Regulatory Alerts2020-04-01
Tamweel Electronic Portal Approved by the Public Authority for Small and Medium Enterprises (Munshaat)
The Saudi Central Bank (SAMA) issued this circular to direct licensed financing entities and banks operating in the Kingdom to deliver MSME financing services through the officially approved "Tamweel" electronic portal. The directive mandates that these entities process portal-submitted applications within specified timeframes to leverage the platform's competitive advantages, which span diverse geographical regions and reduce administrative overhead. Ultimately, this measure aims to accelerate lending and investment rates for micro, small, and medium enterprises while advancing Saudi Vision 2030's economic growth objectives.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Head Office
Office of the Deputy Governor for Supervision
Reference No.: 41051780 Date: 1441/08/08 Attachments: None
Circular
To: Respected Parties, Peace be upon you, and the mercy of Allah and His blessings.
Subject: The "Tamweel" Electronic Portal Approved by the Public Authority for Small and Medium Enterprises (Munshaat).
Reference is made to the role of the Saudi Central Bank in maintaining monetary and financial stability, and supporting balanced and sustainable economic growth, including enabling the financial sector to support private sector growth, and its strategy supporting the activation of electronic channels to enhance service delivery in line with achieving Saudi Vision 2030. And reference is made to the "Tamweel" electronic portal approved by the Public Authority for Small and Medium Enterprises (Munshaat), which is a platform connecting entrepreneurs and owners of micro, small, and medium enterprises (MSMEs) seeking financing with licensed financing entities.
Accordingly, the Bank encourages financing entities to provide their services to entrepreneurs and owners of micro, small, and medium enterprises through the "Tamweel" electronic portal approved by Munshaat, to benefit from the services provided through it, and to process applications received by the portal within specified timeframes. This is due to the advantages of this portal, which include opening the door for competition among financing entities to provide suitable financing offers for these enterprises across diverse geographical regions, and saving time and effort. Consequently, this aims to increase lending and investment rates and stimulate economic growth.
Yours sincerely,
(Signature) Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks and financial institutions operating in the Kingdom.
- Financing companies operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Tel: 4662200 - Fax: 4662543