logo
Sidra Capital Joins Bursa Suq Al-Sila' as a Member

Sidra Capital Joins Bursa Suq Al-Sila' as a Member

Yahoo19-05-2025

SINGAPORE, May 19, 2025--(BUSINESS WIRE)--Sidra Capital has officially joined Bursa Suq Al-Sila' (BSAS) as a commodity trading participant, placing it alongside central banks, global commercial banks, and international multilateral financial institutions.
BSAS is a Malaysia-based commodity trading platform designed to facilitate Islamic liquidity management and financing by Islamic financial institutions. BSAS has become a leading platform for tawarruq transactions, with an average daily trading value of approximately USD 10 billion, a significant rise from USD20 million when it was launched in 2009.
"Sidra Capital is a well-established player in Islamic asset management, specializing in real estate and private finance. As we expand our footprint in the Asia-Pacific we see immense potential for Shariah-compliant solutions, having direct access to one of the most widely used platforms for tawarruq transactions strengthens our competitive edge," said Ghassan Soufi, Vice Chairman at Sidra Capital .
"Tawarruq or commodity murabaha is a highly practical solution to shariah restrictions on financial transaction executions. As we look forward to entering further into the Asia Pacific private credit market, access to BSAS enhances our ability to close deals more efficiently and cost-effectively," added Arif Rahim, CEO of Sidra Capital Singapore.
Traditionally, tawarruq transactions in Islamic financing are facilitated through brokers or intermediaries who execute trades on global commodity exchanges such as the London Metal Exchange. The establishment of BSAS, part of the publicly listed Bursa Malaysia Berhad group, allows financial institutions to trade directly on the platform, improving efficiency by eliminating intermediaries and leveraging cutting-edge technology.
Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20250518158266/en/
Contacts
Sarah AbuzeidCorporate Communications Divisionprandmarketing@sidracap.com

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Singapore Swaps Prime Land With Malaysia Billionaire King's Son
Singapore Swaps Prime Land With Malaysia Billionaire King's Son

Bloomberg

time3 hours ago

  • Bloomberg

Singapore Swaps Prime Land With Malaysia Billionaire King's Son

Singapore's government is transferring a plot of land in one of its priciest residential enclaves to the eldest son of Malaysia's billionaire king, in exchange for a larger vacant parcel that his family has owned for more than a century. Ismail Ibrahim, the Regent of Johor state, is the registered owner of a 21.1 hectare (52 acres) parcel of land along Holland Road that is worth billions of dollars. It is close to Singapore's Botanic Gardens, a colonial-era attraction which has become a UNESCO World Heritage Site.

Visit The World's Highest Microbrewery In A Building
Visit The World's Highest Microbrewery In A Building

Forbes

time3 hours ago

  • Forbes

Visit The World's Highest Microbrewery In A Building

LeVeL33 has incredible views over Marina Bay in Singapore. Singapore's LeVeL33 has been recognized by Guinness World Records as the highest microbrewery in a building. Located on the 33rd floor of Marina Bay Financial Centre Tower 1, the brewery was recognized on December 10, 2024, with its official certificate being delivered in March 2025, although the process began months before. 'It is a tedious process,' said Martin Bem, founder and managing director of LeVeL33 on a video call. That process began in August 2024 and involved expert witnesses and supplying plans for the original building construction, which was completed in 2010, from the building authority in Singapore. 'It is a nice achievement to give ourselves a little bit of birthday present with this achievement,' said Bem. LeVeL33 is an original tenant of the building and has been operating for 15 years. The brewery has been at this height all along, but Bem thought the official Guinness recognition would be a fun acknowledgement to celebrate the brewery's anniversary. LeVeL33 has been officially recognized by Guinness World Records Bem has had a long career in hospitaility. 'I started in Bavaria. I was already in the beer industry,' said Bem. Bem works with Germany's Paulaner Brauerei in Singapore and had a prior, successful Bavarian-inspired concept restaurant in Singapore. 'So I always wanted to do a microbrewery,' said Bem. 'I really wanted to have our own homemade, home brewed beer, unfiltered, and unpasteurized because obviously it's a completely different product. And I think quality-wise, it's different from the commercial beers. But I also love my wines and I love my food.' 'So I thought, it's a new concept to have homemade beer, but really good, food and a nice wine list,' said Bem. 'I was looking for a very particular location. I was scouting the market with a real estate broker from Singapore and then when I saw the model of Marina Bay Financial Centre, I immediately looked at the penthouse and asked the landlord what they were planning to do there. And it was still up for grabs.' Given the iconic location and the commercial possibilities for the space, the landlord held a tender process. Bem and his team were the everything winning bidder. LeVeL33 has occupied the space since Day One. 'I signed the lease before I knew how we could bring the brew house up,' says Bem. 'I knew that the service lifts were too small. We explored helicopter, but the Marina Bay is a no-fly zone. That was out of the question.' Ground-based cranes would not reach high enough—LeVeL33 is 149.321 meters high (489 feet, 10 inches). At the end of the day, a portion of the building's façade had to be removed so that a modular crane could be installed on the 33rd floor to hoist all of the brewery equipment up. That brewing equipment consists of a 1,000-liter (over 8-barrels) brewery with 2,000-liter fermenters (over 16-barrels). Special stainless-steel beams needed to be installed, along with a stainless steel plate that distributes the weight of the brewery and liquid over a greater area. Given the height of the brewery, a high-pressure water tank was also installed; the building's regular plumbing would not suffice. LeVeL33's brewery is no mere showpiece. All beer served is brewed on site. Even packaging occurs on site. Those beers are five regular offerings ranging from blonde ale to stout, available on draught and in cans for takeaway. The brewery also makes seasonal beers and, in line with the elevated dining experience expected from a restaurant in the heart of Singapore's financial district, offers Brut Beer a beer brewed with the same yeast as the Champagne Barons de Rothschild and with second fermentation in a bottle, like champagne. As for Bem's affinity for wine, 'We have only wines with less than 5,000 cases of production.' That wine list from small producers is 12 pages long, while an extensive list of other beverages and cocktails, not including the beer, adds six more pages to the menu. As would be expected from a restaurant of this caliber, the food is high end, with many including beer ingredients or beer itself. Where possible, the brewery and restaurant uses organic ingredients. Singapore is a well-known destination for food and restaurants. But LeVeL33 takes dining to new heights.

29. Rippling
29. Rippling

CNBC

time5 hours ago

  • CNBC

29. Rippling

Founders: Parker Conrad (CEO), Prasanna SankarLaunched: 2016Headquarters: San FranciscoFunding: $1.8 billion (PitchBook)Valuation: $16.8 billion (PitchBook)Key Technologies: Artificial intelligence, cloud computing, low code/no code softwareIndustry: Enterprise technologyPrevious appearances on Disruptor 50 list: 1 (No. 14 in 2023) Workforce management company Rippling aims to combine the numerous systems that manage employees — everything from payroll and benefits to devices and compliance — into a single, integrated platform. With Rippling, onboarding a new employee can take less than two minutes. That includes setting up email accounts, enrolling in insurance, and issuing work devices. The company targets customers from startups to mid-sized enterprises across North America, Europe, and Asia-Pacific, with up to 10,000 employees. Rippling has been extending the platform's employee management features over the past year. Among the most notable: Talent Signal, an AI-powered tool that analyzes new hires' work and gives managers a second opinion on how they're performing. Rippling also introduced an employee scheduling tool that can customize complicated hourly work schedules based on demand, certifications, and hundreds of other data points. That tool, launched in October, became the company's fastest product to reach $1 million in sales. But the year wasn't without controversy. In March, Rippling filed a high-profile lawsuit against Deel, a rival in the global workforce space and former Disruptor, accusing the company of corporate espionage. According to Rippling's filings, a former employee acted as a mole for Deel, accessing confidential data about customers, quotes, sales calls, demos and support requests in internal Slack repositories. The company claims he also found and downloaded Rippling's guidance on how to go up against Deel for prospective business, according to the legal filing. In response, Deel recently unleashed its own allegations of bad behavior by Rippling. Despite the legal drama, Rippling has continued to grow, with annual revenue increasing at a rate of more than 30%. The company raised $450 million in a recent fundraising round, and committed to buying an additional $200 million worth of shares from current and previous employees — a morale-boosting move amid continued layoffs in tech and many sector valuations that haven't recovered since the startup downturn of 2022-2023. Rippling has not had recent layoffs and the latest round of funding saw its valuation rise by more than $3 billion. The company also opened new offices: a new European headquarters in Dublin; its first Asia Pacific office in Sydney; and moved into a new office in San Francisco. In a market fragmented by numerous niche solutions, Rippling is betting that its all-in-one approach will allow it to outmaneuver Deel and other startups, as well as incumbents ADP and Paychex. CEO Parker Conrad told CNBC in a May interview that he thinks the legal drama with Deel may be helping it win more business. "I think it's too early to say, looking at the data, how all of this is going to evolve from a market perspective, but certainly we see some companies that have said, 'Hey, we're talking to Rippling because of this,'" Conrad said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store