Tamweel Al Oula, a reputed financial services provider in the Kingdom of Saudi Arabia, has been contributing to the industry’s exponential growth for over many years. Established in 1987 as one of Al-Kifah Group of companies, Tamweel Al Oula has been innovating its financial solutions in line with the Islamic shariah principles. The company’s operations are currently concentrated in the eastern province and it plans to expand across the Kingdom in the coming years.
Over the years, the company has achieved significant growth on the back of its vision to be the top financial leasing provider in the region. It has adopted accountability policies that reinforce shareholders, customers and employees’ trust in the company. In 2020, the company achieved a growth rate of 160 percent in individual financing products compared to the previous year, while its growth rate in corporate financing products reached 100 percent. Now the company is relentlessly working on introducing a digital transformation project in the near future, which is anticipated to create a distinct customer experience. That way, customers will be able to obtain maximum benefits from its services without having to visit the branch in light of the protracted coronavirus pandemic.
The residual effects of the coronavirus pandemic is strongly felt across industries and regions, mainly impacting the financial ecosystem. For that reason, Tamweel Al Oula has developed a working method to keep pace with the pandemic. It has built a virtual communication mechanism to deepen engagements with its customers across the Kingdom. With that, customers will have access to all financing services provided by the company, without necessitating their physical presence at the branch.
Tamweel Al Oula’s products are divided into two parts. First: It points to financing small and medium enterprises and corporates such as vehicle and heavy equipment financing, accommodation and catering services sector, administrative and support services activities, financing production lines, transport and storage sector, real estate activities, education and healthcare, medical devices financing, manufacturing and arts and entertainment among others. Second: It focuses on financing for individuals comprising lease financing, Murabaha and personal finance.
In the big picture, Tamweel Al Oula seeks to play an active role in contributing to the National Vision 2030 by offering a host of financing solutions. These solutions will contribute to the development of individuals and support local content by providing the best financial services to individuals, institutions and companies in the Kingdom. Last year, Tamweel Al Oula won the Global Business Outlook award for the Fastest Growing Financial Services Company in the Kingdom.
Chief Operating Officer Mohammed Jadher said “This award is an incentive for us to provide more [solutions] in the coming years, and we are proud to receive this award as a Saudi company. I extend my thanks to all our employees for this achievement.”