Saudi’s Lamaa gains Shari’a Certification for its Dynamic Solution

By Salma C, Intern Reporter
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Riyadh-based startup Lamaa, a developer of financial technology solutions to Small and Medium Enterprises (SMEs) has been accredited by Shari’a approval for its Dynamic Solution, one of the Supply Chain Solution products provided through its technology platform.

The accreditation is in line with Saudi Arabia’s Vision 2030 initiative to support SMEs across the country with a variety of products and solutions.

Commenting on the certification, Mr. Sumeet Khutale, the founder and CEO of Lamaa stated that “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” Mr. Khutale added.

Commenting on the assigned Shari’a advisory board, Lamaa CEO stated that “Being a fintech start-up, Lamaa knew who to turn towards for Shari’a compliance and certification. Shariyah Review Bureau (SRB) has the technical know-how and the experience in dealing with fintechs of different offerings. 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.”

During 17 years of financial industry service, SRB has partnered with a number of technology-based service providers. Blockchains, financing companies, solution providers, neo banks and even real-world asset tokenization platforms have all benefited from their Shari’a Advisory and Audit services.

Speaking on the new engagement, Mr. Yasser S. Dahlawi the founder and CEO of SRB commented that “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.”

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