Beehive Announces Sharia Compliance

beehiveBeehive P2P Finance – based in the UAE – has been accredited by the Shariyah Review Bureau (SRB). Beehive is thought to be the first P2P platform to have sharia compliant operations independently certified. The SRB review – which was conducted over several weeks – contained end-to-end transactional assessments in which SRB’s Sharia scholars reviewed all operational processes, documentation and relationship management on Beehive’s Islamic platform.

Yasser S. Dahlawi – CEO of SRB – commented:

We are pleased with the confidence Beehive has placed in our comprehensive Sharia supervisory services and we look forward to helping them further develop their Islamic finance offer.”

Under Sharia law, money must be used in a productive way and returns must be generated in a legitimate and ethical trade. Earning interest on money is seen as effortless and is forbidden – as is investment in unethical industries. Any investment that is not Sharia compliant is not open to Sharia compliant investors.

Ovamba, a financial platform operating in Africa, a continent with a high Muslim population, also offers an Islamic finance compliant product over the exchange.

Marvin Cole, CEO of Ovamba said the following concerning sharia compliance laws and Islamic finance:

“With more than 400 million Muslims on the African continent, we believe it is critical to offer products for all entrepreneurs regardless of their religious or cultural belief system. We are quite proud to offer one of the first Islamic ethical, transparent, structured and non interest based lending product for African businesses.”