Press Releases

<p>As a joint effort to support the Small and Medium-size Enterprises (SMEs), Riyad Bank signed a cooperation agreement with Kafalah Financing Program to launch the financing portfolios guarantee service, with an aim to facilitate the financing process of SMEs. The guaranteed percentage is up to 80% of the total financing value, with a maximum amount of 1,600,000 (one million six hundred thousand Saudi riyals), with quick and easy Kafalah procedures.</p><p>This was during a ceremony held at Riyad Bank head office on Thursday 21 January 2016 corresponding to 11/4/1437, in the presence of Osama Al-Mubarak, General Manager of Kafalah program, Mr. Ossama Bukhari, Executive Vice President of Corporate Banking Division at Riyad Bank, and a number of other officials.</p><p>“The financing portfolios guarantee service among other corporate banking services provided by Riyad Bank comes in line with the bank’s leading role in supporting SMEs, where the value of the guarantees issued by the bank exceeded SAR 1.55 billion and stood at 24% of the total guarantees issued since the beginning of the program, while the total financing of SMEs exceeded SAR 4 billion which is around 24.5% of the total amount of financing offered since the start of the program” said Ossama Bukhari. He pointed out that there are some other conditions that must be available at the facility in order to obtain this service, such as the number of employees should not be less than 10 based on GOSI certificate, the profit rate not less than 7%, based on the last fiscal year’s income statement, the business must be operating for at least 3 years, based on the commercial register, as well as some other applicable conditions that can be found in the bank’s brochures.</p>