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Kyndryl, the world’s largest IT infrastructure services provider announced today that Alinma Bank (TASI: 1150), a leader in banking speed, convenience, and digitalization of customer experience in Saudi Arabia, has successfully completed the orchestration and automation of its IT disaster recovery capabilities using Kyndryl’s Resiliency Orchestration services. Image courtesy: Kyndryl
Riyadh – Waja Company secured a Sharia-compliant financing agreement worth SAR 16 million from Alinma Bank, according to a bourse disclosure.
The company obtained the one-year funding on 30 December 2024 to finance letters of credit as well as different Islamic bank guarantees and Tawarruq.
Waja noted that the financing is secured by a promissory note from the company.
It is worth noting that during the first nine months (9M) of 2024, Alinma Bank registered strong financial performance after recording a 22.27% rise in net profit to SAR 4.30 billion. During the same period, customer deposits grew by 16.03%, while total assets increased by 14.78%.
Meanwhile, according to the latest financial results on the Saudi Exchange (Tadawul), Waja reported a net profit of SAR 7.44 million in the first half (H1) of 2024. Additionally, the revenues surged by 137.25% to SAR 97.29 million in H1-24 compared with SAR 41 million in H1-23.
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