Islamic Finance

Saudi hardware retailer signs 330.9 mln riyals Islamic financing


Saudi Company for Hardware has signed with Saudi British Bank for 330.907 million riyals ($88.24 million) in Shariah-compliant finaning.

The retailer and wholesaler said in an exchange filing on Thursday (Nov 14) the credit facility is for seven years including a two-year grace period.

It said the funds will be used to finance working capital and capital expenditure requirements. 

($1 = 3.75 Saudi riyals)

 

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Financing