Morabaha Marina Financing Company has appointed Salman bin Mohammed Al-Asmari as Chairman and Naif bin Talal Al-Maiman as Vice Chairman, both in non-executive director roles. The Saudi Central Bank approved the appointments on February 3, 2026, effective immediately for the board term that began June 27, 2025, and concludes June 26, 2028. The announcement represents a significant leadership restructuring for the Riyadh-based non-bank financial services firm at a critical juncture in its business evolution.
The appointments received regulatory approval without apparent delay, according to filings with the Saudi Exchange (Tadawul). No search firm involvement has been publicly disclosed. The moves follow a period of operational challenges for the company; Morabaha Marina reported net losses of 3.20 million Saudi riyals in the first nine months of 2025, compared with profits of 14.65 million a year earlier, despite revenue growth of 19.5 percent. The company suspended trading of its shares in May 2025 due to delays in publishing interim financial results, a development that preceded this leadership transition by several months.
Al-Asmari brings a finance and investment background spanning multiple sectors. He holds a bachelor's degree from King Fahd University of Petroleum and Minerals and has served in roles including Vice President at Naif Alrajhi Investment, a major Saudi investment firm. His career has encompassed positions in asset management, private equity, and wealth management. Al-Maiman previously served as Chief Executive Officer of Kingdom Brokerage Insurance and holds a background in relationship management and financial services. He obtained an undergraduate degree from Lebanese American University and worked as Relationship Manager at Saudi Awwal Bank from 2008 to 2013.
Morabaha Marina was established in 2012 and listed on the Saudi Exchange in June 2023 following an initial public offering that raised 312.85 million riyals. The company operates as a fully independent non-bank financial institution offering sharia-compliant financing solutions to individuals and small and medium enterprises through its network of 16 branches across the Kingdom. The company specializes in financial leasing, consumer financing, and SME financing, and owns 80 percent of Loop, a digital payments and e-wallet services provider. Annual revenues reached 219.6 million riyals in 2024, with the company positioning itself at the intersection of traditional lending and digital fintech expansion.
The leadership appointments signal an attempt to stabilize operations following recent financial and regulatory setbacks. While the company grew revenues by nearly 20 percent in 2025, profitability deteriorated sharply, suggesting operational execution challenges within the financing and digital segments. Al-Asmari's extensive investment and asset management experience may indicate a strategic focus on capital efficiency and portfolio optimization, though the appointments appear primarily administrative. The company faces pressure to demonstrate improved operational performance over the remainder of the three-year board term, particularly given competitive pressures in Saudi Arabia's rapidly growing non-bank financing sector and the strategic importance of digital payment integration in its business model.
