Tamam app launches Sharia-compliant microfinance scheme

The application will provide a range of Sharia-compliant microfinance loans to borrowers in the kingdom

  
Smart phone. Image used for illustrative purpose.

Smart phone. Image used for illustrative purpose.

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Riyadh – Mubasher: Tamam Financing Company (Tamam) has been licensed by the Saudi Central Bank (SAMA) as the first company to provide micro-financing services to consumers across Saudi Arabia.

Tamam announced the certification of its micro-finance Tamam app in light of Sharia principles by Shariyah Review Bureau (SRB). The application will provide a range of Sharia-compliant microfinance loans to borrowers in the kingdom, according to a press release.

Founded in 2019, Tamam aims to increase financial inclusion in Saudi Arabia in tandem with the Financial Sector Development Plan of Saudi Arabia's Vision 2030. The platform provides individuals requiring financing the opportunity to immediately avail a Sharia -compliant consumer micro-finance.

To ensure Sharia compliance, SRB will supervise the trading and processing of commodities and Sharia audit services and processing operations of Tamam’s activities.

Founder and CEO of SRB, Yasser S. Dahlawi, said, “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.”

Source: Mubasher

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