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Shuaa set to provide new Islamic funding to small businesses
(MENAFN) Dubai-based Shuaa Capital's subsidiary company named Gulf Finance Corporation is set to offer sharia-compliant leasing products in Saudi market after attaining a new license, Gulf Daily News reported.
The move aims at providing new Islamic funding options to small businesses in the region. Gulf Finance Corporation had to dedicate a minimum of USD26.7 million to measure up for its new license from the central bank.
The corporation is set to offer diverse forms of ijara funding a common sale and lease-back contract in Islamic finance.
Shuaa Capital said it would seek a stand-alone public rating for its business of lending to smaller companies, which would be the main consumer of public debt for the group.
The move aims at providing new Islamic funding options to small businesses in the region. Gulf Finance Corporation had to dedicate a minimum of USD26.7 million to measure up for its new license from the central bank.
The corporation is set to offer diverse forms of ijara funding a common sale and lease-back contract in Islamic finance.
Shuaa Capital said it would seek a stand-alone public rating for its business of lending to smaller companies, which would be the main consumer of public debt for the group.
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