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The first electronic trading platform allowing sharia-compliant companies to raise cash will launch in London in May, the venture capital firm behind the project told Reuters on Thursday.

The Sharia Ummah Securities Information Exchange (UMEX) is designed to provide a platform to companies with a capital value of at least 20 million pounds ($31 million) and looking to raise the equivalent of at least 20 percent of their market value.

Mahesh Jayanarayan, chairman of Halal Industries, which will manage the exchange said it would operate as a Multilateral Trading Facility (MTF).

MTFs are low-cost electronic trading platforms created after the Markets in Financial Instruments Directive (MiFID) opened up exchanges to competition.


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