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Fri 15 May 2015 08:54 AM

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Comparison website launches operations in Saudi Arabia

Compareit4me group says Amwalak.com aims to bridge gap between users and banks in Gulf kingdom

Comparison website launches operations in Saudi Arabia
Jon Richards, CEO of the compareit4me group

Amwalak.com has launched its finance comparison services in Saudi Arabia, allowing users to find, compare and apply for personal finance products from a single 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 said it 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," said 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, said Richards.

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," warned 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."

Richards added: "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."

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