Draft:ArabianPay
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Native name | أرابيان باي |
|---|---|
| Company type | Private |
| Industry | Financial Technology |
| Founded | February 1, 2023 in Riyadh, Saudi Arabia |
| Headquarters | Riyadh , Saudi Arabia |
Key people | Mohammed Rashid AlAbdullatif (CEO) |
Number of employees | 40 |
| Website | arabianpay.net |
ArabianPay (Arabic: أرابيان باي) is a fintech company based in the Kingdom of Saudi Arabia specializing in business-to-business (B2B) solutions and Buy Now Pay Later (BNPL) services.[1]
History
[edit]Founded in 2023 by Mohammed Rashid AlAbdullatif, ArabianPay was established to address the demand for financial solutions for small and micro-enterprises in the Kingdom of Saudi Arabia, as SMEs contribute only about 20% to the country's GDP and face challenges in accessing finance due to the strict regulations and high-interest rates.[2]
To ensure the services provided by the company align with Islamic finance principles, on January 3 2024, ArabianPay obtained a Sharia compliance certificate by the Shariyah Review Bureau, a Sharia advisory firm located in Manama, Bahrain.[3]
Business Model
[edit]ArabianPay focuses on "Buy Now, Pay Later" (BNPL) services tailored for micro-enterprises, small businesses, and startups. By allowing businesses to split payments into three interest-free installments, ArabianPay provides financial flexibility to help them manage their cash flow and overcome financing challenges.
The platform connects small enterprises with suppliers and distributors, creating a marketplace where products can be ordered, purchased, and paid for in installments. With a budget cap of 20,000 Saudi Riyals, the model supports business growth while generating revenue through partnerships with agents and distributors.
References
[edit]- ^ "ArabianPay Forms Partnership with Shariah Review Bureau for Shari'a Compliance". shariyah.net. Retrieved 2024-12-30.
- ^ AlTally, Hasan Ahmed (2019). "Obstacles and Problems Facing the Financing of Small and Medium Enterprises in KSA" (PDF). Journal of Finance and Accounting. 7 (5): 168–183. doi:10.11648/j.jfa.20190705.16.
- ^ https://csa.shariyah.org/uploads/APAY-3710-01-01-01-24.pdf
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