The Saudi Central Bank (SAMA) licensed ‘Thara’ to provide debt-based crowdfunding solutions. With ‘Thara’, there are now nine authorized companies offering debt-based crowdfunding solutions in Saudi Arabia. This addition brings the total number of finance companies licensed and permitted by SAMA to 59 companies. This decision reflects SAMA’s endeavor to support the financial sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.
Source: IBP