Riyadh – Sharikat Mubasher: Tarmeez Capital announced that the debt instruments market in Saudi Arabia has witnessed a noticeable transformation in recent years, thanks to the efforts made within the framework of the financial sector development program that comes within the Kingdom’s Vision 2030.

The program aims to diversify sources of income and enhance the economy and the culture of financial savings, the company said in a press release.

Thanks to these efforts, the debt instruments market in the Kingdom has become an important place for financing and investment, as financial technology platforms have played an important role in this development by contributing to providing various financing services to companies, providing an easier and more efficient investment environment, and expanding access to the debt instruments market to include new segments of investors.

During the third quarter (Q3) of 2023, the value of the Sukuk offered through fintech platforms amounted to more than SAR 377 million, compared to SAR 88.8 million in Q3-2022.

The number of Sukuk also increased from 52 to 311 in a row, according to what was stated in the quarterly statistical bulletin issued by the Capital Market Authority (CMA), the entity authorized to authorize platforms for offering and investing in debt instruments, which number six companies to date.

Tarmeez, which was founded in February 2023, confirmed that the value of the sukuk programs it provided during the past 60 days exceeded a quarter of a billion Saudi riyals by financing more than 100 investment opportunities in more than 10 different sectors, including real estate development. It was distinguished in its sukuk issuances with monthly distributions, as 70% of the previously mentioned opportunities had monthly distributions with an average annual return of up to 15%.

Nasser Alsaadoun, CEO of Tarmeez Capital, said: “At Tarmeez, we aim to contribute to financing companies with a product that suits their needs and requirements, and to provide an open and transparent investment environment that enables everyone to access investment opportunities that were not previously available in Islamic Sukuk.”