Islamic Finance

Saudi construction materials company Al Kathiri Holding renews Islamic banking facility with NCB


Saudi construction materials company Al Kathiri Holding has amended and renewed its Shariah-compliant banking facility agreement with the National Commercial Bank.

The value of the facilities was increased to 5 million riyals ($1.33 million) from 3 million riyals, the company said in a bourse filing on Tuesday (Jan 7). 

The credit facility period is extened to August 31, 2020 and can be further extended, said Al Kathiri. 

The facility will be used to finance the company's working capital and meet its other business requirements. 

($1 = 3.75 Saudi riyals)

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