Latest news with #KhaledYassin
Tahya Masr
14-04-2025
- Business
- Tahya Masr
"United Pharmacies" and The Saudi Awwal Bank Announce the First Off-Balance Sheet Islamic Digital Supply Chain Finance Deal
In a groundbreaking and unprecedented move in the Saudi market, United Pharmacies Group, one of the Kingdom's leading pharmacy chains, has announced the signing of a strategic partnership agreement with The Saudi Awwal Bank to execute the first comprehensive Islamic-compliant, off-balance sheet digital supply chain finance transaction. This milestone represents a pivotal step in the digital transformation journey of the financial and pharmaceutical sectors in the Kingdom, aligning with the objectives of Saudi Vision 2030. The agreement aims to deliver advanced financing solutions that enable strategic suppliers of the pharmacy chain to benefit from fully automated, discounted early payment mechanisms. This enhances liquidity management and streamlines financial operations for all parties involved. Commenting on the occasion, Khaled Yassin, CEO of United Pharmacies, stated: "We are proud to sign this agreement, which represents a strategic move towards enhancing our financial operations and strengthening our relationships with partners. This initiative will significantly improve our liquidity management, allowing us to increase operational efficiency and support our expansion plans with greater flexibility and effectiveness." He added: "At United Pharmaceuticals, we continue to focus on financial innovation as a means to drive growth and deliver added value to both our supply chain partners and our customers alike." Dr. Mohamed Abdel Wahab, CFO of United Pharmacies, also commented: "This agreement offers innovative financial solutions that help reduce operational complexities, enhance the efficiency of payment processes, and enable effective working capital management. We are pleased with this partnership with The Saudi Awwal Bank, which reflects our ongoing commitment to financial innovation and supports our continuous efforts to deliver real value to our suppliers and customers." For his part, Yasser Al-Barrak, Chief Executive Officer of Corporate and Institutional Banking at The Saudi Awwal Bank, stated: "We are delighted to be at the forefront of providing innovative, Shariah-compliant solutions that meet the needs of our clients. This transaction demonstrates our firm commitment to strengthening the Kingdom's financial ecosystem in line with Vision 2030, and to supporting national companies in their journey toward expansion and leadership." Al-Barrak further added: "The integration of advanced technology with Islamic finance solutions represents a significant step toward empowering businesses and driving economic growth in the Kingdom. We are proud to have developed our digital supply chain platform to offer automated discounting solutions that efficiently support both Islamic and conventional operations." This initiative comes as The Saudi Awwal Bank continues to enhance its digital supply chain platform, adding new features that allow corporate partners to easily upload payment files, benefit from fully automated registration and approval processes, and directly generate Shariah-compliant sales contracts.
Arab News
09-04-2025
- Business
- Arab News
SAB launches first off-balance sheet digital Islamic supply chain transaction in KSA
Saudi Awwal Bank and United Pharmaceuticals, a retail pharmacy chain in the Kingdom, have successfully executed the first off-balance sheet end-to-end digital Islamic supply chain finance transaction in Saudi Arabia. A significant milestone in the realm of Islamic finance, this groundbreaking achievement enables automated discounted early payments for United Pharmaceuticals' strategic suppliers. Recently, SAB upgraded its supply chain platform to accommodate Islamic transactions by incorporating new Shariah-compliant features. This enabled United Pharmaceuticals to successfully upload their payment file and benefit from enhancements, including fully automated processes for recording and approval, and sales contract generation for Shariah compliance. This leading-edge solution drastically cuts down the manual processing time from hours to minutes. It has brought significant advantages to United Pharmaceuticals, including improved efficiency and control in supplier invoice processing and payments, reduced client operational tasks and risks, stronger supplier relationships due to timely Shariah-compliant payments, optimized working capital management with extended payment terms through non-recourse early discounting based on the buyer's creditworthiness, and improved pricing. Yasser Al-Barrak, chief corporate and institutional banking officer at SAB, said: 'We are thrilled to lead the way in providing innovative solutions that meet the needs of our clients while adhering to Islamic principles. This transaction showcases our commitment to enhancing the financial landscape in alignment with Saudi Vision 2030.' He added: 'The integration of technology and Islamic finance represents a significant step forward in supporting businesses and fostering economic growth in the Kingdom.' Khaled Yassin, CEO of United Company, said: 'We are proud to sign this agreement, which represents a strategic step in developing our financial operations and strengthening our relationships with our partners.' This initiative will significantly contribute to improving our liquidity management, enabling us to achieve higher operational efficiency and support our expansion plans with greater flexibility and effectiveness.' Dr. Mohamed Abdelwahab El-Mursi, CFO of United Company, added: 'This agreement will provide innovative financial solutions that help reduce operational complexities and enhance efficiency in payment processes and working capital management. We are extremely pleased with this partnership with SAB, which reflects our commitment to financial innovation and delivering added value to our suppliers and customers.' This Islamic platform enhancement underscores the importance of digitization and the immense potential of Islamic structured trade solutions in the Kingdom. SAB is dedicated to advancing its supply chain platform to deliver automated discounting solutions that serve both Islamic and conventional transactions effectively.
