Amlak renews SAR 664.5 mln credit facility with SAIB

16/05/2023 Argaam
Logo ofAmlak International Finance Co.

Logo of Amlak International Finance Co.

Amlak International Finance Co. renewed today, May 16, the Sharia-compliant credit facilities agreement signed with the Saudi Investment Ban (SAIB) at a total value of SR 664.5 million.

 

The facility has a term of on year, said the company, adding that it aims to facilitate its business and increase its ability to finance its clients.

 

It noted that the facility is guaranteed by assignment of accounts receivable to the bank, as well as a promissory note in favor of the bank.

 

There are related parties, as there is indirect interest for the following board members: Majed Abdulghani Fakeeh, GM of Corporate Banking at SAIB, and Khalid bin Abdulaziz Al-Rayes, CEO of Alistithmar Capital which is 100% owned by SAIB.

 

Amlak also confirmed that no preferential treatment was given on this agreement and it is within the usual business activity.

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