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Eye of Riyadh
Eye of Riyadh
Business & Money | Monday 29 June, 2020 4:10 am |
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Infath and THIQAH Signing Online Auction Service Provider Approval Agreement

Entrustment and Liquidation Center (infath) and THIQAH Business Services signed a business agreement. Based on this agreement, the platform of the online auction of THIQAH is approved as a sale channel for sale agents who are entrusted with liquidations projects by infath Center. The agreement was signed remotely by the CEO of the Entrustment and Liquidation Center (infath) Mr. Turki Bin Khaled Alkhulaif and the CEO of THIQAH Business Services Mr. Ayman Abdullah Al Fallaj.
Online auctions are an active tool in enhancing competitiveness and transparency in sales, liquidation it is also accessible for the audience. This contributes to keeping the value of the assets, that are meant to be sold, and speeding up the sale process and rights fulfillment. In turns, the assigned agreement controls the technical conditions and sale rules of the online platform, to; achieve a high standard level of governance regarding monitoring sales to reduce manipulation or fraud, follow the rules and supervisory procedures of infath Center and well empower sale agents to improve labor standards and the quality of the outcomes.
The CEO of the Entrustment and Liquidation Center (infath) confirmed the importance of this agreement as it frames the businesses of online auctions, especially businesses related to judicial liquidation activities, for the first time in the kingdom. It makes the sale agents able to organize and market online auctions without making high investments or any complex legal or technical requirements.
Meanwhile, the CEO of THIQAH Business Services Mr. Ayman Abdullah Al Fallaj was proud by making this agreement. Since it mainly seeks to serve the local economy which enhances the national value of the project, supports equal opportunities among society members and makes online auctions accessible easily by taking advantage of using technology to support the initiatives of Saudi Vision 2030 in digital transformation.
Entrustment and Liquidation Center (infath) is an independent governmental center, seeking to build cooperation between the judicial and governmental entities in areas of liquidations and sales of assets that are entrusted by judicial entities or other assets that are not subjected to a current legal dispute. Through entrusting the assets to technically specialized entities and supervising their actions which contributes in keeping the value of the assets, speeding up the process of rights fulfillment, and achieving the judicial and economic value in the society.

 

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