Mamun Wins Best Islamic Finance Startup at Themar Conference

Muscat, Oman – At the inaugural Themar Islamic Banking Conference and Excellence Awards 2024, Mamun, Oman’s pioneering P2P financing platform, was recognized as the Best Islamic Finance and Investment Startup. This prestigious recognition was presented by His Excellency Abdulsalam Al Murshidi, President of the Oman Investment Authority (OIA). Al Murshidi, a prominent supporter of Oman’s startup ecosystem, has been instrumental in advancing innovation and entrepreneurship across the country, particularly in finance.

Spotlight on Themar Conference 2024

Held at the Intercity Hotel in Muscat, the Themar Conference has quickly established itself as a significant event for Islamic finance in Oman and the wider region. The conference brought together industry leaders, policymakers, financial experts, and key stakeholders to discuss a range of pertinent topics, including economic stability, the evolution of regulatory frameworks, and the impact of digital transformation on financial services and transactions. The event, organized by The Arabian Stories (TAS) in partnership with influential entities like the Financial Services Authority (FSA) and the Muscat Stock Exchange, provided a valuable platform for sharing insights and fostering innovation in Islamic finance.

One of the highlights of the Themar Conference was its focus on recognizing excellence in the Islamic banking and finance sector. The Excellence Awards celebrated companies and individuals making a significant impact on Islamic finance, with categories covering innovation, sustainability, leadership, and digital transformation. Mamun’s recognition as the Best Islamic Finance and Investment Startup at the event stands as a testament to the company’s rapid growth, ethical finance principles, and its role in shaping the future of P2P financing in Oman.

Mamun’s Rise in Islamic Finance

Since its launch in October 2023, Mamun has swiftly redefined the Islamic P2P financing landscape in Oman, offering Shariah-compliant financial solutions to businesses of all sizes. The platform’s recognition at the Themar Conference highlights its trailblazing approach and the growing acceptance of ethical finance models within the Sultanate. Within just months of its launch, Mamun facilitated over 1.4 million OMR (approximately 3.64 million USD) in Shariah-compliant supply chain financing, attracting more than 4,000 investors across seven countries.

Mamun’s business model is centered around leveraging technology to provide transparent, accessible, and ethical financing options. This approach resonates with a growing demographic seeking finance solutions that align with Islamic values while offering efficiency and ease of access. By emphasizing transparency, Shariah compliance, and effective risk management, Mamun has built a platform that is both reliable and adaptable to modern financial needs. The company has demonstrated impressive month-on-month growth in financing volume and investor participation, reflecting the increasing demand for Islamic finance solutions in Oman and beyond.

Impact on the Islamic Finance Landscape

The Themar Conference heavily spotlighted the importance of fintech, digital transformation, and innovation in the Islamic finance sector, with Mamun emerging as a key example of how technology is reshaping the financial industry. One of Mamun’s significant achievements is its embedded finance technology, which enables seamless integration with other financial institutions. Currently, this technology is used by prominent partners like Oman Housing Bank, providing robust, Shariah-compliant financial services to their customers.

The company’s innovative use of technology aligns closely with the themes discussed at the Themar Conference, particularly around digital transformation and sustainable finance. By introducing fintech solutions that are compliant with Islamic finance principles, Mamun is driving change in the way financial transactions are conducted. This technology-driven approach not only meets the evolving needs of modern businesses but also provides investors with ethical and lucrative investment opportunities.

Looking ahead, Mamun aims to broaden its range of Shariah-compliant financing products and services to address a wider variety of business needs. Their ambitious growth plans include introducing a diverse set of instruments and services that are tailored to meet both the financing demands of businesses and the ethical considerations of investors. This focus on innovation, financial inclusion, and sustainable finance positions Mamun as a potential global leader in Islamic P2P financing, reflecting Oman’s commitment to advancing a dynamic financial sector grounded in ethical practices.

Awards and Achievements

The recognition Mamun received at the Themar Islamic Banking Conference adds to the company’s growing list of achievements. Recently, Deloitte named Mamun as one of the “Rising Star 50” startups in the MENA region, further endorsing the company’s impact on Islamic finance and its potential for scalability. These accolades not only highlight Mamun’s influence within the sector but also underscore its ability to transform how finance is accessed and invested in Oman and beyond.

One of Mamun’s key accomplishments is maintaining zero non-performing loans (NPLs) to date, a significant achievement in the alternative finance space. This record underscores Mamun’s effectiveness in risk management and its focus on delivering reliable financial services. The platform’s strong performance metrics and adherence to Shariah principles have made it a trusted partner for businesses seeking ethical financing solutions and a secure platform for investors.

Commitment to Sustainable Growth

Mamun’s recognition at the Themar Conference aligns closely with Oman’s Vision 2040, which emphasizes sustainable economic growth, diversification, and a focus on ethical and inclusive finance. This vision supports startups like Mamun in their efforts to foster responsible finance, technological innovation, and community-oriented growth. By providing transparent, Shariah-compliant financing solutions, Mamun is helping to bridge the gap between traditional finance and the needs of modern businesses while promoting financial inclusion and economic empowerment.

Reflecting on the recognition from the Themar Conference, Saleh Al Tamami, Co-Founder & CEO of Mamun, remarked, “We are incredibly honored to receive this award from His Excellency Abdulsalam Al Murshidi, who has been a pillar of support for startups in Oman. This recognition highlights our commitment to innovation, ethical finance, and the immense potential of Islamic P2P financing as a tool for economic empowerment.”

Mamun’s efforts to grow and enhance the P2P financing market are evident in its continuous product development, strategic partnerships, and customer-focused approach. The company’s embedded finance technology, commitment to Shariah compliance, and focus on sustainability and financial inclusion position it as a leader in the Islamic finance sector, both within Oman and the broader MENA region.

Conference’s Role in Shaping Islamic Finance

The Themar Islamic Banking Conference and Excellence Awards have quickly become a major event in the Islamic finance calendar, aiming to celebrate excellence and foster innovation within the sector. The conference’s discussions on topics such as fintech innovation, regulatory frameworks, and the growth of the Islamic economy mirror the evolving priorities and opportunities within the industry. As a startup honored at the event, Mamun’s journey exemplifies the type of innovative, ethical, and impactful work being done to shape the future of Islamic finance in Oman.

Mamun’s recognition at the Themar Conference is more than just an accolade; it represents the company’s growing influence and its role in driving sustainable and ethical finance in the region. Through its innovative use of technology, dedication to Shariah principles, and focus on financial inclusion, Mamun is setting new standards for what Islamic P2P financing can achieve, positioning itself as a leader in the Islamic finance sector.

Mamun’s Ambitious Roadmap

With the support of the Oman Investment Authority and the recognition from the Themar Conference, Mamun is setting its sights on ambitious expansion and growth. The company plans to expand its range of Shariah-compliant financing solutions, providing businesses with a comprehensive suite of products that cater to diverse financial needs while aligning with Islamic finance principles. This dedication to developing new financial products reflects Mamun’s overarching goal of becoming a leader not only within Oman but also in the global Islamic finance landscape.

As Islamic finance continues to evolve, driven by ethical banking principles and sustainable development goals, Mamun’s approach to fintech innovation, transparency, and ethical compliance places it at the forefront of this financial transformation. Through strategic partnerships, technological advancements, and a focus on providing accessible, Shariah-compliant financing, Mamun is well-positioned to contribute to the growth and sustainability of the Islamic finance sector in Oman and beyond.

For more information about Mamun’s range of Shariah-compliant financing solutions, visit www.mamun.om