Mambu, Ta3meed partner to develop Islamic fintech in Kingdom

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Riyadh

Mambu, a pure SaaS banking platform, and Ta3meed, an Islamic fintech in trade finance in Saudi Arabia, have announced a strategic partnership to deliver innovative digital Islamic financing solutions for small and medium-sized enterprises (SMEs) and investors in the Kingdom and the wider region. Mohamed Alomayyer, co-founder and CEO of Ta3meed, said: “Mambu delivers market-leading core digital banking solutions to the world’s leading financial services and fintech organizations, and 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.” Mambu’s agile core banking technology integrates into Ta3meed’s automated purchase order (PO) financing platform. The combined investment and financial solutions support the Kingdom’s Vision 2030 goals of accelerating the digital transformation of financial institutions in Saudi Arabia. The partnership will also focus on the financial inclusion and accessibility of working capital finance to SMEs, which are an important contributor to Saudi Arabia’s economic development and currently only account for 8.3 percent 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 crowd funding platform for SMEs, which will foster fintech growth, innovation and collaboration across the financial services industry and support the Kingdom’s Vision 2030 program,” said Miljan Stamenkovic, general manager of Mambu in the Middle East and Northern Africa. Ta3meed is the first Islamic fintech platform to provide PO financing in Saudi Arabia, offering funding to SMEs based on government-issued and guaranteed POs. The solution provided by Ta3meed aligns with the Kingdom’s Vision 2030 efforts to support the development of SMEs by providing them with alternative and innovative funding options.—Arab News