Bab Rizq Jameel, part of Community Jameel, has expanded its support to entrepreneurs, small- and medium-sized enterprises (SMEs) and productive families in Saudi Arabia with the establishment of Bab Rizq Jameel Microfinance to offer Shariah-compliant loans with easy payment plans for young Saudi men and women.
The first company licensed by the Saudi Arabian Monetary Authority (SAMA) for microfinance activities in Saudi Arabia, Bab Rizq Jameel Microfinance is providing financing through its branches across Saudi Arabia or via its online e-portal for SMEs and beneficiaries from its productive families and home-based work programs.
Customers can choose from a wide range of microfinance products, including productive family finance (exclusively for women), home business finance (to support home-based projects) and other products for small businesses and entrepreneurs. The company offers flexible and affordable payment plans with easy monthly installments.
Nadin Abdullah, general manager of Bab Rizq Jameel Microfinance, said: “Today, Bab Rizq Jameel introduces new and expanded facilities to serve its customers through its diversified programs and its branches across Saudi Arabia. These efforts are aimed at creating job opportunities that contribute to social and economic development, help reduce unemployment and improve living conditions by providing the necessary financing to grow existing SMEs and encourage new startups. Bab Rizq Jameel Microfinance aspires to be a partner in building Saudi Arabia and achieving Vision 2030.”
Since 2003, Bab Rizq Jameel has supported tens of thousands of entrepreneurs, SMEs and productive families in the Kingdom of Saudi Arabia through the interest-free loans, helped more than 248,000 Saudi women in their work through the productive household support program, and supported over 32,000 small businesses in Saudi Arabia through various initiatives, such as the taxi ownership program. The total value of loans exceeded SR2 billion ($533 million).
