Tamara, Saudi Arabia’s first fintech platform that offers its customers a 'Buy Now Pay Later' (BNPL) scheme, has signed up Shariyah Review Bureau (SRB) to manage its financing solution in light of shari’a principles.
A renowned global shari'a advisory firm regulated by the Central Bank of Bahrain, SRB serves a diverse clientele across the financial landscape. It has been engaged with many fintech and blockchain entities with its diverse offerings.
Tamara said its payment solution is available to online stores in Saudi Arabia and the UAE. With the consumer preference shifting towards digital purchases during the pandemic, Tamara payment solution caters to an instalment plan in a shari’a compliant way.
The Saudi fintech group has been working to acquire its license in SAMA’s sandbox as well as ensuring that its current BNPL offerings are in light of shari’a compliance.
"Fintechs have the same requirements as legacy institutions when it comes to shari'a supervisory programmes and periodic shari'a audits and to bolster shari'a compliance," remarked Abdulmohsin, the director of product at Tamara.
On the selection of SRB, Abdulmohsin said: "Their services are designed to help us optimise the shari'a compliance function for our BNPL offering and providing the very assurance to our customers that the financing is being provided in a shari'a compliant manner."
"Given their experience and track-record in serving fintech firms, they will also support us with industry-leading insights from a Shari’a compliance perspective, providing Tamara with comprehensive and scalable options to meet its needs now and in the future," he added.
SRB Founder and CEO Yasser S. Dahlawi said: "Today, innovative financing solutions are being provided by tech-based platforms. Where businesses have been affected by pandemic lock-down and restricted movement, the use of innovative technology has lightened the burden and made shopping convenient for customers."
"This is where our team comes in by offering Shari'a solutions to financial innovation.” Commenting on the engagement news Yasser added, “We look forward to supervising and auditing Tamara's 'Buy Now Pay Later' offering and transactions in light of Shari’a guidelines," he added.
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