Qarar joins SIMAH and Mode Finance in a value-added services agreement with Kafalah. 

The Saudi Credit Bureau (SIMAH) signed an agreement to provide value-added services to small and medium-sized companies sector with the financing guarantee program for small and medium enterprises (Kafalah).  SIMAH was represented by Chief Executive Officer Swaied Al-Zahrani in signing the agreement, and Homam Abdulaziz Hashim, CEO of Kafalah.  The signing ceremony was also attended by Zaid Kamhawi, CEO, Qarar — a subsidiary of SIMAH, and Cristian Giacomini, CEO, Modefinance International.

This agreement aims to implement the work of the credit scorecard project and the evaluation of companies with systems that contribute to decision-making, to strengthen and enhance the growth opportunities of small and medium enterprises and raise the level of their competitiveness.

Zaid Kamhawi, CEO, Qarar said “We are thrilled to be part of the strategic collaboration between SIMAH, Kafalah, and Modefinance. By combining our strengths, our objective is to empower SMEs in Saudi Arabia by providing them with exceptional value-added services and leveraging our expertise in credit risk assessment. The Kafalah Loan Guarantee Program plays a vital role in the SME lending ecosystem, and through our partnership, we envision unlocking further opportunities and enhancing the range of services offered by the program to benefit SMEs. This collaboration will further elevate the position of SMEs within the financial sector, and we eagerly anticipate contributing to the growth and prosperity of the SME community in Saudi Arabia.”

Swaied Al-Zahrani, CEO, SIMAH, explained that this agreement is a continuation of SIMAH and Kafalah’s the strategic partnership, which aims to promote economic development and highlight the contributions of SMEs to economic growth.  He also stressed that SIMAH keeps pace with the rapid progress in adopting automation concepts in all stages of the credit risk management process.  SIMAH continues to renew its in-depth studies of the credit market in order to crystallise new, integrated, comprehensive and value-added information services, which would assist all entities in carrying out their work more effectively, efficiently and at a high level, with limited risk.  He pointed out that SIMAH, through its subsidiary, Qarar, and its strategic partnership with Modefinance International provides a number of tools that contribute to facilitating and accelerating credit decision-making processes for decision makers.  These tools include the automation of all credit operations, to move the credit evaluation of small, medium and commercial companies in the Kingdom of Saudi Arabia to an advanced level in many areas, including measurement and evaluation of credit risks and credit analysis for the business sector.

Homam Hashem, CEO of the Funding Guarantee Program (Kafalah), added that this cooperation will contribute to facilitating and accelerating decision-making in front of financing agencies in the private sector.  This will provide support for the facilities supported by the program, which, in turn, seek financing to develop and expand their business.  In addition, a documented process for financing acts as a guarantee before the financing entities according to the products approved by the program.

It is noteworthy that the Small and Medium Enterprises Financing Guarantee Program seeks to support micro, small and medium enterprises that contribute to strengthening the national economy.  This is achieved 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 knowledge bases of the programme.

C-Level Executives from Qarar, Kafalah, SIMAH and Mode Finance


Homam Hashim, CEO, Kafalah and Swaied Al Zahrani, CEO, SIMAH


Homam Hashim, CEO, Kafalah and Swaied Al Zahrani, CEO, SIMAH