oil exploration & production companies and help them meet working capital requirements using blockchain as a wealth preservation opportunity for Islamic investors. The project is also designed to reduce the broker-fee culture, fraud, error, and otherwise compromised transactions.

Permian Token is a chance to break out from the traditional way of investing in oilfields and redesigning the model for the future – and the U.S. oil market will be its first gateway with plans underway for full-scale global expansion.

We can’t predict the kinds of opportunities such Tokenization projects might showcase few years from now, but we do know the contribution of Permian Token will unlock a wealth of potential for investors in the oil market of the future!

Scaling up trading opportunities in cryptocurrencies

Cryptocurrency Exchange: Rain

Financial assets big and small, simple and complex, equitable and debt-inducing, have all started out as ideas. With the introduction of assets like cryptocurrencies, businesses are seeking regulated enterprises as a critical step towards customer engagement. Downloading unregulated apps sometimes means sourcing the buy, sell and store of your digital currencies from multiple locations—not all of them trusted. But a digital exchange regulated by a central authority can change the game!

RAIN – the first digital exchange of its kind in GCC – has built a crypto-trading platform that makes it easier for customers to buy, sell and trade Bitcoin along with other digital assets. To win global support for its ownership, security and trust they’ve got themselves regulated by the Central Bank of Bahrain; with further follow-ups to regional jurisdiction compliances. That’s why we’re thrilled to be working with them as their Sharia Advisor. By combining RAIN’s mobility, brokerage and custodian tools with our supervisory assurance, we’re creating one place to trade, save and manage your financial digital assets – in a Sharia compliant way!

Working with RAIN, our goal is to help individuals, enterprises and family offices easily trade on a regulated and Sharia compliant crypto-exchange and streamline the purchase, entitlement and sale of these assets. We hope this collaboration simplifies crypto-management for you and helps unlock additional financial value.

Ready to kick things off? You can jump right over to RAIN’s app and start trading financial assets for yourself.

Middle East cryptocurrency exchange ‘Rain’ to be Shari’a compliant

Middle East cryptocurrency exchange ‘Rain’ to be Shari’a compliant

  • Rain is a cryptocurrency exchange that is now Shari’a compliant (certified by Shariyah Review Bureau)
  • Middle East focused exchange Rain has been operating within the regulatory sandbox of the Central Bank of Bahrain (CBB) since December 2017
  • The company is targeting a 2019 launch rain.bh

Rain, a Bahrain based cryptocurrency exchange operating out of the Regulatory Sandbox, has today announced its successful Shari’a compliance certification completed by Shariyah Review Bureau (“SRB”). SRB is licensed by the Central Bank of Bahrain as a Shari’a Advisory firm authorized to issue Shari’a compliance certifications.

SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain are in compliance with Shari’a principles.

Rain aims to deliver more value with a Shari’a compliant cryptocurrency exchange. The Shari’a certification covers a suite of three cryptocurrencies (bitcoin, ethereum, and litecoin). Rain expects to enable top-tier family offices, sophisticated investors and Islamic institutional investors to buy, sell and store cryptocurrency in a Shari’a compliant way.

Rain was founded in 2016 by four entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago. They shared a joint vision to create a fully Shari’a compliant exchange to provide trust for local cryptocurrency traders.

Rain’s founders said in a joint statement: “This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security and trust. We are excited to open the Islamic markets to cryptocurrency with a Shari’a compliant exchange and a suite of cryptocurrency investment opportunities.”

Shariyah Review Bureau has been expanding its position in the world of fintech by advising clients like Stellar, X8 Currency, Ovamba and Beehive. “Our engagement with Rain is another important step to extending our position in this rapidly growing market,” said Yasser S. Dahlawi, Founder and CEO of SRB. “With more than 13 years of experience in the Shari’a certification and Shari’a audit businesses, we are confident that we will be able to further develop the Islamic crypto and exchange business systematically and help customers like Rain open new opportunities for investors.” He added, “We are looking forward to taking the next steps in our Shari’a supervisory role of Rain’s cryptocurrency exchange.”

Customers can join the official waiting list at www.rain.bh and download the mobile app in Appstore and Playstore.

For more information please contact press@rain.bh

 

PermianChain recognized as the first Shari’a compliant platform for digitizing oil reserves

PermianChain recognized as the first Shari’a compliant platform for digitizing oil reserves

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 via PermianChain 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.”

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