Al Yusr Signs “Al Yusr Baitak Financing Fund” Investment Agreement with Saudi Kuwaiti Finance House (SKFH)
Al Yusr Leasing and Financing Company has signed a Wakala investment agreement with Saudi Kuwaiti Finance House Company (SKFH), under which Al Yusr Leasing and Financing Company became the investment agent for Al Yusr Baitak Financing Fund that was recently launched by SKFH in a private and closed offering as a Sharia-compliant financing fund.
Al Yusr Baitak Financing Fund is the first fund that obtains an investment license pursuant to the new instructions issued by the Capital Market Authority (CMA) and Saudi Arabian Monetary Authority (SAMA). These instructions allow CMA-licensed companies to invest funds with financing companies licensed by SAMA. The fund aims to invest assets in the financing operations of Al Yusr Leasing and Financing Company, under the terms and conditions of the Wakala investment agreement and in accordance with the regulations related to the operations of launching and managing investment funds.
The agreement was signed by Bader bin Khalaf al Shamari, the Chief Executive Officer of Al Yusr Leasing and Financing Company, and Bader bin Hamed al Anzi, the Chief Executive Officer of SKFH and Fund’s Chairman.
“Al Yusr Leasing and Financing is the first financing company in the Kingdom that finances its operations through investment funds licensed by CMA. Al Yusr aims to expand in capital management, diversify means of financing, and raise the liquidity level to provide financing services in order to include the largest possible segments of the targeted sectors. Furthermore, it aims to increase its market share in financing activity, which will increase the customers’ confidence and achieve the highest percentage of targeted profits,” said al Shamari, on the sidelines of signing the agreement.
“The strategic thinking adopted by the company aims to expand the formation of integrated partnerships with investment entities in financing and money markets, according to strategies and plans that cope with the new trends of the market and the trends of customers of all segments. The company is keen also to develop an advanced approach to its products and financing activity in line with customer expectations, he added.
On his part, al Enzi said: “The fund mainly targets achieving a regular returns for investors, through investing funds with the companies licensed by SAMA, as well as adding value and contributing to diversification and development of financing sector in the Kingdom effectively. The success of the fund reflects investor confidence in the investment opportunity offered by SKFH.”
Al Yusr Leasing and Financing Company is a Saudi company specialized in financing through providing a variety of funding programs that are compatible with Islamic Sharia provisions and are being applied according to flexible and fast procedures.
SKFH is a Saudi closed joint stock company. It is one of the most important companies in the investment banking and asset management sectors in the Kingdom. SKFH continuously seeks to provide various investment products that suit market needs and fulfill regulatory and legislative requirements.