Sukuk Financial

CMA-licensed Saudi fintech that arranges sukuk issuance for companies and real estate financing, with programmes up to SAR 30 million.

Industry: Fintech - debt capital markets | Location: Riyadh, Saudi Arabia | Founded: 2020

About Sukuk Financial

Sukuk Financial (صكوك المالية) is a Saudi financial technology company that arranges sukuk, which are debt instruments, for companies and lets investors buy them through its platform and app. It describes itself as the first fintech company in the Kingdom to offer sukuk issuance for companies.

The company was established in April 2020, received its licence from the Capital Market Authority in November 2020 and completed its first issuance in May 2021, a SAR 10 million sukuk for a private hospital project in Jeddah. By January 2022 it had been granted programmes totalling SAR 300 million. It holds CMA licence 10-25310 for arranging and custody activities. The founders saw that there was no channel for issuing debt instruments below about SAR 240 million, leaving many small and medium-sized businesses without options beyond bank lending. The idea followed the CMA's launch of its fintech lab in 2018 and the Financial Sector Development Programme's aim of deepening the debt market.

The company says it has directed more than SAR 12.9 billion into the economy since 2021 through more than 5,900 issuances, with 93 percent of financing going to small and medium-sized companies. These are company-reported figures. Businesses can obtain financing of up to SAR 30 million for terms of up to ten years, with flexible repayment, early repayment without extra fees, a financing offer within three days and a fully online process. Products cover commercial and real estate financing and real estate participations. All operations are overseen by a Sharia committee.

Chairman Abdulaziz Al-Adwani leads a five-member board that includes Abdullah Al-Ajaji, Fahd Kurdi, Ahmed Al-Qasabi and chief executive Abdulaziz Al-Sayari, who also heads custody.

Leadership