Themar, a Saudi-based fintech, has received Shariah certification from Shariyah Review Bureau (SRB) for its crowd-funding financial services provided through its platform. The platform connects small and medium-sized enterprises (SMEs) seeking finance with retail investors.
Amer Siddiki, Cofounder and CEO of Themar, said “We wanted to ensure that we have the best technological platform while fully complying 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 stand to benefit from their experience and market exposure.”
SRB is one of the leading Sharia Advisory firms 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 Fintech’s with diverse consumer offering.
Yasser S. Dahlawi, Founder and CEO of SRB, said that the company looks forward to supervising Themar’s platform and its transactions in light of Sharia. “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,” he said. “We look forward to supervising Themar’s platform and its transactions in light of Sharia and provide their stake-holders the trust and the assurance they seek.”
The Shariah certification from SRB is a significant milestone for Themar. It demonstrates that the company’s platform is compliant with Islamic financial principles, which is important for many of its users and investors.
