Abdul Latif Jameel Finance launches new mobile app cash loan product in Saudi Arabia

• Applying and securing an instant cash loan for initial approval can be completed safely in a few minutes through the mobile application without a guarantor
• Cash Jameel’s product, via mobile application, is among the first financial products of its kind in Saudi Arabia
• The application offers a fully digital interface and a smooth user experience

Abdul Latif Jameel Finance has announced the launch of a new mobile application for its ‘Cash Jameel product’, an Islamic Tawarruq product that allows individuals to fulfil their financial needs safely by applying for a desired amount of cash and receiving an immediate initial approval.

Cash Jameel’s product, via mobile application, is among the first financial products of its kind in Saudi Arabia.  It enables Saudi nationals, earning above 3,000 SAR per month (US$ 800), to seamlessly apply and receive instant initial approval for a cash loan of a minimum of 10,000 SAR (US$ 2,667 approximately) and a maximum of 20,000 SAR (US$ 5,333 approximately).

The paperless application offers a fully digital interface and a smooth user experience as it reduces manual input and offers instant initial approvals on cash financing without a guarantor. Applicants are only required to register their personal and financial information and can even sign contracts digitally.

Additionally, due to the application’s user-friendly design, loans are initially approved quickly and easily in a few minutes, allowing individuals to fulfill their financial needs smoothly.

Dr. Khalid D. Al Karimy, CEO, Abdul Latif Jameel Finance said:

“The introduction of Cash Jameel’s product via mobile application builds on the success of the previously launched Cash Jameel products for SMEs and Individuals. Digital and paperless products offer more convenient transactions with increased security. They not only contribute to helping to protect the environment, but also support financial institutions in reducing operational expenses whilst elevating their customers’ experience”. 

The introduction of this application reflects Abdul Latif Jameel Finance’s strategy to diversify its offering, address its clients’ changing needs and expand its financial products. This comes in line with the objectives of The Financial Sector Development Program, which was launched as part of the Vision 2030 and aims to develop a diversified and effective financial sector to support the development of the national economy in Saudi Arabia.