Riyadh - Mubasher:Morabaha Marina Financing Company completed the legal and regulatory procedures regarding the board of directors for its subsidiary, Digital Payments Company for Fintech (Loop).
The update follows a previous disclosure on 12 May, regarding the company's inability to publish its financial results for the three months ended 31 March 2026 due to pending board approvals at the subsidiary level.
The company confirmed it has received a "no objection" notice from the Saudi Central Bank concerning the board members.
Furthermore, the registration and updating of board data in the subsidiary’s commercial register were finalized on 17 August 2026.
The newly constituted board is chaired by Naif bin Talal Al Maiman, with Abdulrazzaq bin Osman Al Abdulkarim serving as vice chairman.
The completion of these procedures addresses the administrative delays previously cited by the firm. Morabaha Marina Financing noted that it had already published the interim financial results for the period ended 31 March 2026, on 17 June 2026.
The company stated that there are no financial impacts or additional costs associated with these regulatory developments.
Loop’s capital was raised from SAR 19.50 million to SAR 49.38 million, representing a total increase of SAR 29.88 million or 153.21%.
