Dubai-based SmartCrowd Limited, which touts itself as the first financially regulated real estate investment platform (REIP) in MENA, has announced a complete success in its pursuit for full regulatory compliance.
The company confirmed that it now has a full license from the Dubai Financial Services Authority (DFSA), the regulatory body overseeing all financial services within the Dubai International Financial Center (DIFC) ecosystem.
Prior to this landmark development, SmartCrowd was operating within a regulatory sandbox under the “Innovation Testing License.”
“Obtaining the DFSA license is a testament of our hard work and commitment to this market. We are excited about the new opportunities this license offers and are ready to expand our footprint. From day one, our strategy was to make real estate investments accessible and hassle-free – and we’re doing just that,” said Siddiq Farid, Co-founder and CEO of SmartCrowd.
For those unfamiliar with the company, SmartCrowd Limited was founded in 2017 by co-founders Siddiq Farid and Musfique Ahmed. The company aims to leverage the crowdfunding model for democratizing the real estate industry.
Simply put, it empowers the average investors to invest in properties through what the company refers to as “fractional ownership.” Under this unique model, individuals and families can invest in residential properties for as low as $1,400 — and that too without having to worry about any obligation or debt whatsoever.
SmartCrowd is optimistic that its innovative business model will go a long way in helping the masses by lowering the entry-barrier for investing in real estate assets.