Sedania As Salam Capital Signs MoU with Innova to Develop Tawarruq-Based Portfolio

Sedania As Salam Capital (SASC), a wholly-owned subsidiary of Sedania Innovator, has signed a Memorandum of Understanding (MoU) with a Turkey-based fintech company, Innova Yonetim Danismanlik Ve Bilisim Teknolojileri (Innova), to develop a Tawarruq-based portfolio in the Turkish Islamic banking sectors.

Why it Matters?

In 2020, the Turkish Islamic banking sector is slated to have seen significant growth, with its asset base expanding at a higher rate than that of conventional banks. SASC will execute the Tawarruq concept of finance and credit processing using a digital platform. The first phase will focus on traditional commodities, with the second part addressing digital commodities. The new Innova Tawarruq platform is forecast to trade USD 50 billion...