First Sharia-Compliant Crowdfunding Portal Approved

Yielders is apparently the first crowdfunding platform that has been approved by the United Kingdom’s Financial Conduct Authority that is in compliance with Sharia law.

Some think it is partially as a result of Brexit and the desire of the UK government to “establish the UK as the primary centre for Islamic finance outside of the Middle East.”

The approval took over 2 years and the founder worked with local imams to ensure that the money raising process complied with religious law, including a prohibition on charging interest and not financing gambling entities.
https://www.finextra.com/newsarticle/30410/first-islamic-fintech-gets-uk-regulators-approval

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About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
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