This unique product sits alongside Liberis' conventional cash advance product currently on offer with the objective of providing SMEs with a far more flexible alternative to traditional finance models. Since payments are tailored in line with each customer's cash flow the funding is based on the customer's future credit and debit card sales. Liberis is now able to successfully offer this product to a wider range of SMEs in the Islamic Finance industry.
Imam Qazi, Head of Islamic Finance at Foot Anstey, commented: "We were delighted to have assisted Liberis with their entry into the Islamic Finance market through their unique offering of a Sharia compliant Business Cash Advance Product tailored towards SMEs. Liberis are leading the way in this field of SME financing by providing SMEs with a great opportunity for growth and prosperity. This deal further demonstrates the specialist capability of our team on product development and innovation."
Greg Mrkusic, director of Product and Decisioning at Liberis, added: "Our entry into the Islamic Finance market and offering of this unique product is an exciting opportunity not only for Liberis but for our existing and future customers. Our customers are truly at the heart of what we do, and with Foot Anstey's help, we were able to develop Sharia Business Financeto allow us to tap into the Islamic Finance market and offer our services to a wider range of SMEs. We are thrilled to have worked with Foot Anstey throughout this process and look forward to continuing our relationship."
The Foot Anstey team was led by partner and Head of Islamic finance, Imam Qazi, and supported by Consultant and Director of Islamic Finance Fara Mohammad. Foot Anstey's specialist Islamic finance team has recently completed similar product development for Sharia compliant banks and investors across multiple jurisdictions.