SABB launches first Shariah-compliant Payables Finance Solution in Saudi Arabia
- Date: 23-Nov-2021
- Source: Zawya
- Sector:Financial Services
- Country:Saudi Arabia
SABB launches first Shariah-compliant Payables Finance Solution in Saudi Arabia
RIYADH: The Saudi British Bank (SABB), an affiliate of UK-listed HSBC Group, has launched a Shariah-compliant supply chain finance product to support small and medium-sized firms.
The Payables Finance Solution product is based on buyer risk where the seller bears the cost of discounting, the lender said in a statement.
It added: “This product gives suppliers access to funding based on the credit standing of their buyers, and without using their own credit lines.”
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