Tamara is a shopping and payments platform that allows customers to split their purchases into up to four interest-free installments, ensuring compliance with Sharia law. By providing a flexible payment solution, Tamara addresses the challenge of high upfront costs, making shopping more accessible for consumers in Saudi Arabia, the UAE, and Kuwait.
Funding
$340M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
SSNFounders
Product
Problem
Many consumers in Saudi Arabia, the UAE, and Kuwait face challenges with high upfront costs when shopping, limiting their purchasing power and access to desired goods. Traditional payment methods often lack flexibility and may not align with Sharia law, creating a need for alternative, compliant solutions.
Solution
Tamara provides a Sharia-compliant "buy now, pay later" (BNPL) platform that enables customers to split purchases into multiple interest-free installments. This flexible payment solution enhances affordability and accessibility, allowing consumers to acquire goods and services without incurring high initial expenses. Tamara integrates directly with online and in-store merchants, offering a seamless payment option at checkout. By adhering to Sharia principles, Tamara ensures that its financial products are ethically sound and aligned with the cultural values of its target market. The platform features a user-friendly mobile app and secure registration process, simplifying the payment experience for both shoppers and merchants.
Target Audience
Tamara primarily targets consumers in Saudi Arabia, the UAE, and Kuwait who seek flexible, Sharia-compliant payment options for online and in-store purchases, as well as merchants looking to increase sales by offering BNPL solutions.
Features
- Installment plans allowing customers to split payments into 2, 3, or 4 interest-free installments
- Sharia compliance certified by a dedicated Sharia committee
- Integration with over 26,000 online and in-store merchants
- Mobile app for managing payments, tracking purchases, and discovering exclusive discounts
- Secure registration process using ID and phone number verification
- "Farah" program offering exclusive discounts and rewards at participating stores
- Support for both online and in-store purchases
- Merchant tools for integration, marketing, and sales tracking