Supply@ME Capital PLC (LSE:SYME) said it is finalising a funding structure that will allow its inventory financing platform to be Shariah-compliant.
In doing so the UK-listed Italian fintech is working with Sanpaolo Private Bank (Suisse) Morval.
The first customers to benefit from the Shariah-compliant financing facility will be those from the Middle East and North Africa (MENA) region introduced by Lenovo Financial Services META, SYME said.
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 and 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."