Riyadh — Mubasher: The board of Quara Finance Company approved the resignation of CEO Faisal bin Abdulrahman Al Sheikh via a circular resolution on 29 July 2026.

The company stated that Al Sheikh submitted his resignation due to personal reasons. His final day of work and the effective date of the resignation is 29 July.

The board of directors expressed its appreciation for Al Sheikh’s leadership and contributions to the company's development during his tenure.

Quara Finance is currently working to complete the necessary regulatory procedures to appoint a successor or acting CEO. This process includes obtaining a no objection letter from the Saudi Central Bank.

The company confirmed it will announce any material developments regarding the appointment of a new executive in due course.

Earlier this month, the Saudi firm signed an agreement to renew and increase its Sharia-compliant credit facilities with Bank Aljazira.

The existing facility of SAR 100 million has been increased by SAR 50 million, bringing the total value of the financing to SAR 150 million.