Yours truly, financial advisor

Dubai - Ambareen Musa's website lets people compare between financial products

Ambareen musa, founder and CEO of Souqalmal.com, always knew that she had a natural flair for business. But in addition to her acumen, Ambareen's skill to spot a market gap and fill it with innovative offerings is another aspect that has made her one of the most successful entrepreneurs in the UAE.
"When I first moved to the UAE, I found it impossible to understand my personal finance options. It wasn't easy to look for the best bank account, credit card or loan to suit my needs. Therefore, in 2012, I started Souqalmal.com as there was a gap in the market for both banks and users. There was no platform for customers who were actively looking for personal finance products," Musa said.
Souqalmal.com is the first independent financial comparison website in the Middle East, offering detailed results on everything from credit cards and loan packages to car insurance plans.
With more than 360 credit cards, 450 bank accounts, 147 personal loans, 100 car loans, 105 mortgages, 280 schools and 234 nurseries, the consumer portal allows customers to do their homework using up-to-date, unbiased information.
"Our vision is to create a highly transparent marketplace, empowering Mena consumers to make the right choice by bringing them all the latest details to compare in one place on more than 3,200 retail banks and quotes from the largest six insurance providers in the UAE and Saudi Arabia," she said.
Transparency
The idea of comparison was not completely new. There were many successful sites in the UK, US and India which were already offering similar services.
"What we have brought to the Middle East market was a level of transparency unheard of before and significantly helped build an awareness and level of financial education," Musa said.
She said in today's competitive environment, it's not easy to get accurate information which is crucial for future financial planning.
"Information such as can I afford more debt? Or what's the difference between flat and reducing rate? Souqalmal.com allows them to explore all their personal finance options and get the best product based on their financial capacity. Since we launched our car insurance vertical - where customers can get their policy within 60 minutes, we have also produced guides to how to choose an insurance policy and how the depreciated value of your car affects your premium," she explained.
Musa said the UAE is an ideal place for start-ups to materialise their dreams into reality. She said there is a lot of work being done to bring down the cost for smaller companies to set up and have the process smoother.
"Also, initiatives such as 'Endeavor' can help entrepreneurs in scaling up their businesses. It provides tailor-made services with mentoring, partnerships, smart capital and events constituting the pillars. At this stage of my business, being selected as an Endeavor Entrepreneur brings a lot of credibility at an international level. Starting a business requires a lot of networking and Endeavor has given me access to a network of high-calibre business leaders and mentors," she added.
Start-up ecosystem
She said a diverse population is the strongest point of the UAE's start-up ecosystem. Here, she said, it is easier to turn a concept into reality. However, she said, entrepreneurs must do their homework before starting their businesses. "They should understand what they are getting into before jumping in and get the legal structure right from the day one," Musa informed.
She said when she started her own business, she was functioning alone for the first six months. "Now, we have a team of more than 30 people in various departments such as content, IT, sales and marketing," she said.
Musa said her business is doing well in Saudi Arabia. In June, she launched the car insurance aggregator, which is now the fastest-growing insurance portal in the country.
- riaz@khaleejtimes.com