Interviewing CEO and founder Ambareen Musa:
Souqalmal.com started in May 2012. It came from the realization, when I first moved here, that it was impossible to understand my own options when it came to personal finance products. It was obvious there was a gap in the market for both users and banks. There was no platform for banks to reach out to customers who were actively searching for their product vs. cold calling thousands of customers and hoping a few of them would be interested.
Where does the idea come from? The concept of comparison is nothing new. There are many very successful sites in the US, UK, India and Australia – but the concept had not yet reached the Middle East. Back in 2004, I was responsible for the online marketing for GE Money in the UK, where one of the most effective acquisition channels was moneysupermarket.com – the biggest comparison site in the UK, giving users the opportunity to compare all retail finance products in the country and also providing the banks with an economical platform to reach out to interested customers.
Read the rest over at Arabian Gazette.