Riyadh – Madfu Secures Sharia Certification for its BNPL Solution. - Middle East Business News and Information

Mid East Info

24-03-2025

Madfu, a leading Saudi-based Buy Now, Pay Later (BNPL) solutions provider, has received Sharia certification from Shariyah Review Bureau (SRB), affirming that its BNPL solution offerings comply with Islamic finance principles. This certification reinforces Madfu's commitment to providing Sharia-compliant BNPL solutions, in alignment with the Kingdom's vision of fostering financial inclusivity through innovative fintech services.
Madfu operates under the Saudi Central Bank (SAMA) supervision and intends to play a key role in the Kingdom's rapidly growing fintech sector. Designed to alleviate financial pressures on individuals while supporting business growth, Madfu offers a transparent and flexible BNPL model that enables consumers to make purchases with clear and transparent pricing, ensuring no hidden fees or interest in accordance with Sharia principles, with payment plans extending up to six installments. The company's services are structured to benefit both customers and merchants, facilitating seamless transactions that promote financial well-being.
Dr. Ahmed Alwosheel, CEO of Madfu, commented, 'Our goal has always been to offer financial solutions that are not only convenient but also sharia-complaint. With the increasing demand for BNPL services in Saudi Arabia, we wanted to ensure that our offerings align with Sharia principles, fostering trust among users. Our engagement with 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.'
Shariyah Review Bureau, a global leader in Sharia advisory and audit services, has been at the forefront of facilitating compliance for fintech firms. Its centralized Sharia advisory solutions support technology-driven financial companies, reducing compliance overheads while ensuring adherence to Islamic finance principles.
Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau, stated, 'The Kingdom of Saudi Arabia is witnessing significant growth in its fintech ecosystem, particularly in digital payment solutions. BNPL models have gained traction as they provide consumers with an accessible and interest-free alternative for managing expenses. We are pleased to support Madfu in its journey to offer a Sharia-compliant BNPL service, reinforcing trust and credibility in the evolving financial landscape.'
With the BNPL sector in Saudi Arabia expanding rapidly, Madfu's Sharia certification marks a significant milestone in promoting sharia complaint and interest-free financial solutions. By ensuring compliance with Islamic financial guidelines, Madfu is well-positioned to drive further growth and innovation in the Kingdom's fintech industry.