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Ambareen Musa, a former Bain consultant, has taken Middle Eastern markets by storm after launching a new financial website to compare prices of credit cards, loans, and mortgages in the UAE.

Souqalmal, Arabic for ‘Money Market’, has become the top site for this service, according to The National. Many in the finance world view Souqalmal as the “next big thing” in the industry. Musa secured millions of dollars in funding for the site after pitching the idea at the ArabNet Beirut investment conference. Musa acknowledges that Souqalmal is “disruptive” to the industry. “The first bank we approached with the idea said that it was illegal,” Musa said. “We brought huge transparency to the market, and that was a good thing.” Now the site is working with the banks. The venture aims to turn a profit by the end of 2017, five years after it kicked off operations. Souqalmal is now aggregating car insurance prices for customers. “It’s an even more attractive business model than credit cards and loans, and is super-scaleable,” Musa said.

After earning a BA in Business at Australia’s RMIT University and an MBA at INSEAD, she then headed to Bain & Company. She always wanted to be an entrepreneur, but also wanted to climb high on the corporate ladder, she said. “I had a student loan to repay, so I worked for Bain for a couple of years,” she told The National. “That was a university in its own right, and I learned valuable analytical skills there. I used those when I set up the consulting arm for MasterCard in the Middle East.”

A Mauritius native, Musa also worked for Goldman Sachs and GE. She hopes to become an angel investor in Mauritius to help the start-up culture flourish there.

Source : The National

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Jax Jacobsen for Consultor.news

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