Riyadh – Exclusive Sharikat Mubasher: Abdullah Al-Haddad, General Manager of Alpha Power, told Sharikat Mubasher that the company is working on developing “Rabhan,” a fintech platform aimed at financing solar energy projects in Saudi Arabia through Shariah-compliant financing options.
On the sidelines of Money20/20 Middle East, Al-Haddad added that the platform primarily targets the residential sector while also offering financing solutions for the commercial, industrial, and agricultural sectors.
He asserted that financing remains one of the key challenges limiting the wider adoption of solar energy, with Rabhan seeking to address this gap by enabling customers to pay for solar projects through fixed installments. Beyond financing, the platform will use technologies including the Internet of Things (IoT) and artificial intelligence to monitor system performance and support energy management.
Al-Haddad further added that Rabhan plans to introduce blockchain technology at a later stage to support the issuance and documentation of carbon emission certificates, asserting that the project aims to combine Islamic finance, fintech, solar energy, and sustainability to facilitate access to renewable energy solutions and support their adoption in the Saudi market.
Worth noting, Money20/20 Middle East, the region's leading fintech event, took place from 14 to 16 September in Riyadh, bringing together over 600 investors, more than 350 brands, over 350 speakers, and more than 150 startups.
