Monday 16, July 2018 by Kudakwashe

Saudi Arabia’s Al Khodari renews Islamic credit deal with Riyad Bank

 

The SAR 231.4 million funding will be used to provide bonding commitments and fund capital requirements and working capital needs for the company's general purposes and specific projects.

  

Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari and Sons has announced the renewal of Islamic credit agreement with Riyad Bank.

In a statement to the Saudi bourse, the company said that the credit facilities renewed by Riyad Bank comprise 63 per cent Murabahah and 37 per cent multi bonds and documentary credit.

The modes of utilisation are Tawarruq, progress payment, multi bonds as well as documentary credit and Murabahah financing and it will be repaid by February 2021.

 

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