Al Rajhi Bank’s Emkan to go public in Saudi market: Report

Logo of Emkan Finance Co.

Al Rajhi Bank’s microcredit arm, Emkan Finance Co. has hired Morgan Stanley and Al Rajhi Capital to advise on an initial public offering (IPO) in the Saudi market, Bloomberg reported on July 4, citing sources familiar with the matter.
 
Emkan Finance, is a closed joint stock company that is wholly owned by Al Rajhi Bank. It has SAR 2 billion in capital. It provides fintech services and finance solutions under the supervision of the Saudi Central Bank (SAMA).

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In May, Emkan signed an agreement with The Saudi Investment Bank (SAIB) to secure Sharia-compliant credit facilities worth SAR 1 billion, aimed at expanding financing services for individuals and businesses, and supporting the growth of its buy-now-pay-later (BNPL) product.