City Funds has invested £550K in Bristol-born start-up, SAH Diagnostics Ltd, which provides new, technologically advanced, mobile cancer diagnostic units for the NHS – beginning in Bristol, with UK ambition.
For patients who have been referred for a diagnostic test, particularly for suspected cancer, the wait can be overwhelming and impactful on their lives.
SAH Diagnostics provide a new approach to supporting the NHS with rapid access to diagnostic screening to tackle the backlog of patients on waiting lists, exacerbated by covid.
With current NHS equipment reaching its end of life, the mobile CT Unit units, with state-of-the-art imaging equipment, are set to support many communities in the South West. Mobile units are cheaper and faster for the NHS than building new wards or wings and can be re-deployed easily.
The Sharia-compliant investment was a ‘first of kind’ transaction, as this is the first time Islamic Finance has been used to acquire a mobile CT unit in the UK. The Directors at SAH Diagnostics stated:
“We would like to thank City Funds and Bristol and Bath Regional Capital for being very accommodating and accepting the pure Murabaha structure. This is a great milestone for our company as we only deal with Islamic Finance to expand our much-needed services.”
SAH are also addressing potential health inequalities many may face in lower income areas, where capital funding from the NHS is scarce.
Having already scanned thousands of patients in the South West, SAH is making a significant difference by driving down patient waiting times and enabling access to high quality medical care.
Business name: SAH Diagnostics
Impact theme: Health & Wellbeing
Amount of investment: £550,000