Saudi Arabia is a relatively young country and with consistent growth in the population, there would be a rising financial need for education, healthcare, and housing which in turn will drive the consumer finance market in the Kingdom.
KSA Personal Finance Market Overview: The Personal Finance Market in KSA is currently at the growth stage owing to technological advancements, internet user penetration, population growth and digitalization in personal financing. The increasing needs of consumers and growing urbanization has increased the prospects of market. The overall industry is growing substantially with the outstanding credit increasing with it.
KSA Personal Finance Market Growth: The number of loans taken as well as the outstanding credit for the Personal Finance Market in KSA took a huge leap from 2020 to 2021 due to the growing consumption needs of Saudis. With growing urbanization and digitalization, consumers have started to spend more on goods such as furniture, home appliances, technologically advanced and luxurious electronic products to discretionary spending such as leisure and travel.
Challenges Faced by KSA Personal Finance Market: There exists a moderate threat of new entrants as they have to overcome various challenges like licensing requirements, capital requirements, management requirements, partnership with credit bureaus, etc. Customers have multiple options to pick from with better financing possibilities. There exists some service differentiation among the personal finance companies in KSA and also some lenders have requirements such as salary transfer. However, as borrowers can easily apply for personal finance from multiple FIs, power of borrowers is moderately high. Players in this space have a nation-wide presence, along with competitive pricing and with some service differentiation.
Effects of Internet Penetration on Personal Finance Market in KSA: Internet User Penetration has increased significantly from 2016 to 2021 which drives the market to buy online and people prefer online borrowing as a result. With increasing internet user penetration, the market is thriving and growing at a faster pace as people’s preferences to buy online increases and proper marketing can provide the players in the market with an opportunity to grow.
The report “KSA Personal Finance Market Outlook to 2026F – Driven by Growing Digitalization and Increased Consumption Needs” by Ken Research provides a comprehensive analysis of the potential of the Personal Finance Industry in KSA. The report also covers the overview and genesis of the industry, market size in terms of outstanding credit and number of loans; market segmentation by purpose of loan, by supplier, by tenure of loan, by booking mode, by geography, by nationality of borrower, by employment of borrower; growth enablers and drivers, challenges and bottlenecks, trends driving digital adoption; regulatory framework; industry analysis, competitive landscape including competition scenario, market shares of major players on the basis of outstanding credit. The report concludes with future market projections of each segmentation and analyst recommendations.
Key Segments Covered
KSA Personal Finance Market:
- By Purpose of Loan:
- Wedding
- Renovation & Home Improvement
- Consumer Durables
- Tourism & Travel
- Medical
- Education
- Debt Consolidation
- Others
- By Supplier:
- Banks
- Non-Banks (NBFIs & FinTechs)
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- By Tenure of Loan:
- < 1 year
- 1-2 years
- 2-3 years
- 3-4 years
- 4-5 years
- By Booking Mode:
- Online
- Offline
- By Geography:
- Riyadh
- Jeddah
- Dammam
- Others
- By Nationality of Borrower
- Saudi
- Non-Saudi
- By Employment of Borrower
- Government Employee
- Large Corporation Private Sector Employee
- Medium & Small Corporation Private Sector Employee
- Self-Employed
- Others
Key Target Audience
- KSA Finance Industries
- Government Bodies & Regulating Authorities
- Finance Industry
- Finance Companies
Time Period Captured in the Report:
- Historical Period: 2017-2021
- Base Year: 2022
- Forecast Period: 2022– 2026F
Companies Covered:
- Banks
- Al Rajhi Bank
- Saudi National Bank
- Riyad Bank
- The Saudi British Bank (SABB)
- Banque Saudi Fransi
- Arab National Bank
- Al Bilad Bank
- Emirates NBD
- Alinma Bank
Non-Banks
- Nayifat Finance Company
- Emkan Finance Company (owned by Al Rajhi Bank)
- Murabaha Marena Financing Company
- United Company for Financial Services (Tasheel Finance)
- Al Yusr Leasing & Financing
- Al-Amthal Finance Company
- Tamam
- Quara Finance Company
- Tayseer Finance
- Saudi Finance Company (acquired by Abu Dhabi Islamic Bank)
- Abdul Latif Jameel United Finance Company
- Osoul Modern Finance Company
- Matager Finance Company
Key Topics Covered in the Report
- KSA Personal Finance Market Overview
- Ecosystem of KSA Personal Finance Market
- KSA Personal Finance Industry Evolution
- KSA Personal Finance Market Size, 2017-2021
- KSA Personal Finance Market Segmentation, 2021 (By Purpose of Loan, By Supplier, By Booking Mode, By Tenure of Loan, By Geography, By Nationality of Borrower, By Employment of Borrower)
- Industry Analysis of KSA Personal Finance Services
- Value Chain of KSA Personal Finance
Key Growth Drivers in Personal Finance Market in KSA
- Trends and Developments in KSA Personal Finance Industry
- SWOT Analysis of KSA Personal Finance Industry
- Islamic Financing
- Issues and Challenges in KSA Personal Finance Industry
- Government policies affecting the KSA Personal Finance Industry
- Competition Framework for KSA Personal Finance Market
- Future Outlook and Projections of the KSA Auto Finance Market, 2021-2026F
- Market Opportunities and Analyst Recommendations
- Research Methodology
For more insights on the market intelligence, refer to the link below: –
KSA Personal Finance Market Outlook to 2026F: Ken Research
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