Baker Botts Advises Amlak on Shariah-Compliant Sale of Consumer Finance Portfolio to Saudi National Bank

"Baker Botts advised Amlak International Finance Company on the Shariah-compliant sale of a SAR 133.7 million portfolio of consumer finance contracts to Saudi National Bank, including a related servicing arrangement and a framework for potential additional sales up to SAR 500 million."

Baker Botts advised Amlak International Finance Company in connection with a Shariah-compliant sale of a portfolio of consumer finance contracts to Saudi National Bank (SNB). The transaction involved the sale of an initial portfolio with a value of SAR 133.7 million and includes a related servicing arrangement under which servicing of the sold contracts will be provided as agreed between the parties. The agreement also establishes a framework permitting Amlak to sell additional consumer finance contracts to SNB, subject to agreed terms and conditions, up to an aggregate amount of SAR 500 million. Baker Botts represented Amlak International Finance Company with a team composed by: partner and global head of Islamic finance Faris Al Amoudi and associate Omar Alsughaiyer (Riyadh).

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Baker Botts Advises Amlak on Shariah-Compliant Sale of Consumer Finance Portfolio to Saudi National Bank

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Baker Botts Advises Amlak on Shariah-Compliant Sale of Consumer Finance Portfolio to Saudi National Bank

Read the full story

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