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.”