Amwalak.com has today launched its finance comparison services in Saudi Arabia, allowing users to find, compare and apply for personal finance products from just one website.
Amwalak.com is part of compareit4me.com, the largest comparison site in the Middle East with operations in UAE, Qatar, Kuwait and Bahrain.
Like its parent company, Amwalak aims to bridge the gap between users and banks by listing financial products such as credit cards and loans from Saudi Arabia’s leading banks.
“By listing each and every product, we allow users to easily compare the whole market and find the best products for them. At the same time, we give banks the chance to reach new customers who are further down the decision funnel, thanks to our useful information and guides,” says Jon Richards, CEO of the compareit4me group.
The launch of Amwalak.com comes at a time when the banking industry is thriving in Saudi Arabia, which is widely considered a key market to the global growth of Islamic finance. The industry is also rife with demand from both retail and commercial customers.
Saudi banks’ combined assets are estimated to be worth over SAR1.6 trillion (USD 427 billion), which cements its place as the second-largest financial asset base in the GCC region. The country’s economy remains buoyant, with current foreign currency reserves standing at USD750 billion.
In launching their services to the Saudi market, the team at Amwalak is keen to stress the importance of comparing all the banks and their offers before applying for any facility.
“Taking out any kind of debt is a big deal and shouldn’t be taken lightly,” warns Samer Chehab, COO of compareit4me. “The competition between banks is good for consumers; we see many different types of rewards attached to certain products and they can be great. However, it’s important to look beyond simple cashback offers or shopping discounts and get to the important details such as interest rate, monthly costs and terms.”
Amwalak.com aims to build on the hugely successful year enjoyed by compareit4me.com, which was voted Best Finance Comparison Site in the UAE by IFM Awards, and Best Comparison site in the Middle East by the Global Banking and Finance Review.
“We want to democratise consumer finance in the Middle East and the first step towards achieving that is facilitating accurate product comparisons. The banks we have spoken to in Saudi Arabia have been welcoming to the idea of financial comparison and understand that this is a win-win for consumers and banks alike,” adds Richards.