November 2015 marked a year since Beehive, an accredited P2P financial service lending company became operational in the United Arab Emirates (UAE). The platform was awarded ‘Start-Up of the Year’ at the Gulf Capital SME Awards, last October. With AED 25 million channeled to 48 SMEs, zero defaults and over 2600 investors registered on the platform, their results have been very amazing in just a year.
According to Craig Moore, Founder and CEO of Beehive, “Being an SME ourselves, we know that our success is because of our ability to innovate. It is particularly important for SMEs to explore different ways to innovate so they can compete in both a regional and global market. We are delighted to be celebrating our first anniversary and have been overwhelmed with the response in the market and our ability to make a positive difference in the SME ecosystem in the UAE.”
As a result, Beehive is progressively upholding Dubai’s global strategy to become the capital of the global Islamic Economy by 2016. In a special report launched by the platform, Thomson Reuters buttresses the important relationship between innovations and financing.
Ovamba is on the move to becoming a world class platform in Cameroon and African. Their financial services and expertise have helped several businesses to grow and reach their full potential. Like Beehive, Ovamba also launched a Shariyah Compliant trade partner product, which gives a wider sphere of influence for business in Cameroon, with 3 Muslim regions (Adamaoua, North and Far North) out of 10, and approximately four hundred million of Muslims in Africa.
Marvin Cole, CEO of Ovamba, says the following concerning Beehive’s anniversary and performance: “Kudos and congratulations to Beehive on reaching their one-year mark. We know what it takes to get up and running. Congratulations also for their recent recognition by the industry as “Start-Up of the Year”. This is indicative of the hard work that they have put in. We look forward to our fellow platform raising the bar on our industry and asset class. With Craig Moore at the helm the future looks very bright.”