A landmark for Islamic Finance: Yielders named first UK FinTech company with Sharia Compliance Certification
Equity-based property crowdfunding platform successfully completes independent sharia certification conducted by UKIFC and overseen by prominent scholar
February 27th, London: UK FinTech startup Yielders today announced it has become the first fully Sharia Certified FinTech company in the UK. Achieving compliance has been an exciting journey for the firm, allowing it to operate across Asia, Europe and the Middle East.
Being compliant with FCA regulation and possessing the experience of reaching across diverse communities, Yielders offers the opportunity for the public to invest as little as £100 towards buying a share of a crowdfunded property. Having achieved Sharia certification, the Yielders’ platform, investors can rest assured that every pound is ethically invested.
The UK Islamic market is one of the largest, most vibrant and dynamic outside the Middle East and the Team behind Yielders ensure that sharia compliance principles are fundamental to the ethos of the business. The sharia compliance process was fully managed by UK IFC who undertook their own internal reviews and engaged the scholars as independent experts.
Sharia compliance has placed Yielders firmly at the cutting edge of Islamic FinTech, yet the Yielders story is much more human than their market positioning.
Tarek El Diwany, Islamic Finance Author of “The Problem With Interest” commented “In the field of real estate, the development of a widely available equity-based financing model has been a prized objective of Islamic financial professionals for at least three decades. In recent years, developments in communications technology and financial innovation have made this objective more attainable, by lowering barriers to entry and making the process of origination and fund aggregation more cost efficient. All of this makes it a very exciting time to be involved in the FinTech field, in the real estate sector and beyond. I wish Irfan and his team the best of success in their endeavour, for their sake and for all those who wish to organise their finances and investment according to genuine principles of risk-sharing.”
Ethical Islamic investment is crucial to the Yielder philosophy, levelling the playing field and allowing all investors to draw down a monthly income from their investments, regardless of their stature or status. Yielders is so committed to generating a return, they only offer pre-funded investments to the retail crowd, meaning the assets are already generating an income.
Irfan Khan, the Founder of Yielders, and a leading FinTech expert, said “We are delighted to be the first UK FinTech company to be Sharia certified. While it says much about our business ethos and ethics, it also demonstrates our place as a dynamic player in the UK Islamic finance sector. We are dedicated to what we do and to be recognised as doing so in a responsible and ethical way that will allow us to reach potential investors for whom this is important too.”