PPA - Al-Yusr's MoU to provide financing benefits for pensioners

At its headquarters and under the patronage of its Governor, His Excellency Mohammed bin Talal Al-Nahas, the Public Pension Authority (PPA) signed a memorandum of understanding with Al-Yusr Leasing and Finance, in the presence of His Excellency Mr. Bader bin Khalaf Al Shamari, CEO of Al-Yusr. The agreement includes the provision of financing benefits for pensioners and beneficiaries of the PPA's services across the Kingdom.

The agreement was signed by the PPA, represented by His Excellency Saud bin Sulaiman Al-Juhani, Assistant Governor for Insurance Affairs, and by Al-Yusr Leasing and Finance, represented by His Excellency Mr. Bader bin Khalaf Al Shamari, CEO of Business Sector.

His Excellency the PPA's Governor praised the efforts of the team that worked to develop this agreement and turn it into a reality for both parties. He stressed the importance of the sustainability element in introducing such initiatives with the aim to improve the services provided for the PPA's customers.

The Governor said: "Consistent with the objectives of Vision 2030, the PPA has worked on improving its services and developing its procedures by carrying out its Strategy 2022, which the PPA announced in 2018 and managed to achieve 67% of it towards the end of the first half of 2019." He added that the Benefits and Offers Program, launched by the PPA to conclude cooperation agreements with the private sector's companies and institutions, aim to allow access to a host of facilities, benefits and commercial discounts on a wide variety of unique services in different social, health, recreational and educational areas for pensioners. 

For his part, the CEO of Al-Yusr Leasing and Finance, His Excellency Mr. Bader bin Khalaf Al Shamari, emphasized that the agreement includes the provision of financial solutions to the PPA's retired clients and beneficiaries according to special benefits that include financing programs offered by Al-Yusr in line with the provisions of Islamic Sharia.

Mr. Al Shamari asserted that Al-Yusr Leasing and Finance is the first financing company providing services for pensioners. This comes as part of Al-Yusr's objectives to provide social services for members of the local community, especially the sector that does not fulfill the conditions of banking institutions and banks in order to obtain financing services.

The agreement points to the provision of many benefits and discounts for pensioners, including a special and an exclusive cost of financing, along with the benefit of not claiming a payment and performance bondsmanand exemption from the rest of the unpaid premiums in the event of death, and many other benefits.

Al-Yusr has introduced into the agreement a number of financing solutions and programs, such as the car lease financing program, the car consumer financing program through the Murabaha (Mark-up) contract, the Tawarruq (Securitization) program to provide liquidity for school education purposes, medical procedures, home renovations, purchase of furniture and various appliances, insurance policy, expenses of travel and tourism, and consumer financing program through the Murabaha contract for the purchase of consumer goods (electronics, electrical appliances, furniture, etc.), and all these programs and solutions consistent with the provisions of Islamic Sharia.