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Tamara secures Shari'a approval for its 'Buy now & Pay later' solutions
The payment solution is available to online stores in Saudi Arabia and the United Arab Emirates. With the consumer preference shifting towards digital purchases during the pandemic, Tamara payment solution caters to an instalment plan in a Shari'a compliant way.
Tamara has been working to acquire its license in SAMA's sandbox as well as ensuring that its current BNPL offerings are in light of Shari'a compliance. "Fintechs have the same requirements as legacy institutions when it comes to Shari'a supervisory programs and periodic Shari'a audits and to bolster Shari'a compliance,"
SRB is a renowned and respected global Shari'a advisory firm. Regulated by the Central Bank of Bahrain, it serves a diverse clientele across the financial landscape. The firm has been engaged with many fintech and blockchain entities with its diverse offerings.
Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau, said "Today, innovative financing solutions are being provided by tech-based platforms. Where businesses have been affected by pandemic lock-down and restricted movement, the use of innovative technology has lightened the burden and made shopping convenient for customers. This is where our team comes in by offering Shari'a solutions to financial innovation."
For more information on TAMARA, you can contact abdulmohsin@