Madfu, a Saudi-based startup specializing in providing Buy Now Pay Later (BNPL) solutions,has received a Sharia Certification from the Shariyah Review Bureau, ensuring that its financial services comply with Sharia principles.
Originally founded in 2023, Madfu focuses on providing Buy Now Pay Later (BNPL) solutions for the travel, tourism, and entertainment sectors, allowing customers to easily purchase services and products with deferred payments.
By obtaining the Sharia Certification, the company reaffirms its commitment to providing safe and reliable financial solutions to customers while maintaining the highest service standards.
Go deeper on GCC & Africa tech — $9.99/month.
Deep dives and investor insights the free digest doesn't cover.
Dr. Ahmed Alwosheel, CEO of Madfu, commented, “Our goal has always been to provide financial solutions that are not only convenient but also Sharia-compliant.
“With the growing demand for Buy Now Pay Later (BNPL) services in Saudi Arabia, we wanted to ensure that our offerings align with Sharia principles, enhancing trust among users.
“Our partnership with the Shariyah Review Bureau (SRB) has been instrumental in achieving this, as their extensive experience in Sharia supervision for fintech companies provided us with the necessary certification and assurance.”
Engagement
