Eiger Trading launched the first ever fully-automated, Shariah-compliant 24/7 Commodity Murabaha platform, in conjunction with Gulf International Bank’s (GIB) KSA retail arm, under the ‘Meem’ brand name. This fully-automated Islamic e-banking solution is a world first, offering 24/7 online personal finance and deposits to retail clients in the Kingdom of Saudi Arabia, Zawya reported. Eiger and GIB’s combined technology provides online customers with a 24/7 real-time mechanism for executing Shariah-compliant transactions, using commodities all of which are located and deliverable within the Kingdom. Stephen Openshaw, CEO of Eiger Trading, stated, “We are extremely excited to be partnered with GIB’s vision for Islamic retail banking in the GCC and specifically Saudi Arabia. This is the successful culmination of two years’ co-operation using cutting-edge technology, directly interfacing with GIB’s core banking systems, and using Saudi-based products and services in a bold and wide-reaching venture that is the first of its kind globally.”
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