The agreement aims to provide advanced financing solutions that allow strategic suppliers of the pharmacy to benefit from the discounted early payment mechanism in a fully automated manner, which enhances the efficiency of liquidity management and the smoothness of financial operations.
Khaled Yassin, CEO of United Pharmacies, said: "We are proud to
sign this agreement, which represents a strategic step towards developing our
financial operations and strengthening our relationships with our partners. This
initiative will significantly contribute to improving our liquidity management,
allowing us to increase operational efficiency and support expansion plans with
greater flexibility and effectiveness."
He continued, "At United Pharmaceuticals, we continue to focus
on financial innovation as a means of fostering growth and delivering added
value to our supply chain partners and customers alike."
Dr. Mohamed Abdel Wahab, Chief Financial Officer of United
Pharmacies, added, "This agreement provides innovative financial solutions
that help reduce operational complexity, enhance payment efficiency, and
effectively manage working capital. We are pleased with this partnership with
Saudi First Bank, which reflects our ongoing commitment to financial innovation
and supports our relentless efforts to deliver real value to our suppliers and
customers."
Yasser Al-Barrak, CEO of Corporate and Institutional Banking at
First Saudi Bank, said: “We are pleased to be at the forefront of providing
innovative solutions that meet our customers’ needs and are compatible with
Islamic Sharia, as this deal demonstrates our firm commitment to strengthening
the financial sector system in the Kingdom in line with Vision 2030, and
supporting national companies in their journey towards expansion and
leadership.”
He added: “Integrating advanced technology with Islamic finance
solutions represents a major step towards empowering businesses and promoting
economic growth in the Kingdom. We are proud to develop our digital supply
chain platform to provide automated debit solutions that efficiently support
both Islamic and conventional transactions.”
This initiative comes as Saudi First Bank continues to develop its
digital supply chain platform, adding new features that enable its corporate
partners to easily upload payment files, benefit from fully automated
registration and approval processes, and generate Sharia-compliant sales
contracts directly.
These advanced solutions enable companies like United
Pharmaceuticals to enhance control and improve the efficiency of processing
supplier invoices and payments, while reducing operational tasks and risks
associated with financial transactions. They also strengthen supplier
relationships thanks to fast, Islamic Sharia payments.
The signing of this deal is an affirmation of the importance of digital transformation in the financial and industrial sector in the Kingdom, and highlights the growing potential of Islamic trade solutions in enabling institutions to expand flexibly and efficiently, thus enhancing Saudi Arabia’s position as a leading regional financial and commercial center.