ISLAMIC COMMODITY ONLINE NETWORK
Ambro Limited, a global leader in the provision of Islamic financial services, has established a secure, web-based, commodity transaction platform featuring multiple buyers and sellers to serve financial institutions and other entities that wish to conduct commodity murabaha transactions in a Shari'a compliant manner.
The platform is called the Islamic Commodity Online Network (“ICON”), and offers depth and transparency to the existing commodity murabaha market with real time bids, offers and acceptances and full inventory documentation for base metals. |
SHARI'A COMPLIANCE
The Islamic Commodity Online Network (“ICON”) has been designed in collaboration with its retained panel of scholars, Amanie LLC in Dubai, to ensure Shari'a compliance at every stage of the development process. ICON follows some important precepts; principal among these are the following:
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The benefits of trading on ICON include:
On-line Transactions
Inventory Physical Delivery Market Liquidity Real-time Transactions Commodity Pricing Commodity Ownership Cash Movement Possession of goods Role of Clearing House |
Open to members by signing Network Agreement
Physical goods offered directly by suppliers (no broker intermediary) - up to $1bn inventory available Ability for Network Participant to select physical delivery or cash settlement Multiple Suppliers and Multiple Buyers Regional operating hours with automated Supplier offers and Buyer bids Same day settlement price, multi-currency Title and risk of loss passes upon receipt of payment for goods Cash deposited with Network Participant on behalf of Supplier Goods remain in custody until delivery terms are agreed and payment received Accepts obligations of members at the moment after sale (transparent auction) |