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Al Khudari renews Islamic financing agreement with Gulf International
ABU DHABI: Abdullah Bin Abdul Mohsen Al Khodari Sons Company (Al Khodari) signed an agreement on Tuesday (November 28th) to renew a bank facility with an Islamic financing system with Gulf International Bank (RIB) worth 94 million riyals ($ 25 million).
The facility includes 35% of Murabaha loans and 65% as multi-purpose guarantees, the company said in a statement on Wednesday.
Al Khudari added that the facilities granted are aimed at providing a guarantor commitment, financing working capital and purchasing fixed assets for the company's projects.
The company clarified that it had entered into the agreement by guaranteeing a bond, in addition to waiving the proceeds of the contracts of the financed projects.
It noted that it will pay the facilities in monthly installments until the end of June 30, 2020.
The stock ended Tuesday's trading up 2.2% to SAR 7.86.
More:
https://www.mubasher.info/news/3194368/-%D8%A7%D9%84%D8%AE%D8%B6%D8%B1%D9%8A-%D8%AA-%D8%AC%D8%AF%D8%AF-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A-%D9%85%D8%B9-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-
ABU DHABI: Abdullah Bin Abdul Mohsen Al Khodari Sons Company (Al Khodari) signed an agreement on Tuesday (November 28th) to renew a bank facility with an Islamic financing system with Gulf International Bank (RIB) worth 94 million riyals ($ 25 million).
The facility includes 35% of Murabaha loans and 65% as multi-purpose guarantees, the company said in a statement on Wednesday.
Al Khudari added that the facilities granted are aimed at providing a guarantor commitment, financing working capital and purchasing fixed assets for the company's projects.
The company clarified that it had entered into the agreement by guaranteeing a bond, in addition to waiving the proceeds of the contracts of the financed projects.
It noted that it will pay the facilities in monthly installments until the end of June 30, 2020.
The stock ended Tuesday's trading up 2.2% to SAR 7.86.
More:
https://www.mubasher.info/news/3194368/-%D8%A7%D9%84%D8%AE%D8%B6%D8%B1%D9%8A-%D8%AA-%D8%AC%D8%AF%D8%AF-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A-%D9%85%D8%B9-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-
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