After successfully testing their solutions in Saudi Central Bank (SAMA)’s Regulatory Sandbox, debt crowdfunding platforms Forus and Tameed have been granted regulatory licenses to operate in the Kingdom.
Forus is one of Saudi’s few female-founded Islamic fintech capital. Headed by Nosaibah Alrajhi, the start-up focuses on providing Shariah compliant business financing and investment opportunities for SMEs. It closed a Series A funding round, co-led by Yazeed Alrajhi and Brothers Holdings, and Riyad Bank’s Riyad Fintech Fund in 2021.
Tameed, also stylized as Ta3meed, on the other hand, provides Shariah compliant purchase orders financing. Founded in 2019 by Islamic banker Mohamad Abdullah Alshaikh, who now serves as chairman and CEO Amohamed Alomayyer, Ta3meed disbursed over SAR124 million (US$33.02 million) across 98 projects as at the end of August 2022, according to Fintech Saudi’s latest annual report. The average return for investors stood at 16.5%. In November last year, it signed an agreement with Singapore-headquartered digital banking solution provider Moneythor to implement smart loyalty features for its platform.
As at the 27th January 2023, there are at least 36 Islamic fintech start-ups in Saudi Arabia, according to the IFN Islamic Fintech Landscape.