Supply@ME Capital has announced that it will be opening itself up to a new portfolio of investors as it is launching a Shari’a compliant version of its inventory monetization platform.
In a collaboration between one of Europeans ‘largest banking groups’ alongside iMass Investments, SYME’s platform will now open itself to over 300 banks and 250 mutual funds that comply with Shari’a principles.
Between the three parties, they will be looking to complete the Shar’ia authorisation process, manage on-boarding of initial portfolio companies and enable the partnership bank to raise capital through the distribution of compliant notes or certificates issued by the SYME platform.
The deadline for authorisation process has been set for the end of this year with the first compliant transaction expected early next year.
Upon the news, SYME’s share price jumped by nearly 10 percent to 0.46p before cooling a little to 0.42p.