Thara, a Saudi based fintech, today received Shariah certification from Shariyah Review Bureau (SRB) for its crowd-funding financial services provided through its platform.
Thara focuses on providing funding for real estate development projects. Its platform facilitates the connection between individual and institutional investors, offering them investment opportunities in the real estate development sector through Murabaha financing. Abdulelah Alsaab, COO of Thara said “We wanted to bring a platform to the Kingdom’s business environment which opens up the financing market and provide opportunities to the investor base.” “The platform’s mechanics have been designed simple and those who meet the due diligence check can conveniently connect for their respective financing needs and investment objectives.” he added.
On securing the sharia certification Abdulelah commented “We wanted to ensure that we have the best technological platform and comply with shariah. Designating Shariyah Review Bureau to oversee the business model’s Sharia compliance was the natural step towards the objective. They carry a reputable name in the market for shariah advisory and we stan to benefit from their experience and market exposure.”
Over the years, Shariyah Review Bureau has strongly established itself as one of the leading Sharia Advisory firm in the Kingdom of Saudi Arabia. It currently caters to 52% of the cooperative Insurance firms, 37% of the financing activities and 32% of the investment firms listed on Tadawul exchange. In addition to traditional financial institutions, SRB has been providing Shari’a board, certification and Audit services to numerous Fintechs with diverse consumer offering.
“Year on year we have been witnessing a rise in digital adoption by the market players. Start-ups have been at the forefront of this disruption who seek top technological solutions whilst complying with the sharia requirements.” said Yasser S. Dahlawi, Founder and CEO of SRB. “We look forward to supervising Thara’s platform and its transactions in light of Sharia and provide their stakeholders the trust and the assurance they seek.” he added.