Flooss Offers Instant Islamic Financing Solutions in Bahrain and Plans Expansion to Saudi Arabia in 2025
During entArabi’s coverage of the Fintech Forward conference, we interviewed, the Founder and CEO of Flooss, , a leading fintech company based in Bahrain. Flooss specializes in providing instant Islamic financing, offering small loans ranging from 100 to 2,000 BHD with flexible repayment terms of 2 to 24 months. The company stands out for its speed, with loans being transferred to the customer’s bank account in just 6 minutes.
Advanced Technology Powered by AI
Flooss utilizes cutting-edge artificial intelligence (AI) and machine learning to ensure fast and accurate credit decision-making. This technology, developed in Bahrain, is designed to provide instant financing solutions that comply with Islamic principles. With these innovations, Flooss is set to expand into the Saudi Arabian market by early 2025.
Expansion into Saudi Arabia
When asked about the company’s plans for Saudi Arabia, Fawaz confirmed that Flooss has already begun the process of acquiring necessary licenses. A Saudi-based team, headquartered in Riyadh, is prepared to start operations by the end of the year. The expansion will also include electronic integration with key Saudi entities such as Elm, Absher, and Nafith, ensuring compliance with local regulations.
Overcoming Challenges in the Fintech Industry
Regarding challenges in the fintech space, Fawaz highlighted cybersecurity and regulatory compliance with central banks as the key hurdles. However, Flooss is well-equipped to address these issues, leveraging its strong cybersecurity expertise gained in Bahrain to navigate the regulatory landscape in Saudi Arabia. Fawaz also noted that both Bahrain and Saudi Arabia are advancing significantly in technology, with many processes becoming fully electronic.
With its innovative approach and upcoming expansion, Flooss is set to make a significant impact in the evolution of instant Islamic financing, offering fast, secure, and reliable financial services to customers in the region.
