InvestBank opens trade finance subsidiary
Amman, January 15, 2012
InvestBank has opened a second subsidiary named Al Imdad, which is specialised in trade financing and supply chain logistics for traders and manufacturers.
Mohamad Shahin, Al Imdad CEO, said: “The company targets SMEs, in the trading and manufacturing sectors, through financing imported goods or raw materials and provide the logistical support necessary to complete the process of manufacturing or selling.”
“The philosophy behind Al Imdad is to utilise the goods as collateral for financing. Goods are financed and stored in the company's bonded warehouses or duty paid warehouses. Payments for the financed goods can be settled when withdrawing the goods from the warehouses,” he said.
Shahin added that Al Imdad seeks to facilitate trade operations for clients through providing complete solutions which include financing, warehousing and delivering the goods to market, allowing clients to focus on producing and or selling the goods, and in turn growing their businesses.
InvestBank’s other subsidiaries include Mawared for brokerage and Tamkeen leasing, a statement from the bank said. – TradeArabia News Service