Bank Albilad Boosts Saudi Consumer Finance with New Company, Dafaa Finance

Dafaa Finance is one of the newest companies to join Saudi Arabia's consumer finance sector. It recently received its operating license from the Saudi Central Bank (SAMA) in April 2026, bringing the total number of licensed finance companies in the Kingdom to 73. Dafaa Finance was established as a financing arm of Bank Albilad. The bank announced on April 29, 2026, the launch of the company as a wholly-owned (100%) closed joint-stock company with Saudi capital. This move shows Bank Albilad's strategy to expand into non-banking financial services and strengthen its presence in the consumer finance market. Dafaa Finance aims to offer specialized financing solutions that go beyond traditional banking. This gives them more flexibility to create tailored financing products for individuals, helping them fund purchases of goods and services through installment plans. This includes things like electronics, durable goods, and various other consumer needs, all while following Sharia principles and the regulatory systems in place in the Kingdom. The launch of Dafaa Finance is part of a strategic direction to support digital transformation and broaden access to financial services. It does this by providing more flexible and faster financing tools, which aligns perfectly with the evolving consumer finance market in Saudi Arabia and the growing demand for digital financing solutions. For its part, the Saudi Central Bank (SAMA) explained that granting this license is part of its efforts to support the finance sector, improve the efficiency and flexibility of financial transactions, encourage innovation in financial services, and boost financial inclusion. This all helps to expand access to financial services for all segments of society. SAMA also stressed the importance of dealing only with licensed or authorized financial institutions, noting that people can verify approved entities through its official website.