- Floos has announced securing $22 million in credit facilities to expand its Shariah-compliant consumer finance operations.
- The financing round was led by UAE-based investment firm Shorooq, which is regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Floos Bahrain has secured a $22 million credit facility, structured and led by Shorooq, in a move that strengthens the growth of Shariah-compliant digital consumer finance in the Kingdom of Bahrain.
The platform leverages an AI-powered credit scoring engine to offer instant financing of up to BHD 2,500, alongside buy-now-pay-later (BNPL) solutions and device financing services.
The newly secured funding will be used to expand Floos’ financing portfolio, launch new core products, and enhance the company’s readiness for future regional expansion.
Supporting the Expansion of Shariah-Compliant Finance
Floos, a Bahrain-based platform specializing in Shariah-compliant digital consumer finance, has obtained $22 million in asset-backed credit facilities structured by Shorooq, the Abu Dhabi–based investment firm regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
The funding is expected to support Floos’ expansion plans and strengthen its ability to deliver instant, Shariah-compliant financing solutions that meet the needs of a rapidly growing base of digitally active consumers in Bahrain and the wider region.
The capital will also be allocated toward launching new core products on the Floos platform, most notably Shariah-compliant cash financing.
Floos is licensed by the Central Bank of Bahrain, and all of its products are Shariah-approved by Dar Al-Muraja’a Al-Shar’iya.
The transaction marks Bahrain’s first private, asset-backed financing deal of its kind, reflecting strong institutional confidence in Floos’ proprietary credit underwriting model and its ability to build a high-quality, scalable financing portfolio.
Floos has emerged as a leading player in Bahrain’s consumer finance app market, surpassing 500,000 app downloads and exceeding $100 million in total financing disbursed to customers since launch.
Fawaz Ghazzal, Founder and CEO of Floos Group, said:
“Our mission is to bridge the credit gap by providing instant, Shariah-compliant financing solutions designed to be accessible to a broader segment of customers underserved by traditional financial institutions.”
Floos’ competitive edge is driven by its advanced AI and machine learning–based (AI/ML) credit scoring engine, which utilizes open banking data and mobile usage data to assess customer segments typically excluded from traditional banking coverage.
This technology enables the platform to offer instant financing of up to BHD 2,500, with funds deposited directly into beneficiaries’ bank accounts, in addition to BNPL solutions and a dedicated device financing marketplace that has seen strong adoption in the local market.
Joe Baron, Investment Director at Shorooq, commented:
“Floos represents a strong fintech model, successfully combining rapid growth with portfolio quality through a disciplined risk management approach”.
He Add:
“Structuring the first financing deal of its kind in Bahrain underscores our commitment to supporting high-growth fintech companies in the Gulf and paving their path toward expansion into markets such as Saudi Arabia.”
About Floos
Floos Bahrain operates in the Shariah-compliant instant digital finance space, redefining access to credit for digitally active consumers across the GCC.
The company relies on an AI-powered credit scoring engine to deliver cash financing, BNPL services, and an integrated marketplace for electronic device financing.
With more than 500,000 app downloads, Floos leads the finance app category in Bahrain, reflecting its commitment to responsible financing and technological innovation.
