The Saudi Central Bank (SAMA) has granted a license to Manafa

The Saudi Central Bank (SAMA) has granted a license to Manafa, a new fintech company that specializes in Shariah compliant debt-based crowdfunding in the Kingdom.

Manafa is a closed joint-stock company headquartered in Riyadh with a capital of SAR40 million (US$10.65 million) and is also licensed by the Capital Market Authority. It was founded in 2018 by Abdulaziz Aladwani and Abdullah Mashari. There are at least 35 fintech start-ups providing Shariah compliant services in Saudi Arabia as at the 15th December 2022, according to the IFN Islamic Fintech Landscape.