Riyadh – Mubasher: The Saudi Central Bank (SAMA) licensed Jak Almuqaddimah Company to provide consumer finance, bringing the total number of finance companies licensed in Saudi Arabia to 75.
This decision reflects SAMA’s objectives to support the finance sector, increase the efficiency and flexibility of financial transactions, and promote innovation.
It also aims to promote the Kingdom’s financial inclusion and ensure access to financial services for all segments of society.
The central bank stressed the importance of dealing only with licensed and authorized financial institutions.
SAMA also licensed Muwafaqa Alragmiya Company to provide finance aggregation services in the Gulf country.
