Saudi’s Tamam launches fintech payment solution Murabaha financing

By Arya M Nair, Official Reporter
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Tamam Financing Company, the first Saudi company to issue a license for consumer micro-financing in the Kingdom by the Saudi Central Bank (SAMA), has launched Murabaha financing.

The Tamam platform will offer the digital installments service and enable customers to purchase products from eCommerce stores with instant access to financing and flexible repayment options that extend up to 18 months.

Adhering to the highest professional standards and efficiency, Tamam is committed to improving the customer experience and enabling users to access the services and purchase the products they desire through a quick and flexible payment process. With the Murabaha financing service customers are able to enjoy the latest fintech payment options and purchase the products and services they want within a few minutes, regardless of the price.

Sultan Bin AbdulAziz Al-Deghaither
Sultan Bin AbdulAziz Al-Deghaither

“The new service will support our plans to ensure that our customers have the best financing and shopping experience with payment options tailored to match their needs. Through this service, we will support the local commercial sector by empowering a new base of consumers. This service, offered through a license from the Saudi Central Bank, will ensure top reliability and governance standards. We reaffirm our commitment to foster a world-class ICT sector that drives an innovative and diversified digital economy and enhances the quality of life which will further boost the Kingdom’s global position on that level.”

It is worth noting that the Murabaha financing service from Tamam is available for Zain e-shop and Yaqoot digital service customers who can obtain the devices, products and services through the micro-financing service. Tamam plans to make the Murabaha service available to more customers across a wide variety of stores at a later stage.

Related: SABB titled ‘Best Bank for Sustainable Finance in Saudi Arabia’ for 2022