Sunday, April 21, 2024
ReportRehan gains Saudi license to test Islamic fintech solutions

Rehan gains Saudi license to test Islamic fintech solutions

Rehan Capital Company, a Saudi real estate crowdfunding platform, has obtained a Financial Technology Experimental Permit from the Capital Market Authority to test its Halal investment and real estate funds distribution platform.

Founded in May 2021 by Abdullah Alsahan, who is also the managing director of ALJOUD Real Estate Development & Investment, Rehan Capital offers retail investors an opportunity to invest in the Saudi property market with a SAR1,000 minimum (US$266.3) starting capital. The firm confirmed that its investment business is in compliance with Shariah law.

The fintech start-up has been cementing multiple partnerships leading up to it securing a CMA license including with Mohammad Al Habib Real Estate Co and the Spanish ELIA Enterprise for Large International Architecture Company.

According to the IFN Islamic Fintech Landscape, there are at least 36 start-ups in Saudi Arabia offering Islamic fintech services including nine in the crowdfunding and P2P space and eight in trading and investment as at the 15th March 2023.

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