الحدث – رشاد اسكندراني – الرياض
Al Yusr Leasing and Financing Company signed an agreement with Saudi Kuwaiti Finance House (SKFH) for the establishment of a closed investment fund, under the name of “Al Yusr Baitak Financing Fund”, for investing SAR 200 million for three years, in accordance with the instructions of the Capital Market Authority (CMA) for investment funds and pursuant to the approved provisions of Sharia boards of both parties.
Under this agreement, Al Yusr Leasing and Financing Company shall manage the investment of the Fund’s money per procuration in accordance with the provisions, programs, and services being provided in the field of granting credit, and signs agreements of financing (securitization) program services with its customers for the purpose of buying assets under financing in accordance with the provisions of Islamic Sharia.
According to this agreement, SKFH has worked to cover the Fund’s capital through the private placement of the investment fund, in accordance with CMA’s regulations. It has also provided all information and disclosures within the framework of requirements of disclosure and transparency rules, iin addition to discussing and preparing the Fund’s structure, terms, and conditions, as well as agreeing on it with Al Yusr Leasing and Financing Company and identifying the most suitable structure of fund investment.
The agreement was signed by Bader bin Khalaf al Shamari, the Chief Executive Officer on behalf of Al Yusr Leasing and Financing Company, and Bader bin Khalid al Enzi, the Fund’s Chairman, on behalf of SKFH.
On the sidelines of signing the agreement, Mr. Bader al Shamari said, “Al Yusr Leasing and Financing is the first financing company in the Kingdom that is contracting and investing in the field of investment funds. Through this kind of agreements, Al Yusr aims to expand capital management and raise the liquidity level to provide financing services in order to include the largest possible segment of the beneficiary sectors. Furthermore, it aims to increase its market share in financing activity, which increases the customers’ confidence, in addition to achieving the highest percentage of targeted profits.”