Latest news with #Shariacompliant
Khaleej Times
19 hours ago
- Business
- Khaleej Times
UAE-built crypto exchange launched by BurjX with Sharia-compliant features in pipeline
A new UAE-based cryptocurrency platform has officially launched with an ambitious plan to reshape digital asset trading in the region — and a long-term vision to offer Sharia-compliant products that meet both regulatory and religious standards. BurjX, co-founded by Canadian crypto entrepreneurs Omar Abbas and Adam Ferris, went live on Tuesday, July 15, with approval from the Abu Dhabi Global Market (ADGM). The platform allows users to trade more than 100 digital assets directly in UAE dirhams, with funds safeguarded under institutional-grade security and compliance frameworks. But while the exchange is now operational, its most distinctive offering — Sharia-compliant crypto products — is still in the works. Stay up to date with the latest news. Follow KT on WhatsApp Channels. 'It's not going to be available from day one,' Abbas clarified to Khaleej Times. 'But we are working on that as a rollout product for sure.' He added that any such offerings will be vetted and approved by recognised Sharia authorities before launch. 'We will partner with the appropriate Sharia boards, and when we do launch, it's going to be approved by the appropriate Sharia regulators,' he said. No definitive timeline has been set. Regulated, secure and easy to use Licenced by the Financial Services Regulatory Authority (FSRA) of ADGM, BurjX is both a broker and custodian. Client assets are stored using Fireblocks, a globally trusted custody solution, and protected by a comprehensive insurance policy covering hot and cold wallets. 'Our clients' investments are safeguarded by Fireblocks — it's institutional-grade custody infrastructure, backed by insurance,' Ferris said during the launch. The platform also supports instant deposits and withdrawals in dirhams, integrated directly with UAE banks. Abbas described this as a key differentiator: 'That's our bread and butter — making it super easy to get your money in and out of crypto in dirhams, with minimal friction.' From a compliance standpoint, the platform incorporates robust onboarding, trade surveillance and wallet risk policies to screen out bad actors. 'We're focused on building something safe, regulated, and secure — not just fast,' Abbas said. Not just for whales — or day traders While built on institutional infrastructure, BurjX is designed to support users of all experience levels. 'Whether you're a first-time trader like my own mother, or managing an institutional desk, we built this for you,' Abbas said. The platform features more than 100 fully vetted digital assets at launch — including major tokens like Bitcoin, Ethereum, Solana, Dogecoin, and others — and spans multiple sectors such as AI, real-world assets and Layer 1 blockchains. 'It's not just about the names,' he explained. 'We're enabling users to build a diversified portfolio across different categories of the market.' For high-net-worth investors, BurjX has launched a Private Client Group and OTC desk, offering personalised execution, deep liquidity and white-glove service. 'It's a premium experience with the clarity of private wealth, the control of institutional-grade execution, and the confidence of a regulated platform,' Abbas added. UAE-first, founder-built — and personally funded BurjX's founders repeatedly emphasised that the platform was not only built in the UAE but designed specifically for the region's investors. 'We are not offshore entities entering the region. We're homegrown and globally headquartered in ADGM,' Ferris said. 'We're building for this region.' Abbas said the team chose to base themselves entirely in the UAE. 'Our entire team — engineers, designers, compliance leaders — is based here,' he said. 'Each one of them is like a partner in the company. They deal with it with care and obsession.' And the founders didn't just commit their time — they risked everything. 'I sold my house, sold a big stake of my Index equity, uprooted my family and landed in the UAE, risking everything on a belief that this region deserves something better.' When asked whether that sacrifice had been worth it, he said: 'If I had known it would take this long — almost three years — I might not have done it. But now that we're here, now that it's Day One, I can tell you it was worth it. This journey took everything out of me. It tested me, personally and professionally. But we showed up every day, and we built something real. Something this region can trust. 'Not just another crypto exchange' The founders describe BurjX as fundamentally different from existing exchanges that have expanded into the region from abroad. 'What you're witnessing today isn't just another crypto trading platform,' Abbas told attendees during the launch event in Abu Dhabi. 'This is the next category leader for the Mena region, built from the ground up in the UAE — the capital of capital.' Abbas previously co-founded NDAX, Canada's largest regulated exchange, which processed over $20 billion in trading volume and served more than 500,000 users. His new venture, he says, is not a copy-paste operation. 'This time, we came to raise the bar. To build something better, something that's homegrown. In a region that's shaping the future of finance.' Despite launching at a time of surging global interest in crypto, BurjX's founders insist they are not chasing headlines. 'We're not here to capture a significant market share,' Abbas told reporters. 'We just want to focus on building a profitable platform, then roll out new products the market needs.' He added that they have no interest in replicating the hype cycle often associated with crypto launches. 'We're not just focused on hype. We're more interested in putting together a product you can comfortably use, trust, and refer your friends to.' Asked what success would look like a year from now, Abbas answered simply: 'Profitability — and being part of a regulated ecosystem that raises the bar.' Why ADGM? 'ADGM was the first regulator to pioneer a comprehensive virtual asset framework,' Abbas noted. 'We knew that if we could meet the bar here, we'd be building on the strongest foundation possible.' Ferris added: 'When you're building a financial services firm, you need a foundation that you can rely on. Even if the bar is high, that's exactly what you want.' The pair believe the UAE offers a combination of regulatory clarity, economic momentum and untapped potential. 'This region, especially the UAE, is going to be even more exponential in growth over the next 10 to 15 years than we've seen before,' Ferris explained. 'You want to be in a market with a stable regulatory framework and serious growth.' 'No more platforms built abroad, operated overseas, and plagued by delays and confusion,' Abbas concluded. 'BurjX is built for us.' As users began scanning the QR code projected on the launch screen to download the app, he added: 'This is just the beginning. Today, the belief becomes real.'
Zawya
2 days ago
- Business
- Zawya
Sukna launches MENA's first open-ended, Sharia-compliant direct financing fund
Sukna Capital has received official approval from the Saudi Capital Market Authority (CMA) to launch the Sukna Fund for Direct Financing. SFDF is KSA's first open-ended, Sharia-compliant direct lending fund, marking a regulatory milestone for non-bank financing in MENA. As a CMA-licensed alternative asset investment platform, Sukna is now authorized to offer institutional investors access to a vehicle providing non-dilutive, scalable financing for small and medium-sized enterprises (SMEs) seeking accelerated growth without equity dilution. Unlike traditional private credit vehicles, the open-ended fund structure enables investors to enter and exit at regular intervals, offering periodic liquidity with no long lock-up periods. For SMEs, this unlocks access to asset-backed capital while enabling founders to retain complete ownership and avoid the limitations of equity financing. Fares Bardeesi, CEO of Sukna, described the launch as a pivotal step in expanding institutional credit access for underserved sectors across the region. With over two decades of experience in corporate finance and private investments, the CEO has led more than $6.50 billion in transactions across real estate, technology, and healthcare. As a co-founder of Sukna Ventures and the architect behind Sukna's evolution into structured private debt, he emphasized the urgent need to close funding gaps for both traditional and innovation-led SMEs. 'As of Q3 2024, SME lending in Saudi Arabia is estimated to be SAR 329.23 billion—just 9.1% of total bank credit—well below the Vision 2030 target of 15% to 20%,' Bardeesi noted. He added: 'SFDF is designed to address that gap through institutional, regulator-aligned capital solutions tailored to the needs of high-potential businesses across sectors.' This announcement comes at a pivotal moment, as the Middle East's tech and startup landscape undergoes rapid transformation, while traditional funding structures have not kept pace with founders' evolving needs. Waleed Alballaa, Managing Partner of Sukna Ventures and member of the Fund's Investment Committee, said: 'The tech and startup ecosystem has matured significantly, but financing structures simply haven't caught up. We designed SFDF to meet founders where they are—with the right capital, at the right time, and without the red tape.' Waleed brings his unique, founder-centric perspective to the fund, shaped by over two decades at the intersection of technology, operations, and venture capital across Silicon Valley and Saudi Arabia. His deep technical foundation is complemented by a decade dedicated to venture capital, during which he was instrumental in launching multiple investment vehicles and serving on the boards of several prominent technology companies. His holistic experience gives him a firsthand understanding of the capital gaps that can hinder high-growth companies. The launch of SFDF builds on the success of Sukna Ventures, the firm's technology-focused investment arm, known for backing bold, high-growth startups in mobility, logistics, and digital marketplaces. Sukna also leverages proprietary technology to streamline loan origination, risk assessment, portfolio monitoring, and investor reporting, ensuring a transparent and scalable experience for both borrowers and institutional capital partners. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
National Bonds adds RAKBANK onto Al Manassah Sukuk Trading Platform
In a strategic move to broaden the reach of Al Manassah Sukuk Trading Platform in the UAE, National Bonds has onboarded the National Bank of Ras Al Khaimah (RAKBANK) onto Al Manassah Sukuk Trading Platform. Al Manassah is among the region's first Sharia-compliant electronic platforms for trading Mudaraba-based Sukuk for partner financial institutions. Since its inception in 2013, the platform has processed over AED199 billion worth of transactions, including more than AED33 billion in 2024 alone. The platform enables licensed financial institutions to subscribe, transfer, and redeem Sukuk through a secure, fully automated process 24/7. Mohammed Qasim Al Ali, Group CEO of National Bonds, stated, 'We are pleased to welcome RAKBANK to Al Manassah. This partnership is another step forward in our mission to empower wider access to the Sharia-compliant platform through fintech and digital innovation.' Raheel Ahmed, Group Chief Executive Officer of RAKBANK, said, "This partnership with Al Manassah is a natural extension of our commitment to deliver innovative, Sharia-compliant solutions that empower our customers. By leveraging advanced digital capabilities, we can offer greater accessibility and flexibility to individuals and businesses alike."
Wamda
2 days ago
- Business
- Wamda
Sukna Capital secures CMA approval to offer flexible, non-dilutive SME financing
Saudi Arabia-based VC Sukna Capital has received CMA approval to launch the Sukna Fund for Direct Financing (SFDF), an open-ended, Sharia-compliant direct lending fund in MENA, unlocking flexible, non-dilutive capital access for SMEs across the Kingdom. The fund allows periodic investor liquidity and gives founders access to asset-backed financing without giving up equity, addressing critical funding gaps in underserved sectors and supporting Vision 2030 goals to boost SME lending. Backed by Sukna's proprietary tech infrastructure and a veteran team with over $6.5B in transaction experience, SFDF reflects a founder-aligned approach to private credit, with a mission to modernise institutional financing for the region's high-growth businesses. Press release: Sukna Capital has received official approval from the Saudi Capital Market Authority (CMA) to launch the Sukna Fund for Direct Financing. SFDF is KSA's first open-ended, sharia compliant direct lending fund—marking a regulatory milestone for non-bank financing in MENA. As a CMA-licensed alternative asset investment platform, Sukna is now authorised to offer institutional investors access to a vehicle that provides non-dilutive, scalable financing for small and medium-sized enterprises (SMEs) seeking accelerated growth without equity dilution. Unlike traditional private credit vehicles, the open-ended fund structure enables investors to enter and exit at regular intervals, offering periodic liquidity with no long lock-up periods. For SMEs, this unlocks access to asset-backed capital while enabling founders to retain complete ownership and avoid the limitations of equity financing. Fares Bardeesi, CEO of Sukna, described the launch as a pivotal step in expanding institutional credit access for underserved sectors across the region. With over two decades of experience in corporate finance and private investments, Fares has led more than USD 6.5 billion in transactions across real estate, technology, and healthcare. As a co-founder of Sukna Ventures and the architect behind Sukna's evolution into structured private debt, he emphasised the urgent need to close funding gaps for both traditional and innovation-led SMEs. 'As of Q3 2024, SME lending in Saudi Arabia is estimated to be SAR 329.23 billion—just 9.1% of total bank credit—well below the Vision 2030 target of 15 to 20 percent,' he noted. 'SFDF is designed to address that gap through institutional, regulator-aligned capital solutions tailored to the needs of high-potential businesses across sectors.' This announcement comes at a pivotal moment, as the Middle East's tech and startup landscape undergoes rapid transformation, while traditional funding structures have not kept pace with founders' evolving needs. Waleed Alballaa, Managing Partner of Sukna Ventures and member of the Fund's Investment Committee, underscored the importance of timing: 'The tech and startup ecosystem has matured significantly, but financing structures simply haven't caught up. We designed SFDF to meet founders where they are—with the right capital, at the right time, and without the red tape.' Waleed brings his unique, founder-centric perspective to the fund, shaped by over two decades at the intersection of technology, operations, and venture capital across Silicon Valley and Saudi Arabia. His deep technical foundation is complemented by a decade dedicated to venture capital, during which he was instrumental in launching multiple investment vehicles and serving on the boards of several prominent technology companies. His holistic experience gives him a firsthand understanding of the capital gaps that can hinder high-growth companies. The launch of SFDF builds on the success of Sukna Ventures, the firm's technology-focused investment arm, known for backing bold, high-growth startups in mobility, logistics, and digital marketplaces. Sukna also leverages proprietary technology to streamline loan origination, risk assessment, portfolio monitoring, and investor reporting, ensuring a transparent and scalable experience for both borrowers and institutional capital partners.
