Eiger Trading today announced the launch of the first ever fully-automated, Shariah- compliant 24/7 Commodity Murabaha platform.

Rolled out 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.

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.”

Tom Guest, Head of Global Marketing at Eiger, added “The Saudi market continues to see strong economic growth with clients being among the most tech-savvy globally. We believe that this product will change the Islamic retail banking landscape within the region and possibly globally, raising the bar for standards of offering now to be expected.“

“It allows Islamic banks to compete with the technology offerings of their conventional counterparts, improving customer access to banking services while still maintaining the most robust Sharia’a standards. We are already seeing firm interest in this product from other jurisdictions, including wholesale institutions in the GCC, Europe and South East Asia, and we welcome the chance to work with other select international and local partnerships to capitalise on what we believe to be an enormous opportunity”

UK-based Eiger Trading Advisors Ltd is a FCA-regulated financial services company and holds a unique position as a technological facilitator for a diverse range of Shariah-compliant products with this latest product offering 24/7 real-time commodity trading for Islamic transactions.