UK Ethical and Halal businesses that have plans to grow but cannot access Islamic Business Finance don’t need to wait to long for a solution.
A London based FinTech business set up in the Founders Factory in London has established the UK’s first business crowdfunding platform where businesses can find Islamic Business Finance and investors looking to finance businesses in the current impending business crisis. They can do this by using the latest technology to speed up the decision making process.
In order to understand what Islamic Finance is: Islam prohibits the payment and receiving of interest as well as investments in industries that are deemed immoral or unethical.
Islamic commercial contracts are therefore used in order to provide banking and financial services to businesses in a halal manner. This is not a new concept but also exists within the Christian and Jewish teachings as one of the 10 commandments.
Islamic Finance is a £1.6 trillion global market that is expected to reach £3 trillion by 2023 (Reuters). Islamic banking has out performed conventional banks in recent years. London and indeed the UK has seen a phenomenal growth in Islamic Finance. In Islamic Banking the returns on equity has been 16.3 per cent in 2018 whereas the conventional banks in US and EU recorder 11.9 and 7.2 percent respectively according to IFSB data.
Qardus Limited is poised to follow this trend and presents a great opportunity for retail and professional investors seeking superior returns. They can register on the Qardus platform which is launching in April to gain access to these great business financing opportunities.
Up to £100,000 Islamic Finance is accessible to a business which has been trading for over 3 years. Only businesses which are considered Halal or ethical can apply to enable them to be assessed.
CEO of Qardus, Mr Hassan Daher, PhD, CFA said, “I want to help businesses that for far too long have not been able to grow as they have been impeded by lack of Islamic business finance”. And to help businesses prepare for accessing Islamic business finance he said,
“A workshop is being held online on the 22nd April 2020 and the event is free.”
During the virtual workshop being held from 10am-11:30am on Wednesday, 22nd April, the Qardus team will discuss the ins and outs of Islamic business finance, process of accessing Islamic business finance.”
Businesses are going to be given a first hand opportunity to listen to the top team of Qardus present their business growth plans. As a result of this they will eligible be amongst the first businesses registered to access financing when the Islamic FinTech platform launches during April.
Qardus has recently been nominated as “Financial Service Business of the Year” at the prestigious Islam Channel Business Awards 2020 .
Dr Mohammad Nazir OBE, a veteran in the field of Islamic Finance and a speaker at the virtual workshop mentioned, “Lack of access to business finance restricts growth. Business growth in the UK offers a life line to many people through the creation of jobs and contributing to wealth creation within the communities. This is a unique development in the UK market that will help Ethical and Halal businesses to access much need finance to grow their businesses. For far too long these businesses have traditionally relied upon accessing finance from their savings, family or friends, but the amount that has been available through these channels has been very limited.”
Islamic business finance is growing and is not only benefiting Muslim owned businesses but also ethically run businesses which are not owned by Muslims. Qardus Islamic Business finance is available to any business that passes the eligibility criteria.
The workshop can be accessed here.
Source: Halal Focus