On the sidelines of the Future of FinTech Forum, SICO B.S.C. (C), the leading regional bank in the field of asset management, brokerage, market making, and investment banking, with a direct presence in Bahrain, Saudi Arabia, and the United Arab Emirates, announced its appointment by Flows, the first digital platform in Bahrain that provides instant, Sharia-compliant financing and is licensed by the Central Bank of Bahrain as a company. Tamweel, to assume the role of financial advisor and lead issue manager for a proposed securitization sukuk issuance with a value of up to US$10 million, subject to obtaining the approval of the Central Bank of Bahrain.
This deal reflects ongoing efforts to enhance capital market tools compatible with Islamic Sharia in the Kingdom.
On this occasion, Ali Murshed, Executive Vice President of SICO Group, said: “We are proud to partner with Flows in launching this pioneering initiative that will contribute to strengthening the fixed income market in Bahrain by offering a new financial instrument compatible with the provisions of Islamic Sharia. This deal paves the way for the development of innovative financing solutions that support economic growth.”
Fawaz Ghazal, CEO of Fluus Group, added: “The proposed structure of the first sukuk issued by Fluus with a value of up to $10 million in cooperation with SICO is a strategic step to strengthen the financing base and diversify the capital structure, ensuring healthy and balanced growth that is compatible with the provisions of Islamic Sharia.
This step reflects our commitment to Embedded Finance and innovation in providing financial solutions, and consolidates Flows’ position as a leading digital financial services provider in the region.”
