IslamicFinance.de

The volume of finance provided by Saudi banks to Kafala-supported small and medium enterprises (SMEs) grew by 28 percent to SR 571.8m in the first quarter of 2014 compared to SR 448.3m in the same period last year. The Kafala Program, meanwhile, issued 652 guarantees for SME projects in Q1, an increase of 34 percent compared to Q1 last year. The value of those guarantees stood at SR 311.6 million. The National Commercial Bank ( NCB ) ranked top supporter to the Kafala Program during the first quarter of the year at 36 percent of the total guarantees, followed by Riyad Bank (22 percent), Rajhi Bank (17 percent), Saudi Hollandi Bank and Samba Financial Group (5 percent for each), whereas the remaining 15 percent of finance went to other banks.