SaaS banking platform Mambu and Ta3meed, an Islamic fintech in trade finance in Saudi Arabia, announced a strategic partnership to deliver Islamic fintech financing solutions for SMEs in the region.
With this partnership, Mambu’s agile core banking technology will be integrated into Ta3meed’s automated Purchase Order (PO) financing platform.
Ta3meed’s Islamic fintech platform provides PO financing in Saudi Arabia, offering funding to SMEs based on government-issued and guaranteed POs.
Ta3meed’s platform is regulated and permitted in the sandbox by the Saudi Central Bank (SAMA) managing the entire funding process in accordance with Islamic regulations.
The combined solutions aims to aid in the digital transformation of financial institutions combined with Sharia-compliant financing and investment solutions in Saudi Arabia.
The partnership will also focus on the financial inclusion and accessibility of working capital finance to small and medium-sized enterprises (SMEs).
Saudi Arabia’s SMEs currently only account for 8.3% of banks and financing companies’ total credit facilities.
“Through its Vision 2030 initiatives, Saudi Arabia aims to boost its financial sector while developing a fintech ecosystem to ensure a diversified economy and financial inclusion.
We are excited to be selected by Ta3meed to power their crowdfunding platform for SMEs, fostering fintech growth, innovation and collaboration across the financial services industry and supporting the Kingdom’s Vision 2030 program,”
said Miljan Stamenkovic, General Manager of Mambu in the Middle East and Northern Africa.
“Mambu delivers market-leading core digital banking solutions to the world’s leading financial services and fintech organizations.
With our partnership, we are combining the latest digitally-delivered funding solutions with innovative Islamic financing allowing, millions of Muslim investors the opportunity to fund and support SMEs in the region.”
said Mohamed Alomayyer Co-Founder and CEO of Ta3meed.
Featured image credit: edited from Unsplash
