Saudi fintech company Tamara has received preliminary approval from the Saudi Central Bank (SAMA) to offer consumer financing and deferred payment services, marking a significant expansion of its core business and moving it closer to bank-like operations.

Tamara's Sharia committee includes prominent Islamic scholars specialising in financial transactions jurisprudence, the company said.

Tamara, a financial technology platform operating in Saudi Arabia and the Gulf region, primarily focuses on providing payment solutions to customers in partnership with various global and regional brands.

The company aims to broaden its service portfolio to include a wide range of diverse financial products, strengthen its presence in the Saudi market and Gulf Cooperation Council countries, and meet customer needs, according to a company statement.

To comply with governance requirements for finance companies, Tamara announced the formation of its board of directors and associated committees, including a Sharia committee. This committee will review all of Tamara's products and services to ensure compliance with Islamic law and provide necessary consultations to the company's management on all Sharia-related matters.

Abdulmajeed Al-Sikhan, Tamara's founding partner, said, "The support from the Saudi Central Bank contributes to accelerating our growth and enhancing our ability to provide innovative financial services that improve the digital shopping experience for consumers in the Kingdom."

The Saudi Central Bank has been continuously working to support the finance and fintech sector, aiming to increase the effectiveness and flexibility of financial transactions and encourage innovation in financial services. These efforts are part of a broader goal to enhance financial inclusion in the Kingdom and enable access to financial services for all segments of society.