Saudi Kafalah loan guarantees double to $7.9bn

The fund aims to assist small and medium-sized enterprises in obtaining Islamic finance needed to develop and expand their businesses. (File/Shutterstock)

• Guarantees stood at SR30 billion ($7.9 billion) at the end of 2020, double the 2019 figure

RIYADH: More than 10,000 establishments are now benefiting from the Kafalah Fund in Saudi Arabia, SPA reported.
Guarantees stood at SR30 billion ($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 percent 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.