EMKAN ALARABIYA UNVEILS INNOVATIVE AUTOMATED SUKUK PLATFORM

February 22, 2024 03:15 AM AEDT | By EIN Presswire

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EMKAN ALARABIYA UNVEILS INNOVATIVE AUTOMATED SUKUK PLATFORM — Image source: EIN Presswire

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SAUDI ARABIA, February 21, 2024 /EINPresswire.com/ -- EMKAN ALARABIYA UNVEILS INNOVATIVE AUTOMATED SUKUK PLATFORM

Emkan Alarabiya, a pioneering fintech firm based in Saudi Arabia, has launched its automated platform designed to streamline Sukuk issuance processes. Today, the company proudly announces the certification of its platform’s capability to issue Sukuk, marking a significant milestone in the realm of Sharia-compliant financing.

Emkan Alarabiya's platform has undergone rigorous scrutiny, working closely with legal experts and Sharia scholars to automate Sukuk issuance processes while ensuring compliance with Islamic finance principles. Notably, the platform facilitates the issuance of Sukuks under the Murabaha modality. CEO Omar Radi noted the increasing importance of Sukuk issuance in today's financial landscape, citing rising demand and the instrument's Sharia-compliant nature. "Sukuk represents a powerful financing tool, and we are committed to democratizing access to it, enabling retail and SMEs to issue and invest," he remarks. As part of its economic diversification strategy, Saudi Arabia sets out its ambition to becoming an SME and Industrial Powerhouse in Vision 2030. The company issues Sukuk, a popular sharia-compliant bond, to fund projects on its crowdfunding platform. Sukuk connects debt financing returns with specific assets, distributing investment benefits.

Radi underscores the significance of Sharia compliance, expressing confidence in the collaboration with Shariyah Review Bureau (SRB), a prominent Sharia advisory firm licensed by the Central Bank of Bahrain. SRB's extensive experience in fintech, blockchain, and Sukuk certification ensures legal soundness and regulatory compliance for Emkan Alarabiya's platform.

Headquartered in Bahrain, SRB boasts over 19 years of serving Islamic financial markets, with a global reputation for Sharia certification and audit services. CEO Yasser S. Dahlawi commends Emkan Alarabiya's initiative in digitizing Sukuk issuance and settlement processes, foreseeing benefits for issuers and investors alike, including cost reduction and increased accessibility. "We are committed to leveraging our audit capabilities to instill confidence in stakeholders," Dahlawi states, affirming SRB's readiness to support Emkan Alarabiya's growth journey with scholarly expertise and audit services as the platform scales its product offerings.

Hashim Munir
Shariyah Review Bureau
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