December 19, 2023. RIYADH, Kingdom of Saudi Arabia
Tabby, the region’s leading shopping and financial services app, is removing late fees on its Pay in 4 flexible payments solution in the Kingdom of Saudi Arabia. This applies to all Pay in 4 purchases in Saudi Arabia starting December 16, reaffirming its commitment to providing safe and transparent flexible payments guided by Shariah principles.
In adherence to our core principles of delivering Shariah-compliant payments and in response to the recent Fatwa issued by the Council of Senior Scholars in the Kingdom of Saudi Arabia, Tabby has taken a decisive initiative by removing late fees in the Kingdom. This move is a testament to Tabby’s continued commitment to offering a Shariah-compliant BNPL service.
Hosam Arab, CEO and co-founder at Tabby: “We take pride in our continued commitment to Shariah compliance. The decision to remove late fees reflects our unwavering commitment to delivering safe, transparent, and Shariah-guided flexible payment options for our users. At Tabby, we remain committed to evolving with the dynamic needs of our users while upholding the highest standards of Shariah compliance in our financial services.”
Tabby creates financial freedom in the way people shop, earn and save by reshaping their relationship with money. Over 10 million users choose Tabby to stay in control of their spending and make the most out of their money.
Over 30,000 global brands and small businesses, including SHEIN, Amazon, Adidas, IKEA, H&M, Samsung and Noon use Tabby’s technology to accelerate growth and gain loyal customers by offering flexible payments online and in stores. Tabby is active in Saudi Arabia, UAE, and Kuwait, and is now valued at $1.5 billion in its last round of funding from Wellington Management, STV, Mubadala Investment Capital, PayPal Ventures, Arbor Ventures, Bluepool, Hassana Investment Capital, Soros Capital Management and Saudi Venture Capital.
Source Link: https://tabby.ai/en-AE/press/no-late-fees