Saudi-based Arib signs membership agreement with Saudi Credit Bureau

By Arya M Nair, Intern Reporter
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Saudi Credit Bureau
Saudi Credit Bureau/Representational image

Arib, a Saudi-based digital brokerage platform for loans, has signed a membership agreement with the Saudi Credit Bureau (Simah), marking an exceptional step in the development of financing products.

Simah membership allows Arib the ability to do credit checks on its clients and provide them with the best-fitting financing offers based on the product and credit score.

Arib was founded in 2018 under the name ‘Syaaraat.com’ by Mr. Waleed Talat, Mr. Omar Alhammad and Mr. Mohammad Eldesouki, to provide its clients with loan brokerage services digitally by connecting them with financing partners authorized by the Saudi Central Bank (SAMA) to help clients procure loans that fit their credit status through web and app-based platforms. Arib received the preliminary approval to practice digital brokerage activities in April of 2021.

Waleed Talat
Waleed Talat
Co-founder & CEO – Arib

“We are proud to sign our membership with Simah, which will go to support our efforts in providing a completely digital experience for our clients seamlessly and helping us select the best financing option and receive immediate approval. This step will also help us in expanding our reach and market share, and to provide more financing products such as personal loans, real estate loans and other products.”

“This step forward comes as a testament to the successes we were able to achieve after receiving the preliminary approval from SAMA, to provide digital brokerage services, in line with the vision 2030 and the ambitious plans for the development of the financial sector to elevate the client’s experience in procuring loans in the kingdom,” added Eng. Waleed.

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