Muhammad Al-Omair, Managing Director and CEO of Tameed Crowdfunding Company on Debt, said that crowdfunding on debt is finding investment assets for investors and giving them the opportunity to finance companies directly, which is a recent activity in Saudi Arabia and under the experimental environment, and the rules governing it were recently issued.
Muhammad Al-Omair added, in an interview with Al-Arabiya, today, that “Taameed” is a platform specialized in financing small and medium-sized companies that have projects from government agencies or major private companies, and provides an opportunity for investors to finance these companies.
The Central Bank of Saudi Arabia approved the licensing of two new financial technology companies in the activity of crowdfunding with debt, which are the “Foras” company and the “Taameed” company for crowdfunding with debt, after the success of their experience through the legislative experimental environment of the Central Bank of innovative financial services and products.
For his part, Muhammad Al-Omair explained that each platform in the market specializes in a specific sector, and “Tameed” works in financing supply chains, while other companies finance various activities such as financing capital expenditures for factories.
“For example, when a company wins the supply of devices or equipment for another large company, it may face a problem in finding sufficient liquidity to supply those required devices, and at that time it studies “baptizing” the project and presenting it to investors in its platform to help the company in financing, “according to the founder of” baptizing".
Al-Omair continued: “The initial steps in providing financing are represented by “Taameed” evaluating the company requesting credit financing, and with a methodology that depends on several factors, including the company’s previous experience, its previous credit behavior, the nature of the project, its complexity, the associated risks, and the study of all factors and criteria that enter into determining The cost associated with the risk to the applicant.