Supply@ME names Intesa Sanpaolo Private Bank (Suisse) Morval SA as Shariah fund arranger
Supply@ME Capital plc, the fintech business which provides an innovative platform for use by manufacturing and trading companies to access Inventory Monetisation© solutions enabling their businesses to generate cashflow, today announces its arranging agreement (the “Agreement”) with Intesa Sanpaolo Private Bank (Suisse) Morval SA (“ISPB Morval”) to finalise the structuring of the funding for the Company’s Shariah-compliant Inventory Monetisation platform.
The first inventory monetisation transactions that will benefit from ISPB Morval arranging activities relate to SYME’s portfolio of clients based in the MENA (Middle East and North Africa) region, introduced by Lenovo Financial Services META LLC per the agreement announced via RNS on 11 January 2021.
As first announced in the RNS of 20 January 2021, SYME received approval from Sheikh Dr. Mohamed Elgari and Sheikh Yusuf Talal DeLorenzo in their capacity as members of the Shariah scholar board that the functional and legal structure of SYME’s Inventory Monetisation platform is compliant with AAOIFI Shariah standards and acceptable under the principles of Shariah.
The Company now expects that the Shariah funding route structured by ISPB Morval will feed into the Global Inventory Monetisation program, as per the announcement in the RNS of 09 August 2021, and become a dedicated compartment.
SYME chief executive, Alessandro Zamboni, said: “I am delighted we have reached a point in our journey to launching a Shariah-compliant product where we can announce the highly experienced specialist we have found in ISPB Morval. After many months of hard work, we have aligned the core components of the first inventory monetisation transactions in the MENA region – a strong pipeline of clients, a well-connected bank which will leverage the preliminary approvals got from the Shariah scholar board. I look forward to working with the impressive roster of client companies to bring our long-awaited Inventory Monetisation platform to the Islamic Finance market.”