Lamaa achieves Shari’a-certification for its Supply-chain product

KSA based fintech company, Lamaa receives Shari’a approval for its Dynamic Solution – one of the Supply Chain Solution products provided through its technological platform. This is in line with the Saudi’s vision 2030 initiative to support SMEs in the Kingdom with variety of products and solutions.  

Sumeet Khutale, the founder and CEO of Lamaa said “We wanted to contribute to achieving the Kingdom’s vision and build Shari’a complaint supply chain products enabling suppliers to access their receivables  very quickly and conveniently. Dynamic Discount is the first of the platform’s offering whereby it empowers both the SMEs and Suppliers, by facilitating a voluntary immediate settlement of an invoice”.  “Given the benefits to all parties in the supply-chain, we anticipate the platform will serve as a convenient tool for those seeking fundings and immediate payments” he added.  

Commenting on the assigned Shari’a advisory board he stated “Being a fintech start-up, Lamaa knew who to turn towards for Shari’a compliance and certification. Shariyah Review Bureau has the technical know-how and the experience in dealing with fintechs of different offering. We are confident to have them as our Shari’a advisory board who stand ready to support us with industry-leading insights on Shari’a compliance and meeting regulatory requirements that come our way in the future.” 

Serving the Financial industry for the past 17 years, SRB has also been involved with numerous tech-based service providers. From blockchains, financing companies, solution providers, neo-banks to platforms that tokenize real word assets have all benefited from their Sharia Advisory and Audit services. Speaking on the new engagement, Yasser S. Dahlawi the founder and CEO of SRB commented, “Our Sharia advisory team has been supporting fintech start-ups by addressing critical Shari’a requirements and controls so that they are able to meet the robust expectations of the regulated Islamic industry in which we operate.” Speaking about the new assignment he added “We look forward to supervising their product offerings and operational activities in light of Shari’a and regulatory requirements.”