Tamam launches Sharia compliant microfinance scheme in Saudi Arabia

Tamam Financing Company (Tamam), the financial technology (FinTech) company, has been officially licensed by the Saudi Central Bank (SAMA) as the first company to provide micro-financing services to consumers across the Kingdom.

Tamam Financing Company announced the certification of its micro-finance Tamam app in light of Sharia principles by Shariyah Review Bureau. The Tamam app will extend a suite of Sharia compliant microfinance loans to borrowers in the Kingdom of Saudi Arabia.

Established in 2019, the company aims to increase financial inclusion in the Kingdom in line with the Financial Sector Development Plan of Saudi Arabia’s Vision 2030. The platform provides individuals requiring financing the opportunity to immediately avail a Shari’a-compliant consumer micro-finance. The end to-end Shari’a approved process takes less than 5 minutes from downloading the app to receiving the financing amount based on the user credit profile.

To ensure Sharia compliance, Shariyah Review Bureau (SRB) will supervise the trading and processing of commodities and Sharia audit services and processing operations of Tamam’s activities. “We see our assignment as an opportunity to serve the unbanked population in the Kingdom” said Yasser S. Dahlawi, Founder and CEO of SRB. “We have an unwavering focus of maintaining Sharia compliance as we partner with Tamam Financing company to serve the financially underserved communities and business.”

“With an integrated approach to Sharia advisory comprising certification process, consultative advice and Sharia audit expertise, SRB can deliver higher-value services to help Tamam drive operational excellence and enable its team to stay focused on increasing inclusion in Saudi Arabia,” said Yasser.

Source: IBSintelligence