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Saudi funding platform Raqamyah inks deal with Shariyah Review

Saudi funding platform Raqamyah inks deal with Shariyah Review
Raqamyah is proactively looking to augment capabilities

Riyadh – Mubasher: Raqamyah, the peer-to-peer funding platform in Saudi Arabia, has assigned Shariyah Review Bureau (SRB), to manage the Sharia-compliant affairs of its crowd-funding technology.

“It is high-time for the kingdom’s financial sector to explore opportunities offered by fin-tech firms to serve the SME’s segment,” founding partner and CEO of Raqamyah Ammar Bakheet said, according to a recent press release.

Raqamyah is proactively looking to augment capabilities to develop faster ways of connecting funders with SME’s and also enact the spectrum of the Saudi Arabian Monetary Authority (SAMA)’s regulations in the kingdom, Bakheet concluded.

“We expect SRB to complement and enhance our existing Sharia control functions, allowing us to provide superior Islamic financial services to our customers,” the CEO highlighted.

Meanwhile, the CEO and founder of SRB Yasser Dahlawi, “We believe in bringing a well-balanced approach of examination, verification and testing in our Sharia compliance management so as to operate in an increasingly complex Islamic financial environment.”

He further noted, “Being assigned by Raqamyah allows us to become the preeminent choice of Sharia Advisor for P2P firms seeking to offer its crowd-funding opportunities in the kingdom.”