- The fully digital Shari’a compliant platform provides innovative micro-financing services and near-instant loan approvals
Dubai, UAE and Riyadh, Saudi Arabia: Zain, a leading provider of innovative technologies and digital lifestyle communications operating in seven markets across the Middle East and Africa, announces that its “Tamam” financing services operation in Saudi Arabia has been selected as the ‘Best Personal Finance Solution’ by Entrepreneur Middle East Magazine, at its 2023 Middle East Fintech Awards event held in Dubai recently.
With the aim to increase financial inclusion in line with the Kingdom’s ‘Vision 2030’ Financial Sector Development Plan, Tamam was established in 2019 under the Saudi Central Bank’s Regulatory Sandbox program. Following 18 months of extensive proof-of-concept testing, on December 31, 2020, Tamam attained the first consumer micro-financing commercial license awarded in the Kingdom and the region to offer micro-loans via a fully digital customer experience on a mobile app.
Tamam offers the fastest response financing services in Saudi Arabia, providing individuals with the opportunity to receive Shari’a-compliant loans without physically visiting a bank location. The platform’s end-to-end application and award process takes just minutes from the time of downloading the app to the loan amount being paid out.
Commenting on the award, Tamam CEO, Yousef AlMusaileem said, “We are extremely proud of the work we do at Tamam in driving financial and digital inclusion across the Kingdom. We believe firmly that everyone deserves fair and equal access to financial services and take our participation in the Kingdom’s Vision 2030 Financial Sector Development Plan extremely seriously, with the aim of bringing as many individuals as possible into the digital economy.”
Key Features of Tamam
As one of Saudi Arabia’s most innovative micro-financing digital institutions, Tamam’ solutions cater to the evolving financial needs of its customers. The platform’s products include instant approvals; short-term financing; and fully digital, quick, easy, and secure solutions.
Potential customers can apply easily, using the Tamam app, receive rapid approval, and take advantage of the flexible conditions and easy processes. Loans are provided to Saudi nationals and residents, without the requirement of a salary transfer or guarantor, with a finance amount up to SAR 50,000 available for a 24-month tenure.
Tamam is passionate about its vision of becoming a leader in delivering innovative fintech solutions, supporting the socio-economic development of Saudi Arabia and beyond. For more please visit https://tamam.life/
-Ends-
About Zain Group:
Zain is a leading telecommunications operator across the Middle East and Africa providing mobile voice and data services to over 53 million active customers as of March 31, 2023. With a commercial presence in 7 countries, Zain operates in: Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. In Morocco, Zain has a 15.5% stake in ‘INWI’, through a joint venture. Zain is listed on Boursa Kuwait (stock ticker: ZAIN). For more information please email info@zain.com or visit: www.zain.com; www.facebook.com/zain; www.twitter.com/zain; www.youtube.com/zain; www.instagram.com/zaingroup; www.linkedin.com/company/zain
