Riyadh, Saudi Arabia: Morabaha Marina Financing Company (“MRNA”, or “the Company”), a fully independent non-bank Saudi financing company, and Hunger Station, the leading technology company dedicated to facilitating delivery operations, today announced the signing of a strategic memorandum of understanding agreement (“MOU”).
Under the agreement, MRNA will provide innovative digital financing products and services to Hunger Station’s partners and customers, which will be designed in line with MRNA’s strategic objectives to expand its offering through innovative and leading services and products to better serve the digital financial sector. The strategic partnership will offer unique products in the Kingdom, which will help meet Hunger Station’s partner and customer needs, in compliance with Sharia and the Saudi Central Bank regulations.
The partnership is also in line with Hunger Station’s ambitions to provide advanced and pioneering digital financing solutions to its partners and customers through strategic partnerships with financial companies that are licensed by the central bank of Saudi Arabia.
The product was jointly designed by MRNA and Hunger Station in collaboration with relevant authorities and entities. Customers of Hunger Station will enjoy a smooth and simple experience obtaining MRNA’s digital financing products and services.
The agreement comes as part of MRNA’s continuous efforts to support the Kingdom’s progress in developing an integrated financial ecosystem through reliable and trusted partnerships, in order to provide a wider range of innovative financing solutions, in line with Vision 2030.
Hunger Station is the first Saudi online application to deliver orders to customers in the Kingdom of Saudi Arabia and Bahrain, and the company’s customer base currently includes more than 35,000 restaurants, pharmacies and stores in both countries. Since its inception 10 years ago, Hunger Station has introduced a range of initiatives to develop the technology sector and empower entrepreneurs.
Commenting on the agreement, Waleed Al-Ghumlas, Managing Director and Board Member of MRNA said:“This agreement is an important step in our strategy to support the Kingdom’s economic progress through reliable and trusted partnerships. It comes as a part of our continuous efforts to provide the necessary financing for expansion and growth for entrepreneurs and the small and medium enterprises sector”.
MRNA extends its sincere gratitude to the wise leadership of the Kingdom of Saudi Arabia for its continued support of the development and innovation ecosystem and also expresses its deep gratitude to the Central Bank of Saudi Arabia for its commitment to empowering the non-banking sector to continue to grow and innovate financial and digital services and products.
The scope of the agreement covers all branches of both parties throughout the Kingdom of Saudi Arabia.
About MRNA: MRNA is a pioneering Sharia-compliant financing platform offering a wide range of flexible and innovative solutions, with commercial registration (1010337706) licensed by the Saudi Central Bank No. 22/أ ش/201410 dated 11/19/1435 AH. Established in 2012, the company has a head office in Riyadh and 16 branches located in 13 cities across Kingdom. MRNA specializes in providing flexible financial leasing, small and medium enterprises financing, financing for productive assets and consumer financing, and is subject to control and supervision of the Saudi Central Bank (SAMA).