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Banking & Insurance

SAMA has claimed the Global Impact Award 2021 for Aber
16 June 03:21 PM SAMA says Aber project achieves main objectives
Riyadh – Mubasher: The Saudi Central Bank (SAMA) said the digital currency project Aber has succeeded to achieve its main objectives that mainly include understanding, experiencing, and analysing the maturity of the distributed ledger technology …
The Middle East listed banks reduce competition and increase their expertise
16 June 11:02 AM Saudi Arabia, UAE dominate Forbes Middle East’s top 50 listed banks
Mubasher: Saudi and Emirati banks had the most entries in Forbes Middle East’s Top 50 Banks in The Middle East list for 2021 with 10 financial institutions each. Qatar National Bank topped the region’s listed banks with profits of $3.3 billion and …
Repaying the credit facility will contribute to reducing financing expenses
15 June 11:15 AM Watani Iron Steel fully repays loan from SABB- Alawwal Bank
Riyadh – Mubasher: Watani Iron Steel Company has fully repaid a short-term loan worth SAR 40 million from Saudi British Bank (SABB)- Alawwal Bank, according to a bourse filing on Tuesday. Repaying the credit facility will contribute to reducing …
The loan is valid until June 2022
13 June 05:43 PM MIS obtains SAR 332.5m loan from Banque Saudi Fransi
Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) has renewed a Sharia-compliant banking facility agreement with Banque Saudi Fransi on Sunday, according to a bourse filing to Tadawul. MIS will receive a loan worth SAR 332.45 million …
The bank said the minimum subscription value is SAR 1 million
10 June 11:06 AM Alinma Bank announces details of SAR-denominated Sukuk issue
Riyadh – Mubasher: Alinma Bank announced that investors can subscribe to the additional Tier 1 SAR-denominated Sukuk offering as of 10 June and until 8 July, according to a disclosure to Tadawul on Thursday. The bank said the minimum subscription …
SACO has raised the loan value by SAR 82.04 million
9 June 05:46 PM SACO increases loan value from SABB to SAR 413m
Riyadh – Mubasher: The Saudi Company for Hardware (SACO) has raised the value of the credit facilities obtained from the Saudi British Bank (SABB) to SAR 412.95 million. Based on the contract signed between the two parties in 2019, SACO has raised …
Alinma Bank aims to strengthen its capital base
9 June 05:00 PM Alinma Bank to issue SAR-denominated Sukuk
Riyadh – Mubasher: Alinma Bank plans to issue SAR-denominated additional Tier 1 Sukuk. The bank will later announce the number and value of the Sukuk issue, according to a bourse filing on Wednesday. Alinma Bank aims to strengthen its capital base …
The cooperation deal aims to mainly support the field of interactive reporting
9 June 12:28 PM ANB renews partnership with Microsoft Arabia
Riyadh – Mubasher: Arab National Bank (ANB) has renewed its partnership agreement with Microsoft Arabia to boost the bank's digital transformation and technical development process, according to a press release. The cooperation deal aims to mainly …
Zahrat Al Waha  obtained the credit facility to finance capital expansions
8 June 10:18 AM Zahrat Al Waha fully repays loan from Alinma Bank
Riyadh – Mubasher: Zahrat Al Waha Trading Company has repaid the long-term loan of SAR 11.02 million it earlier secured from Alinma Bank, according to a bourse disclosure on Tuesday. The company had obtained the credit facility to finance capital …
FIPCO will be able to finance the working capital of the company
7 June 04:56 PM FIPCO to obtain SAR 74m from Riyad Bank
Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company (FIPCO) has renewed a Shariah-compliant banking facility agreement with Riyad Bank to obtain SAR 73.68 million. The financing duration is from 25 March 2021 until 25 March …
The better cotton initiative seeks to help growers cultivate sustainable cotton
2 June 05:33 PM ITFC teams up with UNIDO to support Egypt's cotton industry, Sudan's dairy sector
Cairo – Mubasher: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has partnered with the United Nations Industrial Development Organization (UNIDO) to support two initiatives in …
The funding will be directed to the infrastructure works of NHC’s current and future projects
2 June 04:51 PM National Housing pens SAR 2bn Murabaha deal with Bank Albilad
Riyadh – Mubasher: The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al Hogail, witnessed the signing of a Murabaha funding agreement worth SAR 2 billion between National Housing Company (NHC) and Bank Albilad, the …
The Saudi banks' investments in government bonds rose by 1.3% MoM
2 June 03:00 PM Saudi banks invest SAR 447.27bn in gov’t bonds in April
Riyadh – Mubasher: The banks operating in Saudi Arabia have raised their total investments in government bonds by 8.27% to SAR 447.271 billion in April 2021, compared to SAR 413.11 billion in the same month of 2020. On a monthly basis, the Saudi …
The financing agreement aims to reschedule a number of existing loans
2 June 11:42 AM Ataa Educational inks SAR 125m Murabaha financing
Riyadh – Mubasher: Ataa Educational Company has signed a Shariah-compliant Murabaha financing agreement worth SAR 125 million with the Saudi Investment Bank (SAIB). The financing agreement aims to reschedule a number of existing loans with some …
The CMA approved the merger of Samba Capital into NCB Capital Company
1 June 12:00 PM NCB Capital, Samba Capital merger expected to come into effect in Q3-21
Riyadh – Mubasher: The Saudi National Bank (SNB) expects the merger between NCB Capital Company (NCB Capital) and Samba Capital and Investment Management Company (Samba Capital) to take effect by the third quarter (Q3) of 2021. “Both NCB Capital …
The contract duration is one year starting 1 June 2021
31 May 05:43 PM Walaa Cooperative inks SAR 27m deal with Arab National Bank
Riyadh – Mubasher: Walaa Cooperative Insurance Company has signed a contract worth SAR 27 million with the Arab National Bank to provide insurance coverage on the auto leasing financing programme. The contract duration is one year starting 1 June …
The loans are secured by a promissory note in favour of Saudi National Bank
31 May 11:18 AM MEPCO obtains SAR 140m in loans from Saudi National Bank
Riyadh – Mubasher: Middle East Paper Company (MEPCO) has renewed a Shariah-compliant banking facility agreement with the Saudi National Bank to obtain loans worth SAR 140 million in total. MEPCO has reduced the value of the credit facilities from …
The deal offers a repayment period of up to 36 months
30 May 02:48 PM SFD signs $10m agreement with National Bank of Iraq
Riyadh- Mubasher: The Saudi Fund for Development (SFD) has penned an agreement with the National Bank of Iraq (NBI) to provide credit facilities worth $10 million to Iraqi investors willing to import Saudi products. The five-year deal offers a …
The deal is expected to have a positive impact on 2021 financial results
27 May 12:06 PM Alinma Tokio Marine renews contract with Alinma Bank
Riyadh – Mubasher: Alinma Tokio Marine Company has renewed its contract with Alinma Bank at a total value of SAR 4.39 million, according to a bourse filing on Thursday. The one-year agreement is a banker’s blanket bond providing insurance coverage …
Tasheel is a Shariaa-compliant consumer finance company
26 May 11:42 AM eXtra’s Tasheel gets regulatory nod for credit card finance
Riyadh – Mubasher: United Company for Financial Services, a fully owned subsidiary of United Electronics Company (eXtra), has obtained a license from the Saudi Central Bank (SAMA) to begin credit card finance activity. eXtra said the financial …
The whole transaction value will be funded by SABB
18 May 10:44 AM SABB’s subsidiaries enter into SAR 766.5m deal
Riyadh – Mubasher: Saudi British Bank’s (SABB) subsidiary HSBC Saudi Arabia entered into a SAR 766.49 million sale and purchase agreement with Alawwal Invest Company, in which SABB owns 100% stake. Alawwal will buy the business lines of asset …
HSBC Saudi Arabia will be the sole financial advisor
17 May 03:17 PM Jahez hires HSBC Saudi Arabia for IPO
Riyadh – Mubasher: Food delivery company Jahez has appointed HSBC Saudi Arabia, the local unit of HSBC Holdings, as the sole financial advisor and global coordinator for its potential initial public offering (IPO) on Nomu-Parallel Market Capped …
The total loan is secured by a promissory note
10 May 03:08 PM MEPCO renews SAR 226m credit facilities deal with Riyad Bank
Riyadh – Mubasher: Middle East Paper Company (MEPCO) has extended a banking facilities agreement worth SAR 225.9 million with Riyad Bank, according to a bourse filing on Monday. The medium-term facilities total SAR 134.6 million and are valid for …
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9 May 02:00 PM Banque Saudi Fransi to pay SAR 480m dividends for 2020
Riyadh – Mubasher: The shareholders of Banque Saudi Fransi approved the board’s recommendation to distribute SAR 0.4 per share as a cash dividend for 2020, according to a bourse filing on Thursday. The bank will pay a total of SAR 479.98 million …
The bank will pay SAR 0.8 per share to the entitled shareholders
9 May 11:27 AM Saudi National Bank approves SAR 3.6bn dividends
Riyadh – Mubasher: The shareholders of the Saudi National Bank gave the green light for distributing cash dividends worth SAR 3.58 billion for 2020, according to a disclosure on Sunday. The bank will pay SAR 0.8 per share to the entitled …