RIYADH: The Saudi British Bank (SABB) recently signed Islamic finance agreements totally valued at SR2 two billion with Abdul Latif Jameel Group of companies (ALJ).
The deal includes three securitization agreements for the benefit of the United Installment Sales Co. Ltd. (UIS), through which SABB will buy a group of vehicles leased to UIS clients, appoint UIS as a management and collection agent, and a stock finance Murabaha agreement.
Tadawul website said that the three agreements would reflect positively on the position of the two organizations.
SABB Managing Director David Dew and ALJ President Mohammed Abdul Latif Jameel signed the agreements in the presence of top executives of the two organizations.
Dew and Jameel mentioned the historical relations between SABB and ALJ. They announced that the two organizations are looking for more cooperation to achieve their ambitious future goals and plans.
© Arab News 2011
