FAQ | Tanweel

Question 1

What is Tanweel ?

Accepted Answer

Tanweel is owned by Creative Future for Digital Brokerage. It was established in 2021 in the Kingdom of Saudi Arabia to offer financing solutions. We facilitate obtaining the right financing for your needs by providing different offers from multiple financing entities such as banks and financing companies, all digitally and with ease.

Question 2

What makes Tanweel different from other financing service providers?

Accepted Answer

Tanweel is a broker, not a direct lender. It provides financing offers from various entities on your behalf. This means you get the best available financing offers in the market without needing to contact each entity individually.

Question 3

Is Tanweel licensed by the Saudi Central Bank?

Accepted Answer

Yes, Tanweel is the first digital broker licensed by the Saudi Central Bank.

Question 4

What are the benefits of dealing with Tanweel?

Accepted Answer

•	Comparing financing offers from multiple entities in one place.
•	Saving time and effort in searching for the right financing.
•	Security and reliability in all transactions.
•	Ease of use through our website or mobile app.

Question 5

How do I ensure the security of my personal information when using Tanweel?

Accepted Answer

We use the latest security technologies to protect your personal information. All your data is encrypted and processed securely. We do not share your information with any other party without your consent.

Question 6

What documents are required to apply for financing?

Accepted Answer

Tanweel is a completely digital platform, and no documents are required. Client information is verified after accepting the terms and conditions.

Question 7

What types of financing does Tanweel offer?

Accepted Answer

We offer various financing options, including:
- Personal Financing (New / Buyout)
- Real Estate Financing
- Car Financing
- Credit Cards (Coming Soon)
- Corporate

Question 8

How do I apply for financing through Tanweel?

Accepted Answer

You can easily apply for financing through simple steps on our website or mobile app. All you need to do is fill out a short application form, and we will handle the rest.

Question 9

How long does it take to get financing approval?

Accepted Answer

The approval time for financing varies based on several factors, including the type of financing and the financing entity.

Question 10

Can I track the status of my application online?

Accepted Answer

Yes, you can track the status of your application at any time through your account on our website or mobile app.

Question 11

How can I contact the Tanweel support team?

Accepted Answer

We are always happy to help. You can contact
our support team at 8001240508 / 920029109 or by email at
customercare@tanweel.sa
Working hours: Sunday to Thursday, from 9:00 AM to 5:00 PM.

Question 12

What are Tanweel's fees for brokerage services?

Accepted Answer

A fee of SAR 50 (excluding VAT %) is charged when submitting a financing request. If the client is served through the Financial Solutions Team, additional service fees may apply. Any applicable fees will be clearly communicated in advance, as outlined in the Terms & Conditions.

Question 13

What is the maximum financing amount?

Accepted Answer

The maximum financing amount is determined based on the internal credit evaluation mechanism developed by banks and financing companies.

Question 14

What is the profit rate?

Accepted Answer

Profit rates vary according to the client's rating and eligibility at banks and financing companies. You can apply for new financing through the Tanweel app or website and then check the profit rate and any other related fees

Question 15

Does Tanweel offer credit card financing solutions?

Accepted Answer

Not currently available. Follow us on our official accounts for the latest updates.

Question 16

What are the eligibility criteria for financing?

Accepted Answer

To qualify for financing, the following criteria must be met (general requirements; some may vary by finance provider):
- Age: 21 to 70 years
- Credit score (SIMAH): above 500
- Debt-to-income ratio (DBR): in line with Saudi Central Bank (SAMA) rules and regulations
- No outstanding financial court judgments
- No active credit defaults
- Minimum monthly salary of SAR 6,000 for residents.
- Minimum monthly salary of SAR 4,000 for Saudi nationals.

Question 17

What are the types of financing compliant with Islamic Sharia?

Accepted Answer

There are many types of financing compliant with Islamic Sharia, including:
    • Murabaha
    • Ijara
    • And other types.

Question 18

What is the Annual Percentage Rate (APR)?

Accepted Answer

The Annual Percentage Rate (APR) is the actual rate you will pay on financing annually. This rate includes profit as well as any other fees or costs associated with the financing.

Question 19

How can I calculate financing offers?

Accepted Answer

You can calculate financing offers using the offer calculator available on our website or mobile app. You will need to enter the following information:
    • The financing amount you wish to obtain.
    • The repayment period.
    • The type of financing you need (personal, real estate, car, etc.).
    • Any existing financial obligations.

Question 20

Can retirees apply and receive financing offers?

Accepted Answer

Yes, retirees can submit a financing application. The availability of offers depends on the policies of the financing providers.

Question 21

Can residents apply and receive financing offers?

Accepted Answer

Yes, residents can submit a financing application. The availability of offers depends on the policies of the financing providers.

Question 22

How is the contract signed?

Accepted Answer

Currently, contracts are signed directly with the financing provider. In the future, contract signing will be available through Tanweel using digital verification and electronic signature services.

Question 23

How can I report fraud or suspected fraud?

Accepted Answer

You can report fraud or suspected fraud by calling the toll-free number 8001240508 or by emailing customercare@tanweel.sa

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