Funding Souq Granted SAMA License for Crowdfunding Platform
The Shariah compliant platform facilitates investments in small to medium enterprises.
Funding Souq, a platform facilitating financing and investment for SMEs, has received authorization from the Saudi Central Bank (SAMA) to commence operations of its debt crowdfunding platform.[1]
Established in September 2020 in Dubai, Funding Souq operates in accordance with Shariah principles. The platform earned certification from Dar Al Sharia, a subsidiary of Dubai Islamic Bank.
Funding Souq stands as a bridge between investors and small to medium enterprises seeking financing ranging from $20,000 to $150,000.
In March 2022, Funding Souq secured $2.5 million in a seed funding round for expansion, with contributions from both existing and angel investors.[2]
The crowdfunding platform's overall funding total increased to $2.82 million as a result of this capital infusion.