back Back

Alraedah Finance enters partnership with Saudi Kuwaiti Finance House

By Delisha Fernandes

August 21, 2023

  • Alraedah Finance
  • Aseel Capital
  • Asset Management
Share

AlraedahAlraedah Finance Company and the Saudi Kuwaiti Finance House (SKFH) have signed a strategic agreement to establish a closed-ended investment fund.

This agreement aims to invest SAR 300 million to support small and medium-sized enterprises (SMEs) across all sectors in Saudi Arabia.

Alraedah will be the operator of the fund’s assets, adhering to the provisions, programs, and services it provides in financing and within the framework of Islamic Sharia law. Aseel Capital, will distribute part of the units of this closed-ended investment fund to individual investors through collective investment through its innovative digital platform.

Aseel Capital provides innovative financial solutions using technology in crowdfunding, as its digital platform provides an easy and convenient way for retail investors to access mutual fund units. Aseel Capital enables individuals to achieve their investment and financial goals quickly.

Wail Hilal, Head of Asset Management of Saudi Kuwaiti Finance House, said, “Small and medium-sized enterprises in the Kingdom of Saudi Arabia play a key role in economic growth, job creation, and development, having a direct impact on local communities, and being a gateway for economic innovation.”

Saudi Kuwaiti Finance House, a capital organization in the industry and one of the Kingdom’s fastest-growing financial companies, will cover the fund’s capital in cooperation with Aseel Capital through a private placement according to the regulations of the Capital Market Authority.

The strategic approach adopted by Alraedah aims to expand the formation of integrated partnerships with investment entities in the banking and finance sectors according to strategies and plans commensurate with the new trends in the market, pointing to the company’s keenness to form an advanced approach to its products that distinguishes its performance and financing activities in line with the aspirations of its customers.

Khalid Al Homaid, Chief Investment Officer at Aseel Capital, said, “Through this partnership, we aim to enable SMEs to achieve their strategic and financial goals, which enhances their stability and ability to contribute to the sustainable economic development of the Kingdom and create more job opportunities. Aseel Capital believes that this partnership will contribute to supporting growing companies and enhancing their role in the economy.”

Previous Article

August 18, 2023

Central Bank of Hungary launches first live CBDC project with Perfinal

Read More
Next Article

August 21, 2023

GoLogiq plans to acquire Fram Venture 7 and SME lender DragonLend

Read More






IBSi Daily News Analysis

June 21, 2024

Alraedah Finance

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

June 21, 2024

Loop & J.P. Morgan Payments to boost working capital with freight payments

Read More

June 20, 2024

GSB partners with cash deposit platform Flagstone International

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023