Saudi fintech company Tamara has announced that it has received preliminary approval from the Saudi Central Bank (SAMA) for a license to operate in consumer financing and buy-now-pay-later (BNPL) services. This move is part of Tamara’s plans to expand its services and offer innovative financial solutions to consumers in Saudi Arabia and the GCC region.
With this license, Tamara aims to broaden its range of financial products, offering diverse services that cater to the needs of various customers. The company is committed to enhancing transparency and governance, as it works on establishing a Shariah Board to ensure that all its financial services comply with Islamic principles.
Abdulmajeed Alsukhan, co-founder of Tamara, expressed his pride in receiving this preliminary approval, highlighting that it reflects the trust in the company’s ability to offer financial solutions that meet customer expectations. He added, ” SAMA’s support will accelerate our growth and strengthen our capacity to deliver innovative digital shopping experiences for consumers in Saudi Arabia.”
Since its founding in 2020, Tamara has focused on BNPL services, quickly expanding its operations to countries like Kuwait and the UAE, where it has built a strong presence in the region.
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