Tamweel Al Oula
Tamweel Al Oula was established in 2006 in Dammam, Eastern Province, Saudi Arabia as a branch of Al Kifah Trading Company “KTC” as a financing arm of the automotive and home appliances retail businesses of KTC. Throughout time, Tamweel Al Oula expanded its operations to partner with various auto dealers and showrooms in the eastern province of Saudi Arabia. Since then, Tamweel Al Oula is known by the Eastern Province community as a leading non-bank financing company in providing Sharia’a compliant products that meet the financing of their needs especially the Murabha and Lease/Ijarah of automotive, home appliances and electronics.
In 2010, Tamweel Al Oula further expanded its operations by partnering with Al Kifah Construction Equipment (KiCE) to offer equipment lease to SMEs clients in different provinces of the Kingdom. By the end of 2015, Tamweel Al Oula was converted from a branch of KTC to be a standalone closed joint stock company with paid up capital of SAR 250 million and obtained a license from Saudi Monetary Agency (SAMA) to offer financial lease, consumer finance and productive assets financing. Following obtaining the license from SAMA, Tamweel Al Oula partnered with various auto dealers, construction equipment companies and medical services providers in order to meet the financing needs of individuals and SMEs. In 2019 Tamweel Al Oula added Tawarruq (Personal Finance) product for individuals and SMEs to its product portfolio (in addition to the two main products Auto Lease and Murabha) to approach the market with full flexibility to meet customer requirements for direct cash for different needs. Currently, Tamweel Al Oula is 100% owned by Al Kifah Holding Company and looks optimistically towards the future with more sustainable growth in the number of clients and the size of its portfolio.