Thursday 07, June 2018 by Kudakwashe

Fawaz Abdulaziz Alhokair & Co secures $300 million Islamic loan

Tadawal-listed Fawaz Abdulaziz Alhokair & Co has raised a SAR 1.12 billion Islamic loan with a group of regional banks.

  

The SAR 1.12 billion facility carries a seven-year maturity and will be used to repay the outstanding balance on a SAR 1 billion syndicated loan obtained in 2014 and a SAR 500 million in Sukuk issued in the same year that is due in 2019. The loan comes a month after concluding a much larger facility for one of its businesses.

The Saudi-based retail company signed the new Mudharaba loan agreement with National Commercial Bank, Samba Financial Group and Abu Dhabi Islamic Bank, reported Reuters.

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