Tamam app launches Sharia compliant microfinance scheme

Tamam Financing Company today announced the certification of its micro-finance Tamam app in light of Sharia principles by Shariyah Review Bureau

  

Tamam Financing Company (Tamam), the financial technology (fintech) has been officially licensed by the Saudi Central Bank (SAMA) as the first company to provide micro-financing services to consumers across the Kingdom.

Tamam Financing Company today announced the certification of its micro-finance Tamam app in light of Sharia principles by Shariyah Review Bureau. The Tamam app will extend a suite of Sharia compliant microfinance loans to borrowers in the Kingdom of Saudi Arabia.

Established in 2019, Tamam aims to increase financial inclusion in the Kingdom in line with the Financial Sector Development Plan of Saudi Arabia's Vision 2030. The platform provides individuals requiring financing the opportunity to immediately avail a Shari'a-compliant consumer micro-finance. The end to-end Shari'a approved process takes less than 5 minutes from downloading the app to receiving the financing amount based on the user credit profile.

To ensure Sharia compliance Shariyah Review Bureau (SRB) will supervise the trading and processing of commodities and Sharia audit services and processing operations of Tamam’s activities. “We see our assignment as an opportunity to serve the unbanked population in the Kingdom” said Yasser S. Dahlawi, Founder and CEO of SRB. “We have an unwavering focus of maintaining Sharia compliance as we partner with Tamam Financing company to serve the financially underserved communities and business.”

“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,” said Yasser.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases