The Saudi Central Bank (SAMA) has licensed ‘Nama United Financing’ company to provide real-estate finance, production assets finance, small and medium enterprise finance, finance lease, and consumer finance.
This move brings the total number of finance companies licensed and permitted by SAMA to 64, according to the statement.
SAMA plays a crucial role in regulating and overseeing the Kingdom’s financial sector, including banks, insurance companies, and finance institutions. SAMA’s primary responsibilities include ensuring the stability of the financial system, managing the national currency (Saudi Riyal), implementing monetary policy, and promoting financial inclusion.
This decision is part of SAMA’s broader efforts to strengthen the financial sector in Saudi Arabia. The goal is to enhance the efficiency of financial transactions and foster the development of innovative financial solutions that contribute to financial inclusion across the Kingdom.
By licensing new companies like Nama United Financing, SAMA aims to increase competition and offer more accessible financing options to a wider range of businesses and individuals.
SAMA continues to emphasize the importance of engaging with authorized and regulated financial institutions. It encourages consumers and businesses to verify the status of financial institutions before engaging in any transactions.
Earlier this month, the Saudi Central Bank granted operation licenses to ‘Tal Finance’ in order to offer debt-based crowdfunding solutions and ‘HIBERBAY INK AL-SAOUDIA For IT Systems” to provide e-wallet solutions.
SAMA emphasized the importance of engaging solely with licensed or authorized financial institutions, highlighting that verification can be done through its official website.
