Omani fintech startup Mamun Crowd Financing has achieved a significant milestone, surpassing RO1 million in Sharia’a-compliant supply chain financing within less than a year of its launch in October 2023. The platform, which provides ethical and inclusive financial solutions, has facilitated 31 investments to date, returning over RO290,000 in principal to investors and generating around RO25,000 in profits, with an additional RO100,000 expected from active investments.
Mamun Crowd Financing connects investors with businesses in need of customized financing, offering both short-term and long-term investment opportunities. The platform’s success underscores its role in supporting various sectors across Oman, including construction, trade, manufacturing, logistics, retail, and services.
Co-Founder and CEO Saleh al Tamami attributes the company’s rapid success to its commitment to empowering businesses with ethical financial solutions. “Crossing the RO1 million mark in financing so quickly reflects our dedication to supporting Oman’s businesses in alignment with Sharia’a principles and Oman Vision 2040,” he stated. Al Tamami also highlighted the crucial support from the Financial Services Authority, the Ministry of Finance, and the Sustainable Finance Committee under Tanfidh, which has helped create a conducive environment for innovative financial models.
Mamun’s proprietary technology, launched in 2020, underpins the platform’s crowdfunding operations and is utilized by leading organizations like Saudi unicorn Foodics, Oman Housing Bank, and telecom operators in Oman. In June 2024, Mamun’s RO100,000 crowdfunding campaign closed within just three hours, demonstrating strong demand and trust in the platform.
The platform is also exploring new opportunities, including a potential partnership with a platform for creators and freelancers, aimed at expanding its reach and diversifying financing options. Mamun now boasts a community of 3,700 investors from over seven countries, highlighting its global appeal and the trust it has earned in the international market.
Looking ahead, Mamun plans to introduce a suite of new investment products for both retail and institutional investors, further enhancing its offerings and providing businesses with the necessary tools to thrive.
