Riyadh, Saudi Arabia – 02 September 2024 – Tamara, the leading fintech platform in Saudi Arabia and the GCC, has received preliminary approval from the Saudi Central Bank (SAMA) to operate in consumer finance and Buy Now Pay Later (BNPL) activities. This milestone is a testament to Tamara’s commitment to enhancing the fintech landscape and expanding its service offerings across the region.
The approval from SAMA underscores Saudi Arabia’s growing role as a hub for financial technology innovation. It also highlights Tamara’s dedication to maintaining high standards of compliance, transparency, and integrity while delivering secure financial solutions to its customers. This recognition from SAMA reflects the institution’s trust in Tamara’s business model and the company’s role in fostering innovation in the financial services sector.
SAMA’s ongoing support of the fintech and finance sectors aims to increase the flexibility and efficiency of financial transactions and promote financial inclusion. By encouraging innovation, SAMA seeks to ensure that financial services remain accessible to all segments of society.
Tamara’s preliminary approval enables the company to broaden its suite of financial products, marking a significant step forward in its strategy to solidify its position in the Saudi and wider GCC markets. The company is focused on meeting the evolving needs of its customers by expanding its range of offerings while adhering to the highest standards of governance and transparency.
To align with this strategic move, Tamara has also restructured its Board of Directors and established specialized committees, including a Sharia Committee. This decision emphasizes Tamara’s commitment to ensuring that all its financial services comply with Islamic Sharia principles.
Commenting on the approval, Abdulmajeed Alsukhan, Co-Founder of Tamara, said: “We are honored to receive preliminary approval from the Saudi Central Bank. This marks the culmination of our continuous efforts to provide innovative financial solutions tailored to our customers’ needs. The formation of a Sharia Committee demonstrates our dedication to transparency and adherence to Sharia principles in all our operations.”
The newly established Sharia Committee is an independent body comprising highly knowledgeable Islamic scholars in financial transactions. It is chaired by Dr. Yousef Bin Abdullah Al Shubaily, with Dr. Saad bin Turki Al-Khathlan and Dr. Khalid bin Mohammed Alsayari serving as members.
About Tamara
Tamara is Saudi Arabia’s first fintech unicorn, offering solutions that empower consumers and revolutionize how they shop, pay, and bank. The platform serves millions of users in Saudi Arabia, the UAE, and Kuwait and partners with leading global and regional brands such as SHEIN, Jarir, Noon, IKEA, eXtra, and Farfetch, along with thousands of SMEs. Backed by investors like Sanabil Investments, SNB Capital, and Checkout.com, Tamara is at the forefront of fintech innovation in the GCC.
