Saudi crowdfunded debt raised SAR 5 billion last year, and every riyal of it is locked until maturity. Hasilah is the transfer venue that lets investors pass a performing position to another investor at fair value, from inside the app they already use.
raised in 2025 through twelve CMA-permitted platforms
outstanding across 6,971 series and hundreds of thousands of positions
venues through which a position can be sold or exited before maturity
Crowdfunding is the only debt market most Saudi companies can reach. The primary market works. The two things an exit needs, a transfer and payments that follow the position, do not exist.
Positions pass to another investor at face value plus profit accrued, in scheduled windows, through one file the platform posts. It's infrastructure, not a competing app.
The platform keeps the register, the SPV and the client, and posts the file.
Window opens on the published calendar
Requests screened against payment data: performing only
Matched at par plus profit accrued to date
All transfers netted into one file per issue
Platform posts the file and the transfer is complete
Par plus profit accrued is an assignment (hawala) at the debt's equal, not a sale at a price. Only performing, payment-current paper can list, about 96.5% of the book.
One window each quarter, with dates published a year ahead. Every transfer in an issue nets into a single reconciliation file, so costs follow windows we control, not trades we don't.
Platforms keep the register, the SPV and the client. The investor never leaves their app. Hasilah holds no client money. The seller pays 1% and nobody else pays.
over a fresh short issue of the same months, on seasoned paper
to fill a SAR 36 mn, 24-month issue at about 17%, January 2026
investor accounts on the two largest platforms
A seller who subscribed to 24-month paper at 17%, held it for eighteen months and left at par keeps about SAR 6,000 of premium on SAR 100,000. The buyer inherits the last six months at 17% instead of 13% on a fresh short issue, on a credit with eighteen months of payment history.
Only performing, payment-current positions may list. The rule screens out bad paper, not the price.
The payment record is the information. It sits on the platform, and both sides read the same record.
About 2.5% of qualifying positions later miss a payment. That's the same risk a primary subscriber takes, and we say so.
Almost no Saudi company issues its own debt: only 2.4% of listed debt is corporate. For SMEs too small for an arranged programme, crowdfunding is the only debt market they can reach.
Banks lend against collateral and history. A growing company with neither has no other option at its size.
10–18% before fees from a SAR 1,000 ticket, against bank deposits paying close to 4%.
The FSDP targets debt at 24.1% of GDP, and the CMA's 2024 Strategic Directions names secondary-market trading as an initiative.
At each gate the project either continues or stops. The first gate only costs a Shariah opinion.
2026
CMA FinTech Lab permit filed in September. Written Shariah opinion during the review, then incorporation in Q1 2027.
2027
Permit granted, anchor platform connected, first live exit windows run.
2028
A second anchor platform and windows on a regular calendar. Licence capital raised ahead of filing.
2029
Full authorisation before the two-year permit expires, followed by the fund licence and Fund I.
2030+
A fund vintage a year, positions trading on the venue, and fund units on the exchange.
Give investors an exit from crowdfunded debt. This builds a client base, a payment record across the market and a regulatory track record.
1% transfer fee, paid by the seller
Closed-ended five-year funds, listed on the exchange, that subscribe across the platforms' issues and act as a capped, retail-first bid on the venue.
1% subscription + 1% p.a. on NAV
The same infrastructure applied to private fund units and other illiquid holdings. It isn't a current focus and isn't in our numbers.
Optionality
FOUNDER & CHIEF EXECUTIVE
Manages about SAR 2.5 bn of real estate funds at Yaqeen Capital, and structured two funds totalling SAR 1.1 bn end to end, CMA filings included. Previously at Watheeq Capital and Derayah Financial, and started his career at Manafa.
CO-FOUNDER & CTO
Security architect for critical government infrastructure under the NCA Essential Cybersecurity Controls. Holds a Master of Cybersecurity (MCS), TOGAF Enterprise Architect, CISM, GRCP and GRCA certifications.
NON-EXECUTIVE DIRECTOR
Former managing director and chief executive of DirectFN, which he led from 2001, including its years as Mubasher. DirectFN is now wholly owned by Saudi Tadawul Group.
We're speaking with platforms, Shariah scholars and founding investors. If you want to help build the exit for Saudi crowdfunded sukuk, get in touch.