Mr. Faisal Al Alshaikh appointed Chief Executive for Quara Finance

RIYADH, January 24^th, 2021: Quara Finance, a leading Saudi company providing Sharia-compliant financial services, has announced the appointment of Mr. Faisal Al Alshaikh as its new Chief Executive.

Mr. Alshaikh will lead on Quara Finance’s new business strategy aimed at further developing its innovative financial products and technical solutions. The new strategy is in line with the company’s rebrand as Quara Finance, previously known as Maalem Financing. It was established 11 years ago and had been a leading contributor to the growth of the Saudi finance sector.

Quara Finance’s new strategy aims to raise the quality of its services and products, develop the flexibility of its operations, and build its leadership role within the finance sector. These goals will be achieved by adopting financial technology solutions in order to enhance the client experience and by keeping abreast of the rapid changes taking place across the Kingdom’s finance sector.

Reacting to his appointment Mr. Alshaikh said, “I am committed to continuing to build on Quara Finance’s strategy of diversifying financial resources in order to expand its financial portfolio and continuing its digital transformation. Meeting the needs of the Kingdom’s growing small and medium enterprises (SMEs) will also be a priority for the new business strategy. “Based on its experience, Quara Finance is well placed to benefit from the projected growth in the financial technology sector, which is supported by the government, in order to develop the Kingdom’s financial technology services infrastructure.

Mr. Faisal Al Alshaikh has had a long and varied professional career in the financial sector including commercial and investment banking service development. During his 20 years’ experience, he has developed business strategies and led several transformation programs in the finance and banking sectors.  Mr. Alshaikh has also contributed to developing local finance regulations through his ongoing work with multiple government bodies, as well as local and international financial entities.

Mr. Alshaikh expressed his pleasure with the confidence of Quara Finance’s Board of Directors. He outlined his aim of leading the company towards further achievement and success and voiced his confidence in the staff and their ability to achieve Quara Finance’s vision and increase growth.

– Ends –

About Quara Finance

Quara Finance is a leading Saudi company providing Sharia-compliant financial services. it was established in 2009, previously known as Maalem Financing with a capital of SAR 300 million. The company has a long experience in providing financing solutions that meet the personal needs of individuals and SMEs. a leading contributor to the growth of the Saudi finance sector through its efforts to provide Sharia-compliant financial services and enhance innovative financial technology products and solutions.