Arab News, Tuesday, Jan 5, 2021 | Jamadi Al Awwal 21, 1442
Saudi Arabia awards license for first consumer micro-loan provider
Saudi Arabia: The Saudi Central Bank has granted a license for
the Kingdom’s first consumer micro-financing platform, which will allow users to
be granted loans within minutes.
Kuwait’s Zain Group launched the Tamam Financing Company (Tamam) last year, the
fintech subsidiary of its Saudi Arabian operation.
The launch makes Tamam the first organization in the Kingdom and the region to
be licensed by a regulator to offer consumer micro-loans via a mobile app.
Founded in 2019, Tamam hopes to expand funding options available in the Kingdom.
The Shariah-compliant platform offers approval for financing within minutes,
based on a user’s credit profile.
Bader Al-Kharafi, Zain vice-chairman and group CEO, as well as Zain KSA
vice-chairman and Tamam chairman, said: “We are extremely proud of the teams at
Zain Group, Zain KSA and Tamam in the successful delivery of this innovative
Shariah-compliant service that provides consumer micro-finance in less than five
minutes through a mobile app.
“Innovation is key to our ongoing developments and investing in viable digital
services such as the fintech sector is a strategy we have launched a few years
ago with Zain Cash and continue to implement across our markets as a critical
component to our sustained evolution and success.
“Zain KSA’s evolution to becoming a digital lifestyle provider requires us to
take bold moves in new digital areas, and we are pleased at how the Saudi
Central Bank and the Kingdom’s wider community are extremely receptive to such
developments,” he added.