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Saudi Arabia-based Mufeed Company has secured a Shariah-compliant facility worth SAR 17.5 million ($4.66 million) from Saudi Awwal Bank(SAB).
The facility has a 12-month duration and is backed by a promissory note equivalent to the financing amount.
The funds will be utilised to support Mufeed’s operational and expansion activities.
The company confirmed that no related parties are involved in the transaction.
(Writing by Brinda Darasha; editing by Seban Scaria)
