Dubai: Tawreeq Holdings, the region’s first Sharia-compliant supply chain finance group, said it has originated more than $55 million (Dh201.94 million) in Supply Chain Finance services for small and medium-sized enterprises (SMEs) and mid-size companies, meeting an important milestone for the company, which launched its operations at the beginning of this year.
“This is an important achievement for us, highlighting the very real demand in the market for our unique product,” said Haitham Al Refaie, CEO of Tawreeq, in a statement.
“We want to help SMEs boost their liquidity and be more competitive by strengthening their supply chains. The integrated structures offered by Tawreeq Holdings will fuel their growth especially in the ethical, Sharia-compliant market,” he added.
The rapid take-up of Tawreeq’s novel supply chain finance solutions highlights the significant demand in the region, especially for its unique Sharia-compliant structure, which has brought factoring and reverse factoring to the region’s ethical investors and businesses for the first time.