Emkan Finance, a leading Saudi fintech company specializing in financing solutions, has announced the successful closure of the private placement for its second sukuk issuance in 2024, conducted in August. The strong demand from qualified individual investors, institutions, companies, and charitable organizations underscores the positive outlook for the financial sector’s growth—a key objective of the Financial Sector Development Program under Saudi Arabia's Vision 2030.

The full subscription of the sukuk issuance highlights investor confidence in the local market and strengthens the company's financial liquidity. The full subscription in the second issuance of Sukuk in 2024 will enable Emkan Finance to continue offering innovative financing solutions through financial technology, including the launch of new products via the Emkan app, which provides customers with a seamless and fast digital experience anytime, anywhere.

Abdullah Al-Habdan, CEO of Emkan Finance, commented, “The high demand for both our first and second sukuk issuances this year serves as a strong incentive for us to further diversify our funding sources and drive the company’s growth.”

Al-Habdan extended his gratitude to the Saudi Central Bank and the Capital Market Authority for their unwavering support of the financial sector and fintech companies in the Kingdom. He also acknowledged AlRajhi Financial Company for its role as the financial advisor and sole lead manager in overseeing the issuance process.

In closing, Al-Habdan expressed his appreciation to the investors for their trust in Emkan Finance, reaffirming the company’s commitment to delivering the best Sharia-compliant financial technology solutions.