The loan guarantee program "Kafalah" won the Best Institutional Governance Award in the Kingdom for the year 2023, which is a global award presented by the British “World Finance” magazine to distinguished institutions and entities in the fields of governance and conformity around the world.
“World Finance” is an international magazine that is spread in more than 100 countries around the world, and its coverage network is concerned with the financial and business industry. It presents the “World Finance” awards after an extensive analysis of the most diverse governance platforms.
"Kafalah" Finance Loan Program deserved the award due to its excellence in governance system that enables achieving the highest levels of targeted sustainability, which is one of the strategic pillars of the "Kafalah" program.
The CEO and member of "Kafalah" Program Board of Directors, Mr. Homam Abdulaziz Hashem, expressed his happiness with this award that the program won in light of the qualitative shift that the Kingdom is experiencing in this aspect by establishing a clear and transparent governance system within state programs that is consistent with the objectives of the Kingdom’s Vision 2030, to achieve opportunities and investment. In the human and economic wealth that the Kingdom enjoys.
Hashem pointed out that the "Kafalah" program worked to build distinct governance rules to facilitate work with transparency and clarity to achieve 36 strategic goals to complete the program’s vision of providing effective guarantees to stimulate and support small and medium enterprises to contribute to building a sustainable national economy, stressing the program’s endeavor to align its current strategy with the aspirations of Leadership and the objectives of the Enterprise Bank to reconstitute the program’s Board of Directors committees in a way that enhances the application of governance procedures and policies, and in a way that integrates with the Enterprise Bank system and gives it the necessary flexibility to support the growth of lending to priority enterprises from the micro and small segments and activate modern financing tools for the financial technology sector.
It is noteworthy that the financing guarantee program for small and medium enterprises “Kafala” seeks to support micro, small and medium enterprises that contribute to strengthening the national economy, by providing financial guarantees to enhance the opportunity for enterprises to obtain the necessary financing through strategic partnerships and innovative technical tools supported by the program’s knowledge bases.