Frequently Asked Questions

Headquartered in Riyadh, Saudi Arabia and licensed by Saudi Central. Raqamyah is a Saudi Closed Joint Stock Company focused on the Financial Technology (FinTech) space.Raqamyah uses technology to bring financing solutions to Saudi Small and Medium Business Enterprises (SMEs), facilitating connections between financers and SMEs through its Peer-to-Peer Financing platform.

Peer-to-Peer Financing is one form of crowdfunding. Crowdfunding is a way of raising finance by requesting number of people each for a small amount of money. In simple terms, peer-to-peer financing refers to financers providing finance to businesses without the use of a conventional intermediary such as a bank.

Yes.Raqamyah has worked with prominent Islamic legal advisors and Islamic finance industry experts to develop a Murabaha structure that complies with the principl es of Shari’a.

Raqamyah is registered as a Closed Joint Stock company in Saudi Arabia with commercial registration number (1010449309). Raqamyah is authorised and regulated by Saudi Central Bank.

In the event that you feel dissatisfied with any aspect of our services, you can contact us through our customer service team’s
he majority of complaints will be dealt through Raqamyah’s team, however, if the issue remains unresolved, the complaint will be escalated to Raqamyah’s Management. The management will review the complaint with a view to understand whether Raqamyah acted fairly and within its contractual obligations. A final written response will then be provided.
If you still do not feel your complaint has been resolved fairly, you may then refer the issue to the Saudi Central Bank with their contact below:
Saudi Central Bank
Consumer Protection Department
Al-Ma'ather Street,
and P.O. Box 2992, Riyadh 11169,
Saudi Arabia.
Phone: 800-125-6666

Raqamyah Platform is running on DETASAD Elastic Cloud Services (SAHABA ECS). By hosting the platform on DETASAD Elastic Cloud Services, Raqamyah has leveraged security features such as identity and access management, and network security.
Also, DETASAD has more than 35 years of experience in Saudi Arabia hosting some of the largest corporate and governmental data centres in Saudi Ar a bia. DETASAD uses this experience to implement and continuously improve security, operational management, and threat-mitigation practices that are essential to the strong protection of services and data.

As a SAMA regulated entity, Raqamyah has a contingency plan in case Raqamyah cease operation for any reason. As part of this plan all available financers’ balances in Omnibus bank accounts will be returned to financers’ nominated bank accounts and a statement of outstanding payments and repayment schedule will be sent to financers within 10 business days. In order to ensure orderly business exit with minimal impact to platform participants, the platform will continue its operation for additional three months (extendable by additional three months if needed). During this period the following steps will take place:
  • Pursue selling outstanding financed amounts to a financial institution (bank, finance company, funds, etc.) and refund financers’ outstanding amounts.
  • If selling outstanding financed amounts proves to be difficult then the platform will seek early repayment of the outstanding financed amounts. If the financee (debtor) could not repay or get the outstanding refinanced, the platform would extend its helping hand in finding alternative financer. Otherwise, the Platform will appoint on behalf of financers a collection agency to orderly unwind the financed amounts and repay the financers.
More importantly, all outstanding financed amounts will continue to be valid, legally binding and enforceable and installments will continue to be collected as they fall due. All payments will continue to be paid to the appointed collection agent, and we will be able to make regular disbursements until financed amount contracts are paid off.
Raqamyah will communicate with all Platform’s participants the situation and action taken to preserve their rights, and to financees (debtors) the new arrangement for repayment of principal and profit.

Financers’ funds on Raqamyah are placed in a fully-segregated omnibus bank account at Saudi British Bank (SABB).

All repayments and profits accrued will be credited to your Raqamyah Account on the platform. You can then choose the “Withdraw Funds” option on the “Dashboard” and follow the steps. You will then receive the funds in your registered bank account in Raqamyah within 3 working days.

To be classified as a Qualified Individual Financer you need to fulfill at least one of the following criteria:
  • Your net assets are not less than 3 million Saudi Riyals;
  • You work or have worked for at least three years in the financial sector;
  • You hold a professional certificate that is related to credit or financial analysis and accredited by a local or internationally recognised entity; or
  • You hold the General Securities Qualification Certificate that is recognised by the Capital Market Authority (CMA), and have an annual income that is not less than 600,000 Saudi Riyals in the two most recent years.

As an Individual Financer, your maximum exposure to finance request on Raqamyah is SAR 50,000 and shall not exceed 25% of the finance amount requested. Our platform automatically places this restriction on your requests.
The maximum funds you can add in any 12 months period is SAR 200,000.
These limits are made in purpose, which is to limit your exposure to any business / platform. If you would like to exceed these limits, you must be classified as a Qualified Individual Financer.

Simply, click on the “Register” option shown on our website and fill in the required information. Once completed, your details will be verified and you will receive a n e-mail or a SMS within 3 working days notifying you that your account on Raqamyah has been activated. In some cases, additional documents may be required.
To become a financer, you will be asked a number of questions to ensure that you understand the risks of investing on an alternative asset platform such as Raqamyah. To be eligible to become a financer, you must complete the registration process and pass Raqamyah’s internal Know Your Client (KYC) and Anti-Money Laundering/ Counter-Terrorism Financing (AML/CTF) procedures.

You can join Raqamyah by setting up an account with as little as SAR 1,000. The minimum bid to finance a single business is SAR 1,000. Your maximum exposure to one finance request as an Individual Financer is SAR 50,000 and shall not exceed 25% of the finance amount requested

Financing on Raqamyah is intended to support business expansion plans such as working capital and growth financing, therefore, usually not secured against specific assets. To reduce the risk of default, all businesses must provide the necessary guarantees in line with Saudi law enforcement practices. This includes (i) promissory note; and (ii) personal guarantee.

Each business undergoes a rigorous risk assessment that will be undertaken by our experienced credit team and further supported by on-site verification. Only verified and pre-qualified businesses will be listed on Raqamyah Platform. Each finance request is given its own rating based on a multiple number of data points which contribute toward an overall risk band. When using Raqamyah‘s risk model, we look at both quantitative and qualitative measurements, including revenue growth, profitability, strength of management team, sector competitiveness, etc. The metrics which are provided on the platform are a summary of the multiple data points we review during our risk assessment process. Learn More

Currently, Raqamyah is not offering a secondary market option, so when a financer’s funds get allocated for a certain finance request, they need to wait until the financed amount is fully paid by the financee (debtor). Most of Raqamyah financing do not exceed 24 months tenure, so financers should not expect their funds to be tied-up for more than this period, unless in case of default or early settlement.

At Raqamyah, we only allow established creditworthy businesses in our platform, and our experienced credit assessment team undertakes rigorous credit checks on all businesses that apply for listing on the platform. In addition, obtaining all necessary legal documents is part of our risk assessment process. Although we undertake detailed credit checks and we only allow verified and prequalified businesses to apply for finance on our platform, no financed amount can ever be entirely risk free, even creditworthy businesses may default. A fundamental principle of Raqamyah is that we always encourage our financers to diversify their finances across multiple businesses or enterprises to lower their risk of capital loss.  Learn More

Since this is an unsecured finance, in case a business defaults, the risk is borne by the financer. Raqamyah will do everything in its power to collect the dues and will commence legal action if necessary. All finance requests are backed by (i) promissory notes; (ii) personal and/or corporate guarantees. If Raqamyah is unable to collect outstanding amounts from the business, then financers will need to wait until such time that money is recovered from the business through legal process (if deemed commercially viable).

According to the Saudi Arabian Monetary Authority (SAMA) rules and regulations, all regulated financial services firms need to maintain valid identity documents and information for their customers. As part of this, we have to understand: who you are, your source of funds and your previous dealings. We will be in touch with you from time to time to inform you regarding any required document. We need your bank details so that if you requested to withdraw funds, we know which bank account to transfer the money to.

During Sandbox period, only Saudi citizens, Saudi registered entities, and non-Saudi residents who are holding a valid Iqama can finance through the platform.