(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.
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