Clyde & Co has advised Beehive, the UAE’s first and leading online marketplace for peer-to-peer (P2P) finance, on the successful structuring and documenting of the company’s Sharia certified platform.

Beehive's certification as a Sharia compliant P2P finance platform by the Shariyah Review Bureau (SRB), illustrates the continuing innovation in Islamic Finance products across new sectors, such as crowdfunding and highlights Dubai’s growing role as the global capital of Islamic finance.

Adil Hussain, the Global Head of Islamic Finance at Clyde & Co, said “the certification highlights the increasing role Islamic finance is playing across sectors that have traditionally relied on more conventional means of financing.”

Adil added that "SMEs and other customers are looking for cost effective, Sharia compliant financing solutions to grow their businesses. We are seeing high demand for such financial services in the health and education sectors in particular. We expect Beehive's Sharia compliant P2P platform to be popular with both businesses and investors."

Paul Boots, Chief Operating Officer at Beehive, said, "The services provided by the Clyde & Co Islamic finance team were crucial to garnering this certification. The team at Clyde & Co brought deep expertise in the subject and understood how to bridge the complex world of Islamic finance with the high tech world of P2P finance. Their advice was invaluable. "

Adil commented "Beehive selected us for this important mandate because of our standout track record in advising innovative firms and first of their kind products. It was a pleasure to work with such an innovative firm."

As the first online marketplace for P2P finance in the UAE, Beehive has channelled over AED 15 million ($4m) worth of finance to more than 32 small and medium-sized enterprises (SMEs) since its launch in November 2014. The innovative platform uses the principles of crowdfunding to provide companies with affordable and quick financing options, and allows Islamic investors to take full advantage of the opportunities that P2P finance has to offer while providing complete confidence that their values are respected and adhered to.