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Tarabut and FLOOSS team to boost digital lending in Bahrain

By Delisha Fernandes

October 11, 2023

  • Central Bank Of Bahrain
  • Consumer Loans
  • Digital lending platform

Tarabut, FLOOSS, open banking platform, digital lending platform, digital loan, consumer loans, Central Bank of Bahrain, instant loan, financial inclusion, FinTech news, FinTech BahrainTarabut, an open banking platform in MENA, has partnered with FLOOSS, a Bahrain-based digital lending platform. The collaboration streamlines FLOOSS’s digital lending experience and significantly reduces loan approval times to a mere few minutes using Tarabut’s Income Verification product.

The loan approval process has been reduced to just minutes, a drastic change from the prior two-week process. By leveraging open banking APIs, the newly launched product enables instant loan approvals, eliminating the previous, conventional, days-long approval process.

Abdulla Almoayed, Founder and Chief Executive Officer of Tarabut, said, “We are proud to announce our latest partnership with FLOOSS; one of Bahrain’s leading lending platforms. Together, we are promoting financial inclusion and developing Bahrain’s financial infrastructure in line with the country’s plans for a robust financial ecosystem. Everyone should have access to affordable and efficient lending facilities, and this partnership is a crucial step towards that goal.”

FLOOSS integrated with Tarabut to provide its customers with a seamless lending journey: offering easier access, saving money and time, enhancing security, and digitising a traditional manual journey. FLOOSS is a digital loan app offering consumer loans of up to BHD 750 with a repayment period of up to 12 months.

Fawaz Ghazal, Chief Executive Officer of FLOOSS, said, “The customer lending experience and journey must be reimagined; customers expect more from their financial service providers. Working with the team at Tarabut, FLOOSS has implemented a customer-first solution that improves lending processing times to a few minutes and more seamlessly than any other lenders, anytime and anywhere. We are proud of the innovative work and look forward to more announcements with our partner, Tarabut, in the Kingdom of Saudi Arabia soon.”

As Tarabut collaborates with more banks, enterprises, and lenders in the MENA region, transforming the lending sectors is a key priority. Leveraging open banking technology, these partnerships aim to help institutions maximise their revenue, enrich customer experiences, and reduce operational costs.

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