Saudi Kafalah Loan Guarantees Double

More than 10,000 establishments are now benefiting from the Kafalah Fund in Saudi Arabia, SPA reported. Guarantees stood at SR30 billion (US$7.9 billion) at the end of 2020, double the 2019 figure, the news agency said, citing program CEO Homam Hashem. The fund aims to assist small and medium-sized enterprises in obtaining Islamic finance needed to develop and expand their businesses.

The wholesale and retail sectors were the biggest beneficiaries with more than 2,000 establishments — a 254% increase compared to a year earlier. Riyadh ranked first in terms of the number of companies benefiting from the fund, followed by the Eastern Province and Makkah in third place.