Arib, a digital broker for personal loans in Saudi Arabia, has signed a membership agreement with the Saudi Credit Bureau, known as SIMAH. The membership allows Arib the ability to do credit checks of its clients and provide them with the best-fitting financing offers based on the product and credit score.
CEO of Arib Waleed Talat said: “We are proud to sign our membership agreement with Simah, which will support our efforts in providing a completely digital experience for our clients seamlessly, helping them select the best financing option and receiving immediate approval. This step will also help us in expanding our reach and market share, and in providing more financing products such as personal loans, real estate loans and other products.”
He added: “The agreement comes as a testament to the successes we were able to achieve after receiving the preliminary approval from the Saudi Central Bank to provide digital brokerage services, in line with Vision 2030 and the ambitious plans for the development of the financial sector, and to elevate the client’s experience in procuring loans in the Kingdom.”
Arib was founded in 2018 under the name “Syaaraat.com” by Talat, Omar Alhammad and Mohammad Eldesouki, to provide its clients with loan brokerage services digitally by connecting them with financing partners authorized by the Saudi Central Bank. The aim was to help clients procure loans that fit their credit status through web and app-based platforms. Arib received the preliminary approval to practice digital brokerage activities in April 2021.
The company is working to meet licensing requirements for digital brokerage under the guidelines set by the Saudi Central Bank.