Saudi Islamic fintech company Rakeez Capital has raised U$2 million in seed capital in a round led by Core Vision Investments. The start-up will use the funding to develop its debt and investment offerings including incorporating artificial intelligence (AI) into its solutions.
Rakeez Capital was launched in 2023 and in the same year secured Shariah certification for its automated Sukuk issuance platform. It is licensed by the Capital Market Authority to offer and invest in debt capital market instruments, specifically, it is authorized to issue and trade Sukuk Murabahah for retail and institutional investors.
“These investments will greatly enhance our ability to develop and deliver innovative and reliable financial solutions to our clients, as well as advance advanced AI technologies to expand our customer base and explore more opportunities in the market,” shared Saeed Al-Ahmari, the co-founder and CEO of Rakeez Capital.
Saudi Arabia is one of the largest Sukuk issuers globally. At the end of Q3 2023, the Kingdom held a 28% market share of the US$823.4 billion global outstanding Sukuk, coming after only Malaysia which accounted for 40% of the market, according to Fitch Ratings.