Riyadh – Sharikat Mubasher: barq, a Saudi fintech and digital wallet licensed by the Saudi Central Bank (SAMA), announced it has received initial approval to add financing activities to its services, according to the company.

The approval makes barq, according to its announcement on LinkedIn, the first digital wallet in Saudi Arabia to receive initial approval to add a financing activity. The company plans to develop financing products compliant with Islamic Shariah principles.

barq said that conducting financing activities and launching related financing products remain subject to completing the applicable regulatory requirements and procedures, as well as obtaining the necessary final approvals from SAMA.

Barq provides digital financial services to individuals and small and medium-sized enterprises (SMEs), with its platform supporting digital payments and other financial services.

The move marks an expansion of barq’s digital financial services as the company works to broaden its offering in the Saudi market.