Riyadh – Exclusive Sharikat Mubasher: Bandar Al-Qaiti, CEO of Osoul Modern Finance, a Saudi financing company that provides Sharia-compliant financial loans, told Sharikat Mubasher that the company inked an agreement with the Small and Medium Enterprises General Authority (Monsha'at) to launch a financing wallet worth over SAR 250 million.
On the sidelines of the Biban 24 Conference, the CEO added that the private sector, SMEs in particular, enjoys unprecedented support from all entities in the Kingdom nowadays, especially from banks and financing companies.
Al-Qaiti further revealed that the SMEs financing wallet’s worth exceeded SAR 20 billion in 2024, compared to SAR 15 billion in the same period of the year earlier, with over 25% increase.
The CEO further said that Osoul Modern Finance has received over 150 finance requests daily since Biban 24 kicked off.
Osoul Modern Finance is a financial firm that offers insurance, investment, credits, lending, individual, and corporate finance services. Established in 2004 in Jeddah with a capital of 510,000 Saudi Riyals, the company was known as Awsal Modern Installment Company. The idea of establishing the company was based on the vision of its founders to invest in the Islamic finance industry in order to become a pioneer in this field.
Worth mentioning that Biban 2024, Saudi Arabia’s flagship event for startups and entrepreneurs, kicked off last Tuesday under the theme ‘Global Destination for Opportunities,’ with the participation of more than 1,350 local and international exhibitors, over 250 speakers, and more than 150 enablement entities from around the world.
