Starting today, Cameroon based Ovamba Solutions is bringing trade financing to African businesses using the ethical mode of Murabaha.
The Murabaha mode of trade financing is a great way for businesses to get access to financing. Its also another way for organizations and communities to empower themselves by encouraging trade and development at the most relevant moments in their business cycles.
As technologies develop and become more accessible, financial instruments are allowing companies like Ovamba to create funding mechanisms & products that were never before possible. Offering African SMEs financial support using Murabaha solutions combined with a world class technology platform will be seen as a revolution in business communities all around the world today.
Ovamba’s long-term ambition is to build a series of trading and financing programs focused on uplifting the future of small businesses, and drive new investment into African communities. To start, Ovamba will be launching the Murabaha solution to its existing operations in Cameroon followed by a full expansion throughout the rest of Africa in 2016 and beyond.
We’ll be working with them on bringing new instruments that are ethical in nature and comply with Sharia to more African countries, so stay tuned.