Hot on the heels of debt crowdfunding platforms Forus and Tameed receiving their regulatory licenses, Raqamyah also obtained a full license from the Saudi Central Bank (SAMA) to serve the Kingdom’s SMEs.
The Islamic fintech firm, founded in 2017, offers Murabahah-based Shariah compliant financing to SMEs via a crowdfunding model, using a . It was accepted into SAMA’s regulatory sandbox in 2019.
Raqamyah in February 2021 obtained US$2.3 million in investment which it used to invest in its technology and talent. Earlier in January that year, the start-up launched its point-of-sale financing service.
There are at least nine Islamic crowdfunding and P2P operators in Saudi Arabia as at the 3rd January 2023, according to the IFN Islamic Fintech Landscape.
Concurrently, Rakeez Capital has secured a fintech permit from the Capital Market Authority to test its platform which facilitates investment into debt instruments. It is not immediately clear if Rakeez Capital’s offering would be certified Shariah compliant, however, it is understood that fintech companies in Saudi Arabia must be aligned with Islamic teachings.