Muhlah Zamaniyah for Finance, which operates under the brand Muhlah, has successfully raised SAR 28.25 million (about $7.5 million) in its seed funding round.
The funding round was led by BIM Ventures and SBI Group, a large financial company from Japan. Other investors, including AlSuhaimi Holding Group and Fakhr Investment Holding Company, also participated in the investment.
Muhlah was created as a spin-off from BIM Ventures through its venture studio. The company aims to provide safe, regulated, and scalable financing solutions while following strong governance and compliance rules.
This investment round shows that Saudi Arabia is becoming an attractive place for foreign investors, especially because the country has a strong and well-regulated financial system. The participation of SBI Group, a financial company from Japan, is an example of foreign investment that will help Muhlah grow faster. This investment will support the company in expanding its services and providing Shariah-compliant financing, while also strengthening the partnership between BIM Ventures and SBI Group.
In the future, Muhlah plans to increase its financing capacity by using Shariah-compliant financial structures. The company may also use methods such as off-balance-sheet financing and partnerships with other organizations. In addition, Muhlah plans to look for more funding sources and build international partnerships to support its growth, depending on market conditions and future agreements.
In a statement, SBI Group said: “The shareholders, BIM and SBI Group, entered into the memorandum of understanding in May 2024, under the support of the Ministry of Investment (MISA), regarding a strategic business alliance that includes the joint establishment and management of investment funds. This transaction represents one of the concrete initiatives undertaken pursuant to that alliance.”
Mohamed Amine Merah, Managing Partner & CEO, BIM Ventures, said: “From inception, Muhlah was designed to bridge local market expertise with global financial depth. Our partnership with SBI Group, one of Asia’s largest financial conglomerates, brings a unique combination of fintech know-how and access to Japanese and international capital markets into Saudi Arabia’s consumer finance sector. This round reflects what the BIM-SBI alliance was built to achieve: creating investable, regulation-ready platforms that attract world-class partners to the Kingdom.”
Muhlah was founded in 2024 by Abdulaziz AlRammah. The company offers Shariah-compliant microfinance services for consumers through a fintech-based platform. Its platform is designed to provide financial services in a clear and transparent way, while maintaining strong credit discipline and following financial regulations.
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