Alhokair inks SAR 1.3 bln murabaha facility with Al Rajhi Bank

23/08/2017 Argaam

Fawaz Abdulaziz Alhokair Co. signed on Tuesday a murabaha financing agreement worth SAR 1.25 billion with Al Rajhi Bank, the Saudi retailer said in a statement to Tadawul.

 

The loan facility will go towards repaying all short-term loans.

 

The amount is covered by a promissory note, and the company is also required to deposit a ratio of its sales return in its bank accounts at Al Rajhi Bank.

 

The facility has a tenure of seven years and will be repaid gradually in semiannual installments.

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