Latest news with #BanqueSaudiFransi
Zawya
2 days ago
- Business
- Zawya
Scientific and Medical Equipment renews $76mln credit facility with BSF
Scientific and Medical Equipment House Company has renewed a Shariah-compliant credit facility of 284 million Saudi riyals ($75.70 million) with Banque Saudi Fransi (BSF). The facility will be used to finance ongoing and future projects, issue bank guarantees, and cover letters of credit, the company said in a statement to the Saudi stock exchange. The collateral includes contract proceeds and promissory notes worth SAR 284 million. The facility will mature on April 30, 2026, the statement said. (Editing by Seban Scaria
Zawya
26-05-2025
- Business
- Zawya
Saudi Arabia's Pan Gulf secures $19mln Islamic loan Saudi Awwal Bank
The Saudi Arabia-based Pan Gulf Marketing Company has secured a 70 million Saudi riyal ($18.66 million) Shariah-compliant facility from Saudi Awwal Bank (SAB). The one-year facility will be used to boost its working capital, issue government and non-government guarantees and letters of credit. The facility is guaranteed by a promissory note. In October 2024, the company secured Shariah-compliant credit facilities of SAR 135 million from Banque Saudi Fransi to support its working capital needs. (Editing by Brinda Darasha;
Observer
21-05-2025
- Business
- Observer
Visa names new country manager for Oman
Visa has announced the appointment of Nasser Bdeir as Country Manager for Oman, effective May 25. He is based out of Visa's Riyadh office, the company's regional headquarters for Saudi Arabia, Oman, and Bahrain. Nasser succeeds Manish Gautam, who was in the role since 2019 and has now transitioned to Visa's regional HQ in Riyadh to manage Visa Commercial Solutions—one of Visa's strategically important businesses across Saudi Arabia, Bahrain, and Oman. With Visa since 2013, Nasser assumes his new role after leading key markets and functions in the GCC, including Head of Financial Institutions and managing leading banks, driving growth and innovation for merchants and fintechs, and market development. Before Visa, Nasser spent 5 years with Banque Saudi Fransi. Bdeir said, 'I am thrilled to have the opportunity to lead our operations in an exciting market such as Oman. I am looking forward to working closely with our clients to introduce new payment innovations that benefit Omani consumers and businesses. We are deeply committed to supporting the Oman government's cashless agenda and creating an inclusive, resilient digital economy where everyone, everywhere in Oman can participate and be empowered by the benefits digital commerce offers.' Oman has established a progressive regulatory framework to enable the growth of the Sultanate's digital economy. Despite progress with the economy's digital transformation, around 25% of Oman consumer transactions are still in cash, according to Visa's recent Where Cash Hides research. For Visa, this represents an opportunity for the Oman payments industry to further drive financial inclusion and digitize commerce in the Sultanate. Visa is committed to the government's cashless agenda by continuing to support its partner banks and new entrants with its payment innovations as well as its global network of 4.6 billion cardholders and more than 150 million merchant partners.
Biz Bahrain
21-05-2025
- Business
- Biz Bahrain
CIBAFI Launches In-House Training on Islamic Risk Management for Banque Saudi Fransi
The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, is pleased to announce the launch of an in-house training programme on the Certified Islamic Specialist in Risk Management for senior employees of Banque Saudi Fransi. This programme marks the first collaboration between CIBAFI and Banque Saudi Fransi, representing a significant step toward enhancing professional capabilities in Islamic finance within the Kingdom of Saudi Arabia. The specialized training is designed to deepen participants' understanding of risk management principles from an Islamic finance perspective, equipping them with the tools and techniques to identify, assess, and mitigate risks in alignment with Shariah-compliant practices. It also features practical case studies and applications tailored to the banking environment. On this occasion, Dr. Abdelilah Belatik, Secretary General of CIBAFI, stated: 'In an era marked by uncertainties and transformative shifts in the global financial landscape, empowering professionals with the knowledge and skills to manage risk effectively has never been more critical. Robust risk management is fundamental to ensuring the resilience and long-term sustainability of Islamic financial institutions. CIBAFI is committed to supporting institutions like Banque Saudi Fransi in their engagement to strengthening internal capacity through practical and Shariah-compliant training initiatives.' This initiative reflects CIBAFI's continued commitment to developing human capital and promoting sound risk management practices across the Islamic financial services industry. It forms part of CIBAFI's broader efforts to enhance professional competencies and respond to the evolving needs of the industry through dynamic, high-quality, and context-specific training programmes. About CIBAFI: CIBAFI is an international non-profit organisation founded in 2001 by the Islamic Development Bank (IsDB) and a number of leading Islamic financial institutions. CIBAFI is affiliated with the Organisation of Islamic Cooperation (OIC). With more than 140 members from over 30 jurisdictions all around the world, CIBAFI is recognised as a key piece in the international architecture of Islamic finance.
Zawya
21-05-2025
- Business
- Zawya
Saudi Ground Services obtains $80mln loan from Banque Saudi Fransi
Riyadh: Saudi Ground Services Company inked a sharia-compliant bank facility agreement worth SAR 300 million with Banque Saudi Fransi on 15 May 2025, according to a bourse disclosure. The loan is valid until 30 April 2026, which is subject to a one-year renewal. It is secured by a promissory note. The company will use the funding to anchor its liquidity position and boost its working capital requirements when needed. In the three-month period that ended on 31 March 2025, Saudi Ground Services recorded 37.18% higher net profits at SAR 97.62 million, compared to SAR 71.16 million in Q1-24. Meanwhile, Banque Saudi Fransi logged net profits amounting to SAR 1.33 billion in the first quarter (Q1) of 2025, an annual rise of 16.34% from SAR 1.15 billion.
