Saudi Arabia's Thara Secures SAMA License for Debt Crowdfunding
The Saudi Central Bank (SAMA) has authorized Thara, a local debt crowdfunding platform, bringing the total to nine such licensed entities in the Kingdom. With Thara's inclusion, the bank now permits 59 fintech firms to operate.
This step by SAMA aims to enhance the efficiency of financial services and foster innovative solutions to promote financial inclusivity within the country.
Thara focuses on funding real estate development projects by linking investors to opportunities via Murabaha financing, aiming to offer liquidity to developers and returns to investors.
Previously in November 2023, Dnaneer Financing Co. became the eighth fintech to receive SAMA's endorsement in debt crowdfunding, providing financing to businesses with consistent revenue streams while connecting them to investors.
Additionally, two other firms, Forus and Tameed, were licensed in January 2023. Forus offers intuitive fund management through its app, and Tameed supports financing for small and mid-market companies using peer-to-peer lending and government-backed purchase orders.
SAMA's endorsement of these platforms advances its mission to establish Saudi Arabia as a major player in the global fintech landscape.
Earlier in February, the Riyadh-based Raqamyah was approved by SAMA to offer debt crowdfunding to SMEs after its successful pilot in the regulator's sandbox. Since 2017, Raqamyah has been providing Shariah-compliant financing up to $1.3 million to SMEs via its online platform.
Thara focuses on funding real estate development projects by linking investors to opportunities via Murabaha financing, aiming to offer liquidity to developers and returns to investors.
Previously in November 2023, Dnaneer Financing Co. became the eighth fintech to receive SAMA's endorsement in debt crowdfunding, providing financing to businesses with consistent revenue streams while connecting them to investors.
Additionally, two other firms, Forus and Tameed, were licensed in January 2023. Forus offers intuitive fund management through its app, and Tameed supports financing for small and mid-market companies using peer-to-peer lending and government-backed purchase orders.
SAMA's endorsement of these platforms advances its mission to establish Saudi Arabia as a major player in the global fintech landscape.
Earlier in February, the Riyadh-based Raqamyah was approved by SAMA to offer debt crowdfunding to SMEs after its successful pilot in the regulator's sandbox. Since 2017, Raqamyah has been providing Shariah-compliant financing up to $1.3 million to SMEs via its online platform.
