Riyadh – Mubasher: Elite Icon Trust (EIT) plans to establish a sharia-compliant Global Real Estate Digitalisation programme, according to EIT’s statement on Monday.
The Liechtenstein-based company appointed Shariyah Review Bureau (SRB), a Middle-Eastern sharia advisory firm regulated by the Central Bank of Bahrain, to review the proposed programme and business activities in light of sharia principles.
“EIT intends to disrupt the global real estate market, starting with luxury hotel rooms. We wanted to cater to the evolving need of Islamic investors in this age of digitisation and hence created a Blockchain platform whereby through a clever use of smart contracts, the investor is entitled to room revenue-sharing arrangement from luxury hotel rooms which are in different geographical locations,” Marius Jedlickij, founder and CEO of EIT, commented.
EIT is currently working on stepping up its business via securing an operating licence “EIT DIGITAL ASSETS Ltd” at Astana International Financial Centre (AIFC), a financial hub in Nur-Sultan, Kazakhstan.
“We would like to share our sincerest appreciation to CEO Nurlan Kussainov. It is under such professional team management AIFC is rapidly becoming a safe and prosperous financial hub of central Asia,” Jedlickij added.
It is worth mentioning that SRB focuses mainly on propping up Fintechs in sharia compliance, foresees much development to follow in all sectors of Finance.
“Digitisation of platforms which use Blockchain and smart contracts, help eliminate costs tied to third-party involvement, speeds up the process and adds to the overall efficiency of the business model,” the statement said.
Yasser S. Dahlawi, founder and CEO of SRB, noted that sharia supervisory services have become more critical, requiring an increasing amount of committed resources, improved availability and enhanced product structuring expertise.
