In Quarter 3 of 2022, Tamweel Aloula achieved 89% growth in total revenue, 143% growth in profit before zakat and 36% growth in total assets. The significant financial performance was attributed to the company’s ability to offer innovative financing solutions and its effective execution of digital transformation initiatives.
Tamweel Aloula’s chairman Hani Al-Afaleq cited his company’s outstanding record results due to the ambitious strategic plans laid out in the last few years.
This feat was an important landmark for Tamweel Aloula and its vision of becoming one of the leading companies in Saudi to provide customers with innovative, safe, and value-added financial solutions.
“Tamweel Aloula has set out on its geographic expansion strategy over the past two years, while diversifying its financial solutions’ portfolio to meet the needs of a wide range of society segments,” Hani Al-Afaleq said.
Ahmed Abdulazeem, Tamweel Aloula’s Chief Financial Officer (CFO) explained that these figures constitute a significant step forward towards achieving his company’s ambitions and the vision of becoming the first Saudi company to provide customers with innovative, safe, and value-added financial solutions.
Tamweel Aloula is one of Saudi’s leading financing companies, with a long and proud history of success and growth. The stupendous growth story in 2022 is just the beginning, as the company is projected to reach even greater heights in 2023.
The Company, licensed by the Central Bank of Saudi Arabia (SAMA), provides auto lease financing, consumer financing, productive assets financing and SME financing. It also gives advanced and integrated financial services to help consumers and SMEs fulfil their financial needs.
The company has been around since 2006, and since then, they have experienced unprecedented growth in the industry due to the combination of innovative products, well-thought-out strategies, and a commitment to customer service. As a result, they are now one of the most respected and sought-after financial institutions in the region.
Tamweel Aloula also seeks to provide a unique digital experience, facilitating the process of obtaining financing solutions from anywhere and at any time. It offers the most convenient terms to obtain a financing solution without visiting the branch or producing a sponsor.
Its corporate financing solution ensures excellent services to both clients and partners by providing flexible and Sharia-compliant solutions in association with a set of carefully selected suppliers.
Tamweel’s impressive financial results demonstrate the success of its digital transformation efforts and its ability to provide clients with innovative financing solutions. Another major factor is the company’s well-established successful partnerships with SME-supporting government programs such as Monshaat, Kafalah, SME Bank and SAMA’s private sector supporting program.
Teamwork has been the crucial factor behind Tamweel Aloula’s string of successes over the years. Having the right talent in the right position made all the difference. Tamweel Aloula also focuses on customer needs and this has been their growth driver.
Tamweel believes in versatility and it’s evident in their product coverage as well. While its personal financing solutions are catered strictly towards Saudi nationals, auto lease financing and corporate financing products are available for expatriates working in the Kingdom as well.
Talking about Tamweel’s road map for the years ahead, it will be introducing more digital services to make it easier for customers to manage their finances. This will allow the financial institution to keep up with the fast-paced nature of the market and make its services more accessible.
With a focus on building an attractive and healthy working environment, backed by performance rewards, Tamweel Aloula is all set to continue its customer-centric digital journey. As the largest non-bank SME financing company in the country, Tamweel Aloula is well-positioned to lead the market in 2023 and beyond.