Zamanat's Umair Tariq wants to put Gulf SME lending on the blockchain

Umair Tariq is putting Gulf SME lending on the blockchain: His DIFC-based Zamanat is behind a tokenized fund we covered last month, built to lend to the SMEs Gulf banks tend to pass over, and to give wealthy investors a way into an asset class they've mostly watched from the sidelines.

The fund is the first product, not the whole business, and Tariq is building the rest in full startup mode. That leaves him a working day with no routine to speak of. His mornings are another matter: he's up at 4:15am so his kids get him before the office does.

Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of business questions just for fun. This week, we spoke with Tariq about opening another financing channel for GCC businesses, building Zamanat, and the 4:15am start that makes room for family before work takes over.

Edited excerpts from our conversation:

EnterpriseAM: The GCC has plenty of capital. Why are viable SMEs still struggling to get financing?

Umair Tariq (UT): One of the things people always think about the Middle East, and the GCC especially, is that there is a lot of capital here, both in the banking sector and in the private sector, with family offices.

The capital exists in the region. The problem, especially with bank capital, is that it’s built to reach a different sort of borrower. With so many sovereigns, governmental institutions, government-backed projects, and large family conglomerates to lend to, it’s easy to keep lending to them because it’s a higher return on their risk-weighted assets. So essentially, for many banks, it becomes a capital decision before it becomes a credit decision.

Most banks have very restrictive criteria for the businesses they can lend to: years of trading history, audited financials, and specific types of collateral. Well-established companies can still fail that screening. Banks remain central to the economy, but what’s been missing is a second channel to widen access to borrowing for deserving businesses here.

E: What made this the moment to build Zamanat?

UT: Primarily, it’s the interest we’re seeing within the region and people’s acceptance of this asset class. Some institutions have led the way, and there’s also been a plethora of originators doing SME lending — institutions like Beehive, Funding Souq, and others in Saudi Arabia. That has increased interest in the SME space, which is being funded more and more.

There’s also more interest in investing within the region. Previously, people were raising funds that went into private credit in the US and Europe. The gap we saw is that most access has been through institutions. A lot of high-net-worth individuals and private family offices still do not have access to that asset class within the region.

So we felt it was an interesting gap to plug: providing access for private individuals, specifically high-net-worth individuals, to come into this asset class within the region and support businesses within the GCC rather than outside it.

E: Is the fund the whole business, or the starting point?

UT: The fund is only the first part of the build. We’re trying to connect capital to assets that investors have traditionally been unable to access. That’s our target. It’s a starting point, and we hope to come to market with further announcements very soon.

E: Tell us about your morning routine. How does your day begin?

UT: I wake up around 4:15 or 4:20am. The first thing I do is pray. Then I head into some sort of exercise, whether it’s a morning walk or something else, followed by a bit of meditation. Then I’ve got to wake the kids up.

I do try to protect some time for myself in the morning. I also want to spend time with my kids, taking them to school and talking to them before I head into the office. I usually drop my son off and head straight to the office, so I’m already at work by around 7:40 or 7:45. Travel throws everything off. But when I’m here in Dubai, it’s a pretty fixed morning routine, even on the weekends. I try to maintain that.

E: Once you’re in the office, how much of the day goes to plan?

UT: I would like to say I’ve got a well-structured routine, but at the moment, I don’t. Zamanat is a startup; it’s in the build phase. There’s a lot to do. We’re building out a team, working on a number of products, and developing technology.

At the moment, the focus is on growth, so there’s no defined routine with specific slots for deep work or meetings. We are taking it as it comes. As the business scales, I assume that will change, but at this stage, it’s a bit difficult.

E: What helps you keep track of everything while you’re building?

UT: Claude helps a lot these days. Beyond that, you do have to manage your calendar well and set aside certain slots for projects. It helps to keep track of what is outstanding and what needs to be followed up on. So it’s primarily time management, calendar management, and focus when it’s required.

E: And at the other end of the day — are you good at switching off?

UT: I think it depends on which phase you’re in and what sort of challenge you’ve taken on. At the moment, it is pretty much full-on and 24/7. But once we get to a certain stage, it can taper down.

I do try to carve out time for dinners with the family. I especially try to de-stress through reading — I’m an avid reader. I used to read around 40 to 50 books a year until last year, but it’s been a bit more difficult recently. I also try to go out for a hike if possible. Those are the things I look to for de-stressing.

Umair’s recommendations

What he’s reading: I read a lot of biographies. At the moment, I’m reading Made in Korea, about Hyundai’s founder Chung Ju-yung, and The Founders, about PayPal’s founders. Titan is an excellent biography of John D. Rockefeller that I would always recommend. I also read Becoming Supernatural by Joe Dispenza last year, which is about manifestation.

Best advice he’s received: If you’re unwilling to bet on yourself, don’t expect other people to bet on you.