CBB grants first BNPL license to Tamara Bahrain

Manama, The Central Bank of Bahrain (CBB) has granted Tamara Bahrain the first Buy Now Pay Later (BNPL) license to operate in the Kingdom. Tamara is a payment platform headquartered in Saudi Arabia with operations in the United Arab Emirates and Kuwait. The platform allows shoppers to split their payments online and in-store and pay at a future date, with no interest and no hidden fees, while upholding Islamic Sharia principles. Commenting on this announcement, Abdulla Haji, Director of Licensing Directorate at CBB, said: "We are pleased to announce the issuance of the Buy Now Pay Later (BNPL) license to Tamara Bahrain, which marks a significant step in broadening access to consumer credit options. BNPL services have rapidly evolved into a key financial tool for many individuals, offering greater flexibility in managing personal finances while supporting economic activity." Faris Al Obaid, CEO and Vice Chairman of Tamara Bahrain, expressed pride in the company's position as a leader in financial innovati on in Bahrain, highlighting its achievement in receiving the Kingdom's inaugural Buy Now, Pay Later (BNPL) license. "This milestone is a testament to our dedication to empowering consumers with flexible and accessible payment options. We are committed to leveraging our expertise to deliver exceptional customer experiences and contribute meaningfully to the growth of the Bahraini economy," Al Obaid said. Source: Bahrain News Agency