Xenmet is a Liechtenstein based commodity solutions provider that offers commodity storage, logistics and collateral management services, and through its wholly owned subsidiary, Ambro Limited, offers commodity transaction services to Islamic financial institutions.
Our client approached us with the need to streamline and automate their existing offline ‘murabaha’ process, thus creating an electronic platform for Islamic banking, to facilitate a significant increase in throughput and decrease in costs.
Xenmet approached us with several strategic objectives:
- Enable Islamic financial services clients to conduct Shari’a compliant commodity purchases and sales via the web
- Improve transaction data capture and audit processes
- Create a new transaction capability for the inter-bank lending market
- Automate the management of approximately $1 billion in commodity inventory
Demonstrated the web application with financial institutions in the Middle East with positive initial results
- Completed a continuous stream of client-driven improvements in preparation for launch thanks to our continuing strategic partnership
- Achieved greater operational efficiency with the automated inventory management system
- Recommended Strategic Apps for further work to another Financial Service Company