“Flos” appoints “SICO” to manage and structure the issuance of sukuk with a bond of 10 million dollars

On the sidelines of the Future Technology Forum Forum, the SICO SS B (M) announced the leading regional bank in the field of asset management, mediation, market industry, and investment banking services, which enjoys a direct presence in Bahrain, Saudi Arabia and the United Arab Emirates, for its appointment by Fluus, the first digital platform in Bahrain providing immediate financing compatible with the provisions of Islamic Sharia and licensed by the Central Bank of Bahrain as a company Financing, to take over the role of the financial advisor and the director of the main version of the process of issuing suggestions proposed with a value of up to 10 million US dollars, and it is necessary to obtain the approval of the Central Bank of Bahrain

This deal reflects the ongoing efforts to enhance the capital markets that are compatible with Islamic law in the Kingdom.

On this occasion, Ali Murshid, Executive Vice President of the Siko Group, said: “We are proud of partnership with Fluus in launching this pioneering initiative that will contribute to strengthening the fixed income tools market in Bahrain by offering a new financial tool that is compatible with the provisions of Islamic Sharia. This deal paves the way for the development of innovative financing solutions that support economic growth.”

Fawaz Ghazal, CEO of the Flaus Group, added: “The proposed structure of the first sukuk issued by Fluus with a value of up to $ 10 million in cooperation with Seko is a strategic step to enhance the base of financing and diversify the capital structure, in a manner that ensures health, balanced and compatible with the provisions of Islamic Sharia.

This step reflects our commitment to the Embedded Finance and innovation in providing financial solutions, and establishes Flus’s position as a pioneer for digital financial services in the region. “