Friday, June 14, 2024
ReportSaudi Islamic fintech community grows with new licensees

Saudi Islamic fintech community grows with new licensees

Riyadh-based Thara Investment Company, a Shariah compliant private family office, has won a license from the Saudi Central Bank (SAMA) to offer debt-based crowdfunding solutions.

Thara joins another 58 finance companies licensed by SAMA to operate in the debt crowdfunding space.

Founded in 2022, Thara’s investment portfolio includes public and private equity, real estate, fixed income and venture capital, it said.

SAMA also recently extended licenses to another two firms: Network International Arabia to provide point-of-sale payment services and Barraq to offer e-wallet services. These two bring the number of licensed payment companies in the Kingdom to 27.

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