Jabal Omar converts existing SAR 3 bln loan into Murabaha

13/11/2017 Argaam

Jabal Omar Development Co. has converted a commercial loan worth SAR 3 billion from the Saudi Ministry of Finance into a Murabaha facility, the Saudi developer said in a bourse statement.

 

Jabal Omar added that it has completed the process of harmonizing the loan to be Shariah-compliant, with the help of the ministry and Samba Financial Group.

 

The loan will be maintained at the same value, the statement said, adding that no impact is expected on the company’s financial results.

 

Jabal Omar in June said it was in talks with the finance ministry to convert a SAR 3 billion loan into Murabaha facility, Argaam reported.

 

The eight-year facility had been secured by the company in December 2011 to complete some of its projects in Makkah.

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