Latest news with #YasserAl-Barrak
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.
Arabian Business
09-04-2025
- Business
- Arabian Business
Telr expands Saudi presence through strategic partnership with Saudi Awwal Bank
Telr, a Dubai-based payment gateway aggregator and provider, announced a partnership with Saudi Awwal Bank (SAB) to elevate payment services and enhance merchant efficiency. The partnership will provide merchants with access to a comprehensive suite of payment solutions, including payment links, QR codes, digital invoicing, recurring payments, Buy Now, Pay Later (BNPL), and proprietary technology. Supporting over 120 currencies and 30 languages, the payment gateway provider will also enable effortless cross-border transactions, while ensuring localised support and compliance with Saudi regulations. Khalil Alami, Founder and CEO of Telr, said the collaboration will improve conversion rates and strengthen Saudi Arabia's digital economy. Yasser Al-Barrak, Chief Executive of Corporate and Institutional Banking at SAB, said the partnership will help the bank to achieve the goal to empower SMEs with financial solutions that meet their evolving needs. The Dubai-based firm said that by expanding its banking network in the Kingdom, it is positioning itself as a key enabler of digital commerce in Saudi Arabia, ensuring businesses have access to cutting-edge payment solutions that align with the country's vision for a cashless future. View this post on Instagram A post shared by Telr (@telrdotcom)
Zawya
08-04-2025
- Business
- Zawya
Telr expands its banking network in Saudi Arabia with Saudi Awwal Bank to boost e-commerce payments
Riyadh, Saudi Arabia - Telr, the award-winning online payment gateway, announced a partnership with Saudi Awwal Bank (SAB), a leading bank in the Kingdom of Saudi Arabia, to elevate payment services and enhance merchant efficiency. This collaboration supports Saudi Arabia's Vision 2030 initiative toward a cashless economy by delivering seamless and secure payment solutions designed for the Kingdom's evolving digital landscape. As Saudi Arabia emerges as a regional leader in digital commerce, Telr is strengthening its presence through strategic banking partnerships. By integrating its cutting-edge payment technology with SAB Bank's financial expertise, this collaboration enhances transaction speed, security, and reliability, empowering online businesses with efficient payment acceptance. The partnership provides merchants with access to a comprehensive suite of payment solutions, including payment links, QR codes, digital invoicing, recurring payments, Buy Now, Pay Later (BNPL), and proprietary technology. This gives merchants an industry-leading degree of responsiveness and customizability. Supporting over 120 currencies and 30 languages, Telr enables effortless cross-border transactions while ensuring localized support and compliance with Saudi regulations. Khalil Alami, Founder and CEO of Telr, said, 'Telr is committed to equipping businesses with innovative payment solutions that drive growth and efficiency. This collaboration improves conversion rates and strengthens Saudi Arabia's digital economy,' Commenting on the partnership, Yasser Al-Barrak, Chief Executive of Corporate and Institutional Banking at SAB, stated: 'Our goal is to empower SMEs with financial solutions that meet their evolving needs, helping them expand in the marketplace and achieve their objectives. Our partnership with Telr represents a significant step toward that goal.' He added: 'SAB remains dedicated to fostering a dynamic business environment by offering services aligned with our customers' aspirations and keeping pace with rapid advancements in digital payments, in line with the Financial Sector Development Program under Saudi Vision 2030.' By expanding its banking network in the Kingdom, Telr is positioning itself as a key enabler of digital commerce in Saudi Arabia, ensuring businesses have access to cutting-edge payment solutions that align with the country's vision for a cashless future. About Telr: Established in 2014, Telr, the award-winning payment gateway solutions provider, offers a unique platform that enables payment handling in over 120 currencies and 30 languages in UAE KSA, Bahrain, and Jordan with the highest level of security. Through a single integration, Telr grants access to every payment method it offers, including Visa, Mastercard, American Express, UnionPay, JCB, Apple Pay, PayPal, Samsung Pay, SADAD, Mada, STC Pay, urpay. With its one-stop mindset, Telr extended its service seven further, offering a complete solution for the e-commerce world, covering a wide range of financial and business services, including social commerce, QR Codes, digital invoicing, Telr Buy Now Pay Later (BNPL). Telr is the first PCI-DSS Level 1 & NESA-certified company in MENA. Learn more at connect with us on About SAB: Saudi Awwal Bank is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to more than 90 years, during which time it has been an active partner supporting the Kingdom's economic growth and social development. SAB is one of the leading corporate and institutional international banks in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in Saudi Arabia and the region in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, paving the way for transformation and excellence. SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. SAB paid-up capital is SAR 20.5 billion, after the legal merger with Alawwal Bank on 14th March 2021, when it was legally known as the Saudi British Bank (SABB). Saudi Awwal Bank is a licensed financial institution operating under the supervision of and regulated by the Saudi Central Bank, and a partner of the HSBC Group.
Arab News
29-01-2025
- Business
- Arab News
Saudi Awwal Bank named Kingdom's ‘best trade finance provider'
Saudi Awwal Bank, a leading financial institution in the Kingdom, has been honored by Global Finance as the 'Best Trade Finance Provider' in Saudi Arabia for 2025. The prestigious award marks the fifth consecutive year SAB has received this recognition since its landmark merger, further solidifying its reputation as the foremost trade finance institution in the Kingdom and reflecting its remarkable performance in 2024. The award is based on a comprehensive evaluation of several key factors, including transaction volumes, global coverage, customer service excellence, competitor benchmarking, and the adoption of innovative technologies. Feedback from multinational decision-makers worldwide and insights from industry analysts and corporate executives underscored SAB's ability to consistently outperform competitors and maintain a strong position in the competitive trade finance sector. Yasser Al-Barrak, chief corporate and institutional banking officer at SAB, said: 'This award reflects the unwavering dedication, hard work, and collaboration of numerous departments across SAB in addressing our clients' complex and evolving needs. Our success is driven by the expertise of our teams, our innovative solutions, exceptional service, and global reach through our partnership with HSBC.' He added: 'We are also committed to providing the best services and projects that support development and promote economic growth to achieve the goals of Saudi Vision 2030.' SAB's product and service offerings and its steadfast commitment to client satisfaction have positioned it as a vital driver of trade within the Kingdom. Despite a dynamic business environment, SAB continues to deliver tailored solutions that meet the unique needs of both local and multinational clients. This adaptability and innovation have enabled the bank to sustain robust performance metrics and reaffirm its status as a preferred provider of both conventional and Islamic trade finance solutions. Today, as a leader in trade finance, SAB is aligned with Saudi Arabia's Vision 2030 goals, striving to enhance the Kingdom's economic growth and positioning itself as a key player in the global financial landscape.
