AWARENESS OF MICROFINANCES IN KINGDOM OF SAUDI ARABIA

Abstract

Saudi Arabia, as many might believe, has paradoxically raised the implicit poverty problem of a rich nation. Such poverty could also be linked to a small degree of commercial interest by its conventional variance in the phrases in the monetary guide. These organizations should benefit from the use of microfinance inventions in order to improve the financial status. This work was therefore done to analyze the view on the microfinance system in Saudi Arabia and to determine whether the concept of microfinance is beneficial to the poor community in Saudi Arabia. This work was carried out on the basis of a quantitative method. The study used the method of the questionnaire to collect data. The sample of this work consisted of 150 individuals from different levels of education. The results of this work showed that a significant portion of the sample population (37.33 %) was neutral to the question whether micro financing helps to reduce poverty. Furthermore, .he majority of respondents were found to be neutral on issues related to the benefits of micro-financing in terms of raising income levels, raising social status and enhancing recognition. It is therefore concluded that microfinance awareness is not high among the people in Saudi Arabia.