Muscat – Omani fintech startup Mamun Crowd Financing has surpassed the RO1mn mark in Sharia’a-compliant supply chain financing, supporting businesses of various sizes across Oman. This milestone was achieved in less than a year since the platform’s launch in October 2023.

Mamun Crowd Financing, fully compliant with Sharia’a law, is a licensed platform that connects investors with businesses seeking customised financing solutions. The platform facilitates both short-term and long-term financing and investment opportunities.

To date, the platform has recorded a total of 31 investments, amounting to over RO1mn. It has returned over RO290,000 in principal to investors. Mamun investors have collectively earned around RO25,000 in profits, with an expected RO100,000 yet to be realised from active investments, according to a press statement.

These accomplishments highlight Mamun’s commitment to providing ethical and inclusive financial solutions that foster economic growth and support entrepreneurs in the sultanate. The fintech firm’s innovative approach to crowdfunding is successfully bridging the gap between investors and businesses.

Saleh al Tamami, Co-Founder and CEO of Mamun, said, “Crossing the RO1mn financing in less than a year is a testament to our unwavering commitment to empowering businesses across Oman with ethical, Sharia’a-compliant financial solutions. At Mamun, we are pioneering circular finance and investments powered by crowdfunding, fully aligning with Oman Vision 2040 for alternative and sustainable finance. We also appreciate the robust efforts of the Financial Services Authority, the Ministry of Finance, and the Sustainable Finance Committee under Tanfidh, whose support is instrumental in fostering an environment where innovative financial models can thrive. Our proprietary technology and risk models allow us to evolve as a tech-driven financial institution.”

Mamun Crowd Financing has provided essential financial support across several key sectors, including construction and contracting, trade and import/export, manufacturing, logistics and transportation, retail and wholesale, food and beverage, and services.

Mamun’s core technology, which underpins its crowdfunding platform, was launched in 2020. This proprietary technology is also utilised by leading organisations such as the Saudi unicorn Foodics, Oman Housing Bank, and telecom operators in Oman.

In June 2024, Mamun launched a RO100,000 crowdfunding campaign that closed within just three hours, demonstrating the strong demand and trust in its platform.

In July 2024, Mamun entered into negotiations for a potential partnership with a platform serving creators and freelancers. This collaboration aims to expand Mamun’s reach and offer more diverse financing opportunities.

Mamun Crowd Financing now boasts a growing community of 3,700 investors from over seven countries, showcasing the fintech firm’s global appeal and the trust it has garnered in the international market. Additionally, its solutions have facilitated numerous cross-border trade finance transactions.

Mamun’s top leadership believes that financing investments is just the beginning for the platform. To better support businesses, they are developing a suite of new investment products for both retail and institutional investors. These new products will not only enhance the firm’s crowdfunding portfolio but also provide businesses with the tools they need to succeed.

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