Beehive Sharia Processing

Beehive operates an Islamic Window and is regulated by the Dubai Financial Services Authority under license number F003177

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Beehive Sharia Processing

Beehive has worked with prominent Islamic legal advisors, and Islamic finance industry experts to develop a structure that allows us to process investments in a Sharia compliant way. All businesses applying for finance are meticulously checked to ensure that the business activity and use of funds comply with the principles of Sharia. If the business activity and use of funds comply, Beehive identifies the request as “Sharia Processing” and Islamic investors are able to place bids on the marketplace. Any finance requests that do not comply with the principles of Sharia are processed as a conventional finance structure, restricting Islamic investors from bidding on the request.

As the first independently certified P2P finance platform in the world, we are proud to offer Islamic investors the opportunity to ethically invest in some of the most innovative SMEs in the UAE. Craig Moore, Founder and CEO of Beehive.

Islamic investors select to only invest in Sharia processing finance requests

Business activity and use of funds are checked to ensure compliance with Sharia

Beehive is certified as a Sharia-compliant P2P finance platform by the Shariyah Review Bureau (SRB)

The DMCC Tradeflow Commodity Murabaha platform is confirmed as Sharia compliant by Dar Al Sharia Consultancy

Shariyah Review Bureau Certified

The world recognised and respected, Shariyah Review Bureau (SRB), together with their team of esteemed Sharia scholars, have reviewed and certified the “Sharia Processing” in terms of operational processes, documentation, business activity and relationship management. The certification makes Beehive the first P2P platform in the world to independently confirm its processes are compliant with Sharia principles. For more information on SRB, please visit www.shariyah.com

View Sharia Certificate

We are pleased with the confidence Beehive has placed in our comprehensive Sharia supervisory services and we look forward to helping them further develop their Islamic finance offer. Yasser S. Dahlawi, CEO at SRB

Beehiveʼs Sharia Supervisory Board

Beehive has a Sharia Supervisory Board (SSB) that opines on all Beehiveʼs products and any amendments that are made to existing products. The SSB comprises of three experienced scholars:

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Dr. Salah Fahad

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Dr. Salah Fahad
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Shaikh Salah is a Sharia scholar and has led a broad range of engagements in the US, Europe and the GCC with a focus on banking and investment products, real-estate acquisitions, Islamic Insurance management, listed securities and private equity fund. His product based experience spans sukuks, home mortgages, leasing, SME Financing and asset management transactions. He is an Assistant Professor at Islamic & Arabic Studies College of Applied Studies at King Fahd University of Petroleum & Minerals & has written several research papers. Shaikh Salah is a Sharia scholar who procured his PhD from Edinburgh University (UK) and Masters from Al Imam University (KSA).
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Mufti Irshad

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Mufti Irshad
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Shaikh Irshad completed his Takhassus in Ifta, Phd in Jamia Dar-ul-Uloom; a leading institute of the world-renowned Mufti Muhammad Taqi Usmani. He is also a candidate of M Phil in Islamic Finance & Banking. Apart from being a member of Shari’ah Advisors Forum formed by State Bank of Pakistan for developing and implementing Shari’ah Standards for Islamic Financial Institutions he also leads the Task force for Islamic alternatives for agricultural finance; and the Committee for review of AAOIFI Shari’ah standards on Mudarabah. He is also a visiting faculty member of Iqra University, National Institute of Banking and Finance, a subsidiary of State Bank of Pakistan, Centre for Islamic Economic, and Sheikh Zayed Islamic Center.
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Sh. Muhammad Ahmad

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Sh. Muhammad Ahmad
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Shaikh Muhammad has over ten years of experience as a Sharia consultant and academic in various parts of Islamic finance. He has worked predominantly in financial services along with retail and investment banking and has expertise in corporate advisory and real-estate funds. Sheikh Muhammad works extensively with leading global and domestic financial institutions across the GCC. His work ranges from redesigning conventional Sukuks, organizational structures of funds in the banking, insurance and private equity sector. He procured his Masters (A’alamiyah) in Fiqh and Usool ul Fiqh from Jami’ah Ahsan Ul Uloom and procured Bachelors in Islamic sciences from Jamia Dar-ul-Uloom.

Islamic investors can benefit from P2P finance and have complete confidence their values are respected

 

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P2P & Islamic Finance

Peer-to-peer finance (P2P) aims to build a community of investors and businesses where risks are shared and capital is channelled into real economic activity that benefits the community. Essentially, P2P follows the basic Islamic principle of sharing risk for profit rather than the model used by banks which is transferring risk for profit. Islamic finance complies with the principles of Sharia (Islamic Law); money must be used in a productive way and generating return on your money must be through legitimate and ethical trade or investment which includes an element of risk.

Commodity Murabaha

Beehive processes all “Sharia Processing” finance requests through the UAE based award winning “DMCC Tradeflow” Commodity Murabaha platform. “Murabaha” is a commodity-backed transaction that allows Islamic investors to buy and sell commodities at a profit on a deferred payment basis. For more information on DMCC Tradeflow, please visit www.dmcc.ae/tradeflow

  1. Business issues Promise to Purchase for commodities
  2. The Investors issues a purchase offer which the commodity supplier accepts and ownership of the commodities are transferred
  3. The Investors issue a Murabaha which the business accepts and ownership of the commodities are transferred from the Investors to the Business. Payment of cost price plus agreed profit is deferred and split into monthly installments
  4. Once the Business has acquired the commodities, they are able to instantly monetise the value of the commodities through DMCC Tradeflow
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Got More Questions?

Sharia Processing FAQs

Annual Audit and Review

The Shariyah Review Bureau undertakes an annual audit of Beehiveʼs transactions as per GSIFI (2) issued by AAOIFI and provides Beehive and the SSB with their findings in order for the SSB to issue the annual SSB report.

Client Monies Account and Comingling

All Client Monies are held in Beehive P2P Limited’s segregated Client Monies account, which is held in the UAE with Emirates NBD.

All Beehiveʼs Sharia funds are comingled with Beehiveʼs conventional funds in the Client Monies account. However, we note that if you choose to invest only in Sharia requests then as an investor, you will only see the Sharia-compliant requests.

No interest is received on Beehiveʼs client monies account.

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