Dubai-based technology start-up, Sarwa, is expanding its investment advisory platform to Saudi Arabia after it was approved by the Saudi Capital Market Authority (CMA).
The regulator awarded Sarwa an experimental permit which allows it to offer a limited number of Saudi users the same online discretionary investment management services provided to its UAE clients, according to the CMA.
The platform aims to provide local investors with a range of low-cost index funds, including a halal portfolio based on BlackRock index funds.
Mark Chahwan, the co-founder and chief executive of Sarwa, said: “As founders from the region, our mission is to make smart financial services accessible and affordable to everyone here. There are so many people in the Middle East who do not have the tools nor the know-how to start their investing journey and work to better their future.”
The regulatory approval comes almost a year after Sarwa secured US$8.4 million in funding.
It is not the only platform targetting the Saudi market. US-based sharia-compliant robo-advisor Wahed is also planning a Saudi expansion after securing more than $25 million in funding.
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