The Saudi Central Bank, known as SAMA, has expanded the realm of debt-based crowdfunding by authorizing Thara to join the market. This pivotal move increases the cadre of entities able to offer these financial services in the Kingdom to a total of nine.
With the inclusion of Thara, the number of finance companies that have received the nod from SAMA to operate within the country has reached a significant milestone of 59. This development is indicative of SAMA’s continuous efforts to bolster the financial sector, enhance the efficiency of transactions, and foster innovative financial services that contribute to greater financial inclusion across the nation.
SAMA has reiterated the critical importance of engaging with officially authorized financial institutions. They stress the necessity for consumers and businesses alike to ensure their financial dealings are conducted through entities that have been granted the appropriate licenses.
For those seeking to engage with licensed financial institutions or learn more about the regulatory landscape, SAMA’s official website serves as a resource with updated lists and information regarding authorized entities.