Arib digital brokerage signs membership agreement with Simah

By Leandra Monteiro

Arib a loans digital brokerage platform has signed a membership agreement with the Saudi Credit Bureau (Simah). Simah 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.

On this occasion, the CEO of Arib Eng. Waleed Talat stated, “We are proud to sign our membership with Simah, which will go to support our efforts in providing a completely digital experience for our clients seamlessly and helping our select the best financing option and receive immediate approval. This step will also help us in expanding our reach and market share, and to provide more financing products such as personal loans, real estate loans and other products.

Eng. Waleed added, “This step forward 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, to go along the vision 2030 and the ambitious plans for the development of the financial sector to elevate the client’s experience in procuring loans in the kingdom.”

Arib was founded in 2018 under the name “Syaaraat.com” by Waleed 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 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 of 2021.

The company is working to meet licensing requirement for digital brokerage under the supporting activities set by the Saudi Central Bank.