SHUAA Capital, a prominent asset manager in the Islamic finance space, has acquired a controlling stake in financial comparison platform Souqalmal, deepening the firm’s fintech investment play.
Based in the UAE, Souqalmal, was founded in 2012 by Ambareen Musa, as a digital web tool allowing the comparison of banking and financing products in the UAE and Saudi Arabia. It began catering to Islamic financing seekers in 2013 with a dedicated Shariah banking comparison function. Over the years, the company grew its portfolio to include Takaful and insurance products as well as nurseries and schools. It also expanded into Bahrain in 2019, securing an e-broker license from the Central Bank of Bahrain.
SHUAA’s investment will provide growth capital to fuel the platform’s growth plan over the next 24 months, with Ambareen continuing to lead the business as founder and CEO. It is understood that the aggregator is planning to develop a personal financial management platform which will include a financial education and awareness component. It is worth noting that Souqalmal launched a financial education program, MoneyDoctor, last year, targeting company employees. The program is being used by the likes of Careem, Emirates Catering and Majid Al Futaim which have integrated financial health as part of employee wellbeing.
This investment is part of SHUAA’s strategy to increase its digital offerings and enhance personal finance and investment opportunities for the consumer. Existing investors Riyad Capital and GoCampare will remain shareholders in Souqalmal.