As part of the new licensing process, Gulf Finance Corporation has been converted from an instalment company previously regulated by the Ministry of Commerce to a private closed joint stock company regulated by SAMA. The company has also changed its name from Gulf Installments Company to Gulf Finance Corporation PJSC.
“As one of the first non-bank lenders operating in the GCC, we see tremendous potential in the Saudi Arabian SME market,” said HH Sheikh Maktoum bin Hasher Al Maktoum, Executive Chairman of SHUAA Capital and Chairman of Gulf Finance Corporation in Saudi Arabia at the time*. “Our shari'ah-compliant products and services see a strong demand from SMEs in KSA. We would like to take this opportunity to thank SAMA for granting us this licensing, which will enable Gulf Finance Corporation to better serve the Kingdom’s SME sector by providing access to a wider range of products to finance its growth.”
In order to qualify for the license, Gulf Finance Corporation had to commit a minimum capital of SAR100 million. The license will allow the company to continue operations in Saudi Arabia, providing shari'ah compliant financing products such as ijarah for finance leases, financing production assets, and for financing SMEs.
“We hope to address this gap in financing and provide solutions to SMEs to fund their expansion into new markets, benefiting from our capabilities to finance cross-border deals between KSA and the UAE,” added Sheikh Maktoum.
Gulf Finance Corporation in Saudi Arabia is a sister company to Gulf Finance Corporation in UAE, which is headquartered in Dubai and has been providing SME funding solutions to businesses in the Emirates since 1997. Gulf Finance Corporation in Saudi Arabia currently has offices in Jeddah and Riyadh and is expanding operations in the Eastern province.
“As one of the first non-bank lenders operating in the GCC, we see tremendous potential in the Saudi Arabian SME market,” said HH Sheikh Maktoum bin Hasher Al Maktoum, Executive Chairman of SHUAA Capital and Chairman of Gulf Finance Corporation in Saudi Arabia at the time*. “Our shari'ah-compliant products and services see a strong demand from SMEs in KSA. We would like to take this opportunity to thank SAMA for granting us this licensing, which will enable Gulf Finance Corporation to better serve the Kingdom’s SME sector by providing access to a wider range of products to finance its growth.”
In order to qualify for the license, Gulf Finance Corporation had to commit a minimum capital of SAR100 million. The license will allow the company to continue operations in Saudi Arabia, providing shari'ah compliant financing products such as ijarah for finance leases, financing production assets, and for financing SMEs.
“We hope to address this gap in financing and provide solutions to SMEs to fund their expansion into new markets, benefiting from our capabilities to finance cross-border deals between KSA and the UAE,” added Sheikh Maktoum.
Gulf Finance Corporation in Saudi Arabia is a sister company to Gulf Finance Corporation in UAE, which is headquartered in Dubai and has been providing SME funding solutions to businesses in the Emirates since 1997. Gulf Finance Corporation in Saudi Arabia currently has offices in Jeddah and Riyadh and is expanding operations in the Eastern province.
*As of 15 February Abdul Rahman
Hareb Rashed Al Hareb is Chairman of the Board of Directors for SHUAA Capital. He replaces HH Sheikh Maktoum Hasher Al Maktoum who has held the position of
Executive Chairman since May 2011. Houssem Ben Haj Amor will continue
as General Manager of the company.