The Saudi Central Bank (Sama) has licensed Hala Financing to provide debt-based crowdfunding solutions. 

 

With this new addition, there are now 11 authorised companies offering debt-based crowdfunding solutions in the kingdom, said a statement from Sama.

 

This addition brings the total number of finance companies licensed and permitted by Sama to 62, it stated.

 

This decision reflects Sama's endeavour to support the financial sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia, it added.