Thursday, December 1, 2022
spot_img
Editor's PickIslamic purchase order financing platform Ta3meed enhances offering

Islamic purchase order financing platform Ta3meed enhances offering

Islamic fintech financing platform Ta3meed has selected Singapore-headquartered digital banking solution provider Moneythor to implement smart loyalty features in its purchase orders (PO) financing platform in Saudi Arabia.

The Moneythor solution is powered by real-time data, coupled with machine learning and behavioral science techniques to provide data-driven personalization capabilities for digital financial management.

Ta3meed provides Shariah compliant financing based on government-backed POs, based on a P2P model as the financing extended to SMEs to fund their working capital are crowdfunded from institutional and individual investors. According to the start-up, the Saudi government until September 2021 issued 738,610 POs worth over SAR664 billion (US$176.82 billion).

The start-up is understood to be the first PO financing platform to be licensed by the Saudi Central Bank. Founded in 2019 by Islamic banker Mohamad Abdullah Alshaikh, who now serves as chairman and CEO Amohamed Alomayyer, Ta3meed has disbursed over SAR124 million (US$33.02 million) across 98 projects as at the end of August 2022, according to Fintech Saudi’s latest annual report. The average return for investors stood at 16.5%.

This latest partnership follows a string of other collaborations including with online marketplace Dealcom to provide its Pay Later service as well as an agreement with Trans Gulf Readymix Concrete Co to provide financing solutions to vendors and suppliers.

LEAVE A REPLY

Please enter your comment!
Please enter your name here