According to the company, the new platform will provide clients in Kuwait with direct access to multiple currencies in order to undertake overseas transactions.
BLMEFX, which will be available over the internet, uses industry standard secure sockets layer (SSL) technology to deliver the functionality to its clients.
The trading platform, which is fully approved by BLME’s Sharia’a Supervisory Board, is non-commission based. Clients can trade without paying commission and receive the full amount of funds purchased directly into their BLME account.
BLME CEO Humphrey Percy said given the increasingly international scope of Sharia’a finance, there was an urgent need to develop a Sharia’a compliant FX platform to take the strain out of cross-border transactions.
"In addition, our expertise and local market knowledge within GCC and European currency pairs in the Spot market meant that we were ideally placed to develop an FX product which fulfils the need of our customers and which offers the same functionality as a conventional product," Percy added.
In a Sharia’a compliant environment, currency trading is used to support cross-border transactions rather than to realize a profit.
