SAB launches first off-balance sheet digital Islamic supply chain transaction in KSA


Saudi Awwal Bank and United Pharmaceuticals, a retail pharmacy chain in the Kingdom, have successfully executed the first off-balance sheet end-to-end digital Islamic supply chain finance transaction in Saudi Arabia. A significant milestone in the realm of Islamic finance, this groundbreaking achievement enables automated discounted early payments for United Pharmaceuticals’ strategic suppliers. Recently, SAB upgraded its supply chain platform to accommodate Islamic transactions by incorporating new Shariah-compliant features. This enabled United Pharmaceuticals to successfully upload their payment file and benefit from enhancements, including fully automated processes for recording and approval, and sales contract generation for Shariah compliance.

Copyright 2021 © Madarat Al_khaleej. All rights are reserved