The Saudi Central Bank (SAMA) has officially granted a new license to Aij Finance, authorizing the company to provide financing services for small and medium-sized enterprises (SMEs) as well as consumer finance. This approval marks a significant step in expanding the Kingdom’s financial services sector, bringing the total number of licensed finance companies to 71.
Strengthening the Kingdom’s Financial Framework
In an official statement, SAMA highlighted that the decision is a core part of its continuous efforts to support and grow the financing sector. By licensing new players like Aij Finance, the central bank aims to enhance the overall efficiency and flexibility of financial transactions across Saudi Arabia.
The move is also designed to encourage further innovation in financial services, a key pillar of the Kingdom’s Vision 2030 objective to build a diversified and sustainable economy. Empowering the SME sector through accessible financing is critical to achieving this national goal.
A Boost for Financial Inclusion
A primary objective behind this latest license is to strengthen financial inclusion within the Kingdom. SAMA is focused on expanding access to regulated financial products and services for all segments of society, particularly for SMEs which form the backbone of the local economy.
By enabling more specialized financing companies to operate, the regulatory body is fostering a competitive environment that can better serve the unique needs of entrepreneurs and consumers, ultimately driving economic growth and opportunity.
SAMA also took the opportunity to reiterate the importance for consumers and businesses to deal exclusively with financial institutions that are properly licensed or authorized by the authority. It advised that the status of any financial institution can be easily verified through the official SAMA website.
About Aij Finance
Aij Finance is a Shariah-compliant digital financing company based in Saudi Arabia. The company focuses on providing accessible and innovative financing solutions to both the SME sector and individual consumers. Its services include working capital finance, asset finance, and personal loans, delivered through a modern digital platform.
Source: entarabi
