Mambu and Ta3meed announce their partnership in Saudi Arabia
By Edil Corneille
Mambu, a pure SaaS banking platform, and Ta3meed, an Islamic financial technology (FinTech) company in trade finance in Saudi Arabia, have entered into a strategic partnership agreement to deliver digital Islamic financing for SMEs and investors in the region. The partnership will also focus on the financial inclusion and accessibility of working capital finance to small and medium-sized enterprises (SMEs).
Mambu’s agile core banking technology integrates into Ta3meed’s automated Purchase Order (PO) financing platform. The combined solutions support the vision of accelerating the digital transformation of financial institutions combined with Sharia-compliant financing and investment solutions in Saudi Arabia.
Miljan Stamenkovic, General Manager of Mambu in the Middle East and Northern Africa said, “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 crowdfunding platform for SMEs, fostering fintech growth, innovation and collaboration across the financial services industry and supporting the Kingdom’s Vision 2030 program,” said Stamenkovic.
Ta3meed is an Islamic FinTech platform and provides PO financing in Saudi Arabia, offering funding to SMEs based on government-issued and guaranteed POs. The solution provided by Ta3meed aligns with Saudi’s Vision 2030 efforts to support the development of SMEs by providing them with alternative and innovative funding options.
Ta3meed’s platform is regulated and permitted in the sandbox by the Saudi Central Bank (SAMA) managing the entire funding process in accordance with Islamic regulations.
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.”
He added, “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.”
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