The Saudi Central Bank (SAMA) licensed “jak almuqaddimah Company” to provide consumer finance. This addition brings the total number of finance companies licensed in Saudi Arabia to 75.
This decision reflects SAMA’s endeavor to support and enable the finance sector, increase the efficiency and flexibility of financial transactions, and promote innovation in the financial services provided, with the aim of enhancing financial inclusion in Saudi Arabia and ensuring access to financial services for all segments of society.
SAMA emphasizes the importance of dealing with financial institutions licensed or authorized by SAMA. This can be verified by visiting SAMA’s website.
Source: Riyadh Daily