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l Yusr Leasing and Financing has signed an agreement with Al Rajhi Bank to sell a $100 million (SR375 million) asset portfolio of accounts receivables, within the framework of Al Yusr goals to expand its relations with the banking sector pioneers in the field of asset portfolio transactions authorized by the Shariah board.

The agreement was signed by Badr Al Shammari, Chief Executive Officer of Al Yusr Leasing and Financing Company, and Issa bin Saleh Al Huraimis, Deputy General Manager and Corporate Group Manager, of Al Rajhi Bank, in the presence of a number of executives from both sides.

Al-Shammari stressed the depth of the relationship between Al Yusr Leasing and Financing and Al-Rajhi Bank, which is based on cooperation and integration in the objectives and common interests which resulted in a series of agreements in several fields. He also indicated that this agreement is the first of its kind with Al Rajhi Bank in the area of account receivables.

“We continuously ink such transactions with the banking sector with the aim of expanding the capital management and boosting the liquidity levels, in order to provide our financing services to the largest possible segment of sectors. We also work to bolster the competitive edge of our asset portfolio programs and increase the company’s market share in financing, thus gaining more client confidence and strengthening the company’s future in the capital market, in addition to achieving the largest target profits”, the CEO added.

Mohamed Obaidullah Siddiqui, Chief Financial Officer, Al Yusr Leasing and Financing Company, confirmed that the strategic thinking adopted by the company aims to enhance cooperation and expand integrative relationships in the banking sector. He clarified that Al Yusr has credit agreements and relationships with a number of banks in the field of accounts receivables asset portfolios, in accordance with directions of Shariah board. He also pointed out that the expansion of contractual agreements with the banking sector grants the company the chance to introduce new programs, products and services that meet the needs and aspirations of both retail and corporate customers. — SG