Tamara receives preliminary approval from SAMA for a consumer credit license.

Tamara, a Saudi Arabian fintech company, announced that it has received preliminary approval from the Saudi Arabian Central Bank (SAMA) for a license for consumer finance and post-payment payment services.

Tamara said it aims to expand its services to include a wide range of financial products and to strengthen its presence in Saudi Arabia and the Gulf Cooperation Council (GCC).

Abdulmajid Al-Saihan, co-founder of Tamara, said: “We are proud to have received this preliminary approval from the Central Bank of Saudi Arabia. This is the culmination of our continuous efforts to provide innovative financial products that meet the needs of our clients. The establishment of the Shariah Board reflects our commitment to strengthen transparency and governance and ensure the delivery of Shariah-compliant financial services.”

Al-Saihan added : “ We are confident that the support of the Central Bank of Saudi Arabia will accelerate our growth and enhance our ability to deliver innovative financial services that will help improve the digital shopping experience for consumers in the Kingdom.”