Academy of Learning secures credit line from Riyad Bank

Getty Images/iStockphoto

Academy of Learning aims to finance future expansion works for its branches in Riyadh, Khobar, and Dammam cities

Staff Writer, Mubasher

July 3, 2023

PHOTO

Riyadh – Academy of Learning Company has obtained a Sharia-compliant credit line amounting to SAR 22 million from Riyad Bank.

The company secured the three-month funding on 22 June 2023, according to a bourse filing.

Academy of Learning aims to finance future expansion works for its branches in Riyadh, Khobar, and Dammam cities.

The credit line has three types of guarantees; a promissory note submitted by the company to Riyad Bank, a mortgage on a SAR 50 million bank deposit, and a solidarity guarantee from Academy of Learning’s Chairman.

It is worth noting that the Saudi lender provided a Sharia-aligned facility to the listed Perfect Presentation for Commercial Services Company (2P) earlier in 2023.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.