Quara Finance launches new digital product for personal loans users

GHADA.ISMAIL
Jul 16, 2024

Riyadh - Sharikat Mubasher: Quara Finance, a leading Saudi company providing innovative Sharia-compliant financial solutions, announced developing a fully digital personal loan product mainly designed to meet the financial needs of customers with unmatched convenience and efficiency.

The new product aims at leveraging the latest in open banking technology to streamline the loan application process according to a recent press release.

A key feature of the personal loan solution is the integration with an approved open banking provider in the Kingdom, enabling digital verification of customers’ bank accounts and eliminating manual uploads. This makes the entire process fully digital, combining self-disclosed income information with automatically fetched data for swift loan approval.

 The new personal loan product marks a significant milestone in financial technology, being accessible through a user-friendly app on both Android and iOS. Through this product, customers can conveniently apply for a loan up to SAR 50,000 with flexible repayment reaching 60 months from the comfort of their homes.

Faisal Al-Alshaikh, Chief Executive Officer of Quara Finance, commented on this: “As the Kingdom continues its digital transformation efforts, Quara Finance is at the forefront of this change, contributing to the improvement of financial inclusion and the overall quality of life through cutting-edge financial solutions. Our recent public listing in March of this year underscores our governance maturity and growth, solidifying our strong reputation as a trusted financial provider. The fully digital personal loan product exemplifies our dedication to convenience and speed, with a streamlined application process that is quick and user-friendly. In parallel, we continuously seek to adopt cutting-edge technology to enhance our credit engine, CRM systems, and onboarding processes along with our daily operations utilizing a diversified local talent pool”.

In addition to the personal loan product, Quara Finance offers a fully digital financing checkout solution with flexible repayment options. Pre-approved loan customers can seamlessly complete transactions on the merchant’s online store using a unique financing platform to complete their purchases. Quara Finance has also digitized its customer service operations, incorporating IVR systems, chatbots, and robotic calling for collections. These enhancements ensure a comprehensive 360-degree digital service experience, providing customers with immediate and efficient support.

Specializing in consumer and SME financing, Quara Finance has established itself as a pioneer in the field, offering a wide range of innovative financial products and services tailored to meet the needs of its diverse clientele. Established in 2009 as a Limited Liability Company (LLC) with a current capital of SAR 300 million, Quara Finance boasts a robust customer base exceeding 100,000 individual clients.


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