Dubai-based peer-to-peer (P2P) financier Beehive will be expanding into Oman as the Capital Market Authority (CMA) has granted the platform a three-year license.
Launched in 2014, Beehive is the first P2P lender in MENA to be regulated by the Dubai Financial Services Authority. In 2020, it broadened its geographical reach through a partnership with Gulf International Bank and Saudi Social Development Bank, which allowed it to offer Shariah compliant unsecured financing solution to micro and small enterprises in the Kingdom.
With strong Islamic finance capabilities, Beehive has operated a conventional-Islamic model since its launch. It has since disbursed over AED1 billion (US$272.22 million) in funds, more than double its 2019 numbers.
Beehive’s approval follows hard on the heels of the CMA extending the first license under its new regulatory regime (approved at the end of 2021) to Ethis Investment, an Islamic crowdfunding platform, in March this year. The regulations are part of CMA’s efforts to spur both Islamic fintech and agnostic financial technology in the Sultanate.