Ejari has proudly announced the receipt of Sharia-compliant certification for its Rent Now, Pay Later platform in Saudi Arabia. This platform caters to the rental community, offering a rent-now-pay-later service to Saudi Arabia $20bn+ rental market where more than 70% of rentals are paid on an annual or bi-annual basis, offering tenants the convenience of flexible payment options. Since launching about 6 months ago they’ve received financing applications exceeding $16m
The significance of housing and housing finance in the development of Saudi Arabia’s economy cannot be overstated, particularly in light of Vision2030. The Housing Program has been instrumental in pioneering various initiatives aimed at creating a vibrant environment for citizens, with a particular focus on boosting private sector investment to achieve a 70% homeownership rate by 2030.
Yazeed Alshamsi, CEO and Co-founder of Ejari, enthusiastically highlighted the platform’s adherence to Sharia principles, underscoring its transparency, convenience, and capacity to meet the diverse rental needs of individuals effortlessly. The Rent Now, Pay Later service features a user-friendly interface, enabling individuals to conveniently manage their annual rental obligations on a monthly basis. He emphasized, “Ejari’s platform is dedicated to financial inclusivity and Islamic values, offering a seamless solution for renters to manage their yearly commitments through convenient monthly payments.”
Ejari’s commitment to Sharia compliance is evident through its meticulous approach to product development and operations. To ensure alignment with Sharia principles, the platform partnered with the Shariah Review Bureau, a reputable Sharia advisory firm with almost two decades of experience in providing Sharia certification and audit services to financial entities.
Yasser S. Dahlawi, CEO of the Shariah Review Bureau, commended Ejari’s initiative, stating that the platform represents a significant step toward providing accessible and transparent rental solutions rooted in Sharia principles. He emphasized the importance of empowering individuals with Sharia-compliant financial options and expressed readiness to leverage the Bureau’s audit capabilities to provide confidence to Ejari’s stakeholders.
In conclusion, Ejari’s Sharia-compliant platform represents a pioneering effort to address the rental needs of individuals in Saudi Arabia while adhering to Islamic principles. This initiative not only simplifies rental payments but also creates opportunities for retail investors, contributing to the overall development of the housing market ecosystem.
