Monday, Mar 19, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Salhia Real Estate Co. Monday said it has signed an agreement to get Islamic financing of 10 million Kuwaiti dinars ($35.86 million) from a local bank.
The move is part of Salhia's plan to reschedule its financial obligations from the short term to the long term, the property developer said in a statement posted on the Kuwait bourse website. The move also comes as part of the company's policy to make all its loans and financial obligations shariah-compliant, it added without naming the bank.
Salhia also said in January that it signed an agreement to secure shariah-compliant financing of KWD25 million from two Kuwaiti banks in order to reschedule debts and abide by Islamic law.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
19-03-12 0921GMT
