• Bab Rizq Jameel Microfinance, an Abdul Latif Jameel Finance product, empowers entrepreneurs and productive families across the Kingdom by providing them with tailored financing opportunities.
  • Since 2004, funding has been provided to over 283,000 beneficiaries across Saudi Arabia – 81% of whom are women.
  • The microfinance programs help the entrepreneurs achieve their goals and execute their projects, while contributing to the goals of Vision 2030.

Abdul Latif Jameel Finance, a leader in innovative financing solutions and services that is regulated by the Saudi Central Bank (SAMA), has celebrated the surpassing of SR 3.5 billion in microfinancing through its Bab Rizq Jameel Microfinance product. This milestone was commemorated last week at an event attended by key partners, stakeholders, and beneficiaries, recognizing these efforts and their significant impact on the community and role in supporting Saudi Arabia’s economic growth.

Since 2004, the Microfinance product has been instrumental in providing financial support to entrepreneurs, productive families, and small businesses. Over 283,000 beneficiaries have been funded, 81% of whom are women. The product offers a combination of microfinance loans which facilitate self-employment opportunities, in addition to tailored programs to support Saudi youths in achieving economic independence, while also supporting the local economy. The Bab Rizq Jameel Microfinance product is the first product to be licensed by the Saudi Central Bank (SAMA) for this category.

During the event, Abdul Latif Jameel Finance acknowledged the key contributions of its success partners, namely the National Development Fund; the Small and Medium Enterprises Monsha’at Bank; the Social Development Bank; the Small and Medium Enterprises General Authority (Monsha’at); and the Loan Guarantee Program (Kafalah), whose support has been essential in driving the success of Bab Rizq Jameel Microfinance product.

Mr. Hussain Jameel, President of the Entrepreneurship Committee at Abdul Latif Jameel, said:

“Today, we celebrate not only the milestone of SR 3.5 billion in microfinance, but also the lives we have positively impacted through the support of our initiatives. This achievement reflects the power of collaboration and the unwavering commitment of our partners. Together, we are empowering individuals, reducing unemployment, and contributing to the goals of Saudi Arabia’s Vision 2030, which aims to build a thriving and inclusive economy.”

Dr. Khalid Alsharif, CEO of Abdul Latif Jameel Finance, said:

“Our remarkable achievement in microfinance, surpassing SR 3.5 billion, is a testament to our ongoing commitment to advancing our financing programs for this innovative segment of society which includes entrepreneurs, craftsmen, and promising enterprises. This aligns with the Kingdom’s Vision 2030 and aims to maximize the impact of these projects through their growth and development, which in turn contributes to driving the country’s economic development and advancement.”

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