Saudi Arabia’s General Organization for Social Insurance (GOSI), recognized as the country’s foremost public pension fund, has entered into a memorandum of understanding with the financial services application Tabby, based in Riyadh, to enhance credit accessibility for millions of its beneficiaries.
This partnership aims to jointly develop and offer Shariah-compliant credit products targeting retirees and other individuals who typically face challenges when seeking support from conventional lenders. This initiative aligns with GOSI’s Taqdeer program, which aims to foster financial inclusion and promote digital financial services as part of Saudi Arabia’s broader economic transformation strategy.
“Our mission goes beyond administering pensions; we aim to ensure our beneficiaries have access to resources that enhance their financial stability,” explained Saud Al-Juhani, GOSI’s assistant governor for insurance affairs. “This memorandum with Tabby represents a significant step in broadening access with solutions that are both responsible and inclusive.”
Tabby delivers adaptable payment options to over 20 million users
Tabby operates across Saudi Arabia, the UAE, and Kuwait, providing flexible payment options to a user base exceeding 20 million and partnering with more than 40,000 merchants, including global brands like Amazon, Adidas, IKEA, and Noon.
According to Hosam Arab, co-founder and CEO of Tabby, this collaboration will augment the availability of Shariah-compliant credit solutions for millions, contributing to a more inclusive financial ecosystem in Saudi Arabia.
Both GOSI and Tabby affirmed that any new products created through this collaboration would adhere to standards of transparency and consumer protection.
GOSI is responsible for offering social protection and insurance services to Saudi citizens, public sector employees, private sector employees, along with Gulf Cooperation Council (GCC) nationals residing and working within the kingdom.