The first e-commerce platform that will allow companies that operate according to Islamic laws, to raise capital, will be launched in London in May. This Reuters reported, citing a venture capital firm behind the project. Sharia Ummah Securities Information Exchange (UMEX) is intended to provide a trading platform for companies with capitalization of at least 20 million pounds (31 million dollars) who want to raise the equivalent of at least 20 percent of their market value. Mahesh Jahayasan, chairman of the company’s Halal Industries, which will oversee the exchange, has made clear that it will work as a platform for multilateral trade exchange (Multilateral Trading Facility – MTF). MTF are low-cost e-commerce platforms, created after the EU directive on markets in financial instruments has opened opportunities for competition between exchanges. This will be the only such platform in Europe at the time, which helps companies raise capital. In UMEX opening in May of it will now have 100 shares of compliance with Islamic law companies, which can be traded. Within one year after placing their stock plans to hold IPO-so over 100 global Islamic companies said Jahayasan.
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The Mayor of London Boris Johnson warned the bankers to stay in the City of London, warning that the temptation to move to Switzerland to them face unexpected risks, officials said. “I am told that there are some parts of the canton of Bern, where men are not allowed to urinate made after 10 o’clock at night so as not to disturb their neighbors,” Johnson told a reception organized by the Japanese investment bank Nomura in the ski resort of Davos, which is currently being held traditional World Economic Forum. His comments in the room full of bankers, were made on the news that some hedge funds and investment bankers leave London and move to Switzerland to avoid the EU regulations or imposed in the UK tax revenue over a specified amount and on bonuses. “Time is the master of the universe to show that they can be both servants of society,” said Johnson, a former journalist and a frequent guest on satirical TV shows.
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