The Saudi Central Bank (SAMA) has licensed two fintech companies, growing its Shariah fintech community.
The first company to receive a permit is MIS Forward for its buy-now-pay-later platform. MIS Forward is a subsidiary of Al Moammar Information Systems, which had secured regulatory approval to launch Islamic investment funds including one with Al Rajhi Financial Company and another with Saudi Fransi Capital. It also had intention to found an Islamic challenger bank.
SAMA also licensed Creative Future for Digital Brokerage to carry out finance aggregation services. The company will provide services through an electronic platform which will connect finance companies with clients based on their credit obligations and solvency and offer them finance solutions.
As at the 20th March 2023, Saudi Arabia has at least 37 verified Islamic fintech start-ups, according to the IFN Islamic Fintech Landscape.