Manama, Kingdom of Bahrain, 01 October 2024 – The Central Bank of Bahrain (“CBB”) has granted “Tamara Bahrain B.S.C. (c)” the first “Buy Now Pay Later (BNPL)” license to operate in the Kingdom of Bahrain.

Tamara is a payment platform headquartered in the Kingdom of Saudi Arabia with operations in UAE 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, Mr. 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.”

Mr. Faris Al Obaid, CEO & Vice Chairman of Tamara Bahrain B.S.C.(c) also commented by saying: “Tamara Bahrain is proud to stand at the forefront of financial innovation in Bahrain as the recipient of 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”.