The Saudi Central Bank, also known as SAMA, continues to pave the way for financial innovation by granting a license to Thara, a debt crowdfunding platform specializing in real estate development projects. Thara’s authorization marks the ninth company to enter this domain in Saudi Arabia, bringing the total number of fintech companies approved by SAMA to 59. The apex bank emphasizes that this decision reflects its commitment to bolstering the financial sector, enhancing transaction efficiency, and fostering innovative financial solutions for greater financial inclusion in the Kingdom.
Thara’s unique focus on Murabaha financing allows it to connect individual and institutional investors with opportunities in the real estate development sector. The platform aims to provide liquidity for projects while delivering attractive investment returns to financiers. Notably, this recent license follows the authorization of Dnaneer Financing Co. in November 2023, making it the eighth fintech firm to operate in the debt-based crowdfunding solutions space. With this strategic expansion and the approval of innovative platforms like Raqamyah earlier, SAMA is advancing towards its goal of positioning Saudi Arabia as a prominent player in the global fintech industry.