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ATM & BranchesSABB Launches first-of-its-kind Supply Chain Finance Solution
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November 2021
The Saudi British Bank (SABB) launched a Shariah Compliant Supply Chain Finance (Payables Finance) Solution, the first transaction of its kind in the Kingdom. in line with Vision 2030 initiative to increase financing to the SME sector and to meet the customers’ needs.
The “Payables Finance” concept is based on buyer risk where seller is bearing the cost of discounting. This product gives suppliers access to funding based on the credit standing of their buyers and without using their own credit lines.
Mr. Majed Najm, Deputy Managing Director of Corporate and Institutional Banking at SABB commented: “This innovative solution comes within the bank’s continuous endeavors to contribute to achieving the Kingdom’s Vision and play our role as a major financial institution to stimulate economic and commercial growth”. Mr. Majed Najm added “In addition to our approach to innovating quality banking products in the market, SABB is well positioned to leverage its local expertise and broad international presence through HSBC’s network to lead the market in order to support businesses in the Kingdom in line with Vision 2030.”
“This solution will open up new avenues to customers to better manage their budget by classifying payables as commercial without classifying them as financing in their balance sheets. It also gives the customer better opportunities to negotiate credit terms and prices with suppliers. Therefore given the benefits to all parties, this structure is expected to be very popular, especially given the fact that its Shariah-Compliant” Majed was quoted as saying.
SABB is a leading bank in the field of trade finance, and has achieved priority in offering many products and services aimed at enhancing the role of trade finance, digitization and sustainability, in an effort to stimulate the economy and develop business sectors.
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.