Riyadh - Sharikat Mubasher: Tabby, a leading financial services application, received a consumer finance license and an SME finance license from the Saudi Central Bank (SAMA) to expand its offerings across the Kingdom.

The licenses will enable Tabby to offer customers in Saudi Arabia longer plans on larger purchases and provide working capital to businesses, the company revealed in a press release yesterday.

For customers, longer payment plans are already live across Tabby's retailers, including Noon, Fitness Time, Almanea, IKEA, Almosafer, Almatar and flynas, for purchases over SAR 2,000 with limits of up to SAR 50,000.

These plans are fully Shariah-compliant and built on a Murabaha structure, and they are rolling out to a first group of customers and will be available to all eligible customers over the coming weeks.

For businesses, the SME finance license allows Tabby to provide working capital to retailers on its platform, giving them funding to grow.

Commenting on this milestone, Hosam Arab, CEO and Co-Founder of Tabby, said: "Tabby already gives millions of people flexibility and control over their money. Now we can extend that to the bigger purchases in life, paying for a course, furnishing a home, booking a holiday. It answers a clear demand from our customers and puts the same control in their hands."

Serving more than 25 million registered users and over 65,000 businesses across the GCC, the finance licenses will position Tabby to bring longer, regulated financing options to its largest market, and to grow into higher-value categories.