UMEX ENTERED INTO A JOINT COLLABORATIVE AGREEMENT WITH BAFS HOLDING CO. LTD MAURITIUS, TO DEVELOP AND MARKET SHARIA COMPLIANT FINANCIAL SERVICES IN THE AFRICA REGION

UMEX CAPITAL MARKETS Group plc, the holding company of UMEX Securities ltd,  entered into a MOU  with BAFS , a company forming part of the British American Investment Group of Companies in Mauritius. The group through its subsidiaries is involved in financial and non-financial sectors to include Insurance, Investment, Asset management services and Stock broking, Banking and Leasing, Healthcare; Transportation; and Trade & Commerce.

As per the Memorandum of understanding reached, the parties have identified the following areas of immediate collaboration:

(i)                 Asset management & Brokerage services;

(ii)               Insurance services;

(iii)              Banking services;

(iv)             Leasing services; and

(v)              Such other areas of co-operation as the Parties may mutually agree on.

UMEX CMG, through its subsidiaries and associated companies possesses the necessary expertise, market knowledge, technology and know-how in Islamic and Shariah related financial services and products.   UMEX shall provide the relevant technical assistance in the implementation of the Project.

The Parties agree and acknowledge that they shall only pursue projects to the extent permitted by prevailing laws and regulations in the region, to assist each other for the prompt and smooth realization and/or implementation and/or completion of any objectives relating to the Project pursuant to the MOU.

In the near term the parties agree to focus on the following areas

1. Sharia Brokerage services – Bramer Securities Ltd (“BSL”) intends to launch a Sharia compliant brokerage service in the region with the integrated trading platforms and Sharia screening service provided by UMEX Securities

2. Asset Management - UMEX CMG with the assistance and skills of Bremmar Asset Management will be setting up a Sharia-compliant fund, the African Sharia Fund (“Fund”), for the purpose of investing in listed equities in Africa.

3. Banking Services - Among its other medium term aspirations the parties will seek to collaborate with Bramer Banking Corporation for the launching of Sharia compliant African Depository Receipts and setting up of Shariah-compliant Money Market Accounts.

4. Wealth Management - UMEX will also pursue with Prime Capital Management Ltd, the setting up of Islamic wealth management services in the region.

Mahesh Jayanarayan CEO of UMEX Capital Markets Group “Both Citi and Neonet are able to provide clients with extensive coverage of the US, UK and Euroean markets. We have already signed up Bramer to execute trades in the African region and have made arrangements to cover the South America and the Far East.”

The trading platform to offer institutional investors with the ability to view the entire universe of Sharia compliant securities for each of the world’s main markets. The system provides a fast, easy to use and transparent method for institutional clients and wealth managers to trade in over 10,000 Sharia compliant securities from around the globe. 

UMEX Trader has been developed in conjunction with leading financial technology providers Infront and Ullink. The platform has advanced algorithms and cutting edge technology; this powerful tool will enable clients to trade a wide range of investment products via a user-friendly interface within a secure environment. The interface provides the user with real-time quotations and the ability to immediately execute trades. 

The platform integrates shares in companies that have been screened to ensure that they are Sharia compliant. The screening process is run by Amiri Capital using their proprietary screening process Amiri S³. The screening methodology uses a process that analyses financial ratio tests and business activity criteria. 

The platform also includes the ability for clients to search and filter by region and then by individual markets, making it simple to find and trade the desired investment. In addition, customised ‘watch lists’ of securities can be created by the user to monitor price movements for composite lists of shares from multiple markets to help them make informed decisions before they trade.