Tamara secures preliminary approval from SAMA for consumer finance license

Riyadh, Saudi Arabia, 02 September 2024 – Tamara, the leading fintech platform in Saudi Arabia and the GCC, is thrilled to announce that it has received preliminary approval from the Saudi Central Bank (SAMA) for a license to operate in consumer finance and Buy Now Pay Later activities. This significant milestone underscores Tamara's commitment to advancing the fintech sector and enhancing financial services in the region.

The preliminary approval from SAMA marks a pivotal step in reinforcing Saudi Arabia's position as a regional hub for financial technology. It highlights Tamara's dedication to maintaining the highest standards of compliance, transparency, and integrity while providing secure and reliable financial solutions to its customers. This also reflects the trust that SAMA has in Tamara's innovative business model.

The Saudi Central Bank continues to support the financing and fintech sectors by enhancing the effectiveness and flexibility of financial transactions and fostering innovation in financial services. This initiative aims to promote financial inclusion and ensure that financial services are accessible to all segments of society.

The preliminary approval marks a significant step forward for Tamara in expanding its offerings to include a range of financing products. This progression aligns with Tamara’s strategy to enhance its service offerings and solidify its presence in the Saudi market and the GCC, addressing the evolving needs of its customers.

In line with this announcement, Tamara has also formed a new Board of Directors and appointed specialized committees, including a Sharia Committee. This move reinforces the company’s commitment to the highest standards of governance and transparency, ensuring compliance with Islamic Sharia principles in all its operations.

Abdulmajeed Alsukhan, Co-Founder of Tamara commented, “We are honored to receive this preliminary approval from the Saudi Central Bank, which represents the culmination of our ongoing efforts to deliver innovative financial solutions that meet our customers’ needs. The establishment of the Sharia Committee demonstrates our commitment to enhancing transparency and governance, and ensuring that our financial services comply with Sharia principles.”

The Sharia Committee at Tamara is an independent body comprising highly knowledgeable Islamic scholars specializing in financial transactions. The committee is chaired by Dr. Yousef Bin Abdullah Al Shubaily, and includes Dr. Saad bin Turki Al-Khathlan, and Dr. Khalid bin Mohammed Alsayari as members.

About Tamara

Tamara is the leading fintech platform to shop, pay, and bank in Saudi Arabia and the wider GCC region, and Saudi’s first fintech unicorn. Tamara’s mission is to empower people in their daily lives and revolutionize how they shop, pay, and bank. The company serves millions of users in KSA, UAE, and Kuwait, and partners with leading global and regional brands such as SHEIN, Jarir, noon, IKEA, eXtra, and Farfetch as well as thousands of SMEs. The Company is backed by Sanabil Investments, SNB Capital, and Checkout.com, amongst others.

For contact:

pr@tamara.com