Fawaz Khayat, Director of the Kafalah Program at the National Bank, explained during the Business Growth Forum hosted by the Chamber of Commerce and Industry in Makkah recently, that the bank has achieved 20% of the program's capital and 53% of the market share, and the program is characterized by providing financing that extends for five years, up to two million riyals or more in case the bank is convinced of the idea and impact of the project presented.

Khayat defined the Kafalah program as a cooperation between the Ministry of Finance represented by the Saudi Industrial Development Fund and Saudi banks, to provide support to the segment of small and medium enterprises to obtain Islamic financing from the bank, and under this program the bank grants the customer credit facilities and in return the Fund «Kafalah Program» issues a guarantee to the bank not exceeding 80% of the value of the facilities with a maximum of 1.6 million riyals.

The program is characterized by a five-year financing, up to 2 million riyals or more if the bank is convinced of the idea and impact of the submitted project. <It is worth mentioning that the National Bank led all banks and banks participating with the “Kafalah Program” in terms of the number of guarantees approved by the program, the beneficiaries and the size of the financing amounts in support of small and medium enterprises.

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