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:
Dr. Salah Fahadread more
Dr. Salah Fahad
Mufti Irshadread more
Sh. Muhammad Ahmadread more
Sh. Muhammad Ahmad
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.
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.
- Business issues Promise to Purchase for commodities
- The Investors issues a purchase offer which the commodity supplier accepts and ownership of the commodities are transferred
- 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
- Once the Business has acquired the commodities, they are able to instantly monetise the value of the commodities through DMCC Tradeflow
Got More Questions?Sharia Processing FAQs
Annual Audit and Review
The Shariyah Review Bureau undertakes an annual audit of Beehiveʼs transactions and provides Beehive and the SSB with a report and certificate.
SRB are a member of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and follow SIFI No 2 for their reviews.
Client Monies Account and Comingling
Client Monies are held with our independent custodian Global Currency Exchange Limited (GCEN) who are authorised and regulated by the UKʼs Financial Conduct Authority (FCA) under the Payment Services Regulations, 2009 with registration number 504346. Additional information on Beehiveʼs client monies can be found on our FAQs page under the Sharia Processingʼ section.
All Beehiveʼs Sharia funds are comingled with Beehiveʼs conventional funds in the GCEN 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.