First Sharia Compliant Peer to Peer Platform receives DFSA regulation
Beehive P2P Ltd recently announced the regulation of its Sharia compliant peer to peer finance platform by the Dubai Financial Services Authority (DFSA). As part of the regulatory requirements, it has appointed Shariyah Review Bureau (SRB) to supervise the Sharia Supervisory Board, Certification and Sharia Audit functions for its P2P Islamic platform.
“Beehive’s deepening commitment to the Middle Eastern region relies on our people and proprietary technological platform. Obtaining DFSA regulation of our Sharia compliant P2P financing model is a primary example of the investment made by Beehive to provide regional clients with locally relevant Islamic investment opportunities while effectively facilitating financing to SMEs,” said Craig Moore, Founder and CEO, Beehive. “Islamic financing is a core component of our business and is ideal for small and medium sized businesses that want to secure fast and affordable finance in compliance with their faith. We are confident that the new regulation by the DFSA and partnership with SRB, will enhance our Sharia processes and maximize our Sharia compliance visibility.”
Peter Tavener, CFO of Beehive stated that “We’re excited about opportunities to work with larger Sharia compliant businesses and even government agencies. There are big opportunities for investors in the region to become more productive and more efficient in their investment. But the true value will come from large scale financing opportunities such as those of Enerwhere and Coffee Planet, both AED 1m investments, that enables both investors and businesses to unlock the advantages offered by SME financing.
Now in its 12th year, SRB focuses on setting up Sharia Supervisory Boards, Certifying Funds and transactions – including screening and auditing equities from a Sharia perspective. For clients it’s as simple as outsourcing all Shari’a compliance related functions and regulatory mandates to one institute. Clients receive reports and regular feedback detailing the progress of the review, certification and Sharia Audit pertinent the client’s specific goals.
“Our clients benefit from quicker navigation in light of Sharia, dynamic support and in-house scholarly capabilities. SRB is the only licensed Sharia Advisory institute with 29 scholars from 15 countries covering the world’s major Sharia compliant markets” said Yasser S. Dahlawi, Founder and CEO of SRB.
“We know dynamic clients like Beehive are on a course of huge growth, and we are right here with them, offering direct access to Sharia scholars and daily guidance they need to operate their Sharia compliant investment goals” “We are continually developing our capabilities to better serve clients and to make their business lives easier.” Commenting on Beehive, Yasser added, “we look forward to continuing our Sharia Advisory engagement with them, providing reliable, responsive, Sharia expertise that deliver great value to Islamic investors and SME’s alike.”