Riyadh, Saudi Arabia: Saudi Arabia’s Nayifat Finance Company, in consultation with its Financial Advisor, has decided to reschedule the roadshow and book building process for the Company's planned Initial Public Offering ("IPO"), originally planned to commence on June 24, 2019. The rescheduling is in the interest of selecting the next suitable window for the IPO.
Further updates regarding the timeline for the listing process will be announced in due course. In the meantime, Nayifat will continue to work on the implementation of various strategic initiatives, as per its current expansion plan.
About Nayifat Finance Company
Nayifat Finance Company is Saudi Arabia’s leading non-bank financial institution (“NBFI”) for consumers and SMEs. Established in 2002 and headquartered in Riyadh, Nayifat was among the first institutions in Saudi Arabia to be licensed as a Finance Company by the Saudi Arabian Monetary Agency (SAMA). Nayifat is the go-to NBFI in Saudi Arabia, providing Shari’a-compliant lending solutions – including Tawarruq, Murabaha and Ijarah – to more than 250,000 customers since inception (as at 31 March 2019). In 2019, Nayifat entered the local credit card market in partnership with Visa, becoming one of the first Saudi Finance Companies to receive a credit card license from SAMA. With a network of 24 branches across the Kingdom, and more than 40,000 active creditworthy customers, Nayifat’s gross asset portfolio stands at SAR 2.23 billion as at 31 March 2019. To find out more, visit www.nayifat.com