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Baraq gains initial Saudi CB approval for financing
Al-Barq Financial Company has received preliminary approval from the Saudi Central Bank to add financing activities to its services. This aims to support its expansion in providing comprehensive digital financial solutions that are Sharia-compliant. This move represents a strategic shift from solely offering digital payment services to building a comprehensive financial ecosystem that combines payments and financing services, with the goal of meeting customer needs and enhancing the user experience. The process now requires completing the necessary regulatory procedures and obtaining final approvals, in line with the company's strategy to keep pace with rapid developments in the financial sector and financing technologies in the Kingdom.
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